So many people put off making their will, at the expense of their loved ones. It's selfish on their part. What is a little bit of time, thought and discomfort if it means peace of mind for loved ones at a time of great stress and sorrow?
It is human nature to avoid the topic of death, especially our own, which is possibly the biggest reason why people put off making their will. Why tempt Fate? But one thing is for certain, we will all die sooner or later and as grim and morbid as the task may be, it is our responsibility to make sure our affairs are in order before that day arrives.
WHAT A LAST WILL AND TESTAMENT?
It is perhaps the most important document you will sign in your life time. On those pieces of paper you will record everything of value you have accumulated over the years. Then in a bold, generous step you will give everything away. No single piece of paper has this kind of power.
The Oxford Dictionary states that a will is, “a legal document containing a person's instructions about what should be done with their property after their death”, and that a testament is, “a person's will”. In other words a last will and testament is what you want done with your stuff after you die, your final wishes.
WHAT DO I PUT IN MY WILL?
Think carefully about who you want to receive your property when you are gone. Perhaps you want to give it to deserving individuals, family or charity. Consider all your options carefully. You don't want to leave your spouse and children without a means of support if you can help it. If your children are still young you could even arrange to have their inheritance held in a trust until such an age that you decide they should receive it.
Remember you won't be able to please everyone, there is always someone that figures they should receive more than you leave them. Don't let this bother you. It's your property, give it away as you see fit.
In your will you will need to state:
- Who you want to carry out the instructions of your will. This person will be your personal representative and is usually not a beneficiary.
- If you have any special wishes concerning your funeral list them here
- Do you have children? Who do you want to be their guardian should you and your spouse die at the same time?
- Do you need to set up trust funds for your children or limit the accessibility of the funds available to their guardian?
- What do you want done with your pets?
- If you have some specific things that you want to leave to someone special or a charity or organization you would list this information here as well
Make sure and include with your will a list of all your assets. This would include your bank accounts, investment accounts, location of stock certificates, gold bullion, etc. basically everything your own. It has happened before that several years after a person had died the family finds an investment account that they never knew about.
Remember to give a copy of your will to your representative or at least let him know where to find your will. Your representative should be someone of integrity so you should feel confident that if you leave him a sealed envelope that he will not read it or lose it before it is needed.
If your representative has a signed copy of your will it will be easier for him/her to prove that s/he has the right to act on your behalf. The person who is your representative can then follow the instructions you leave him and see that your estate is wrapped up properly. This takes pressure off of your family who are grieving and perhaps not prepared to deal with the legal matters.
WHAT HAPPENS IF I DIE WITHOUT A WILL
Should you happen to die without a will then the government will step in. First an administrator will be appointed to act on behalf of your estate. This person will follow a set of rules to distribute your estate between your relatives. This could turn out to be a lengthy process which may leave your spouse and family unable to access your bank accounts or property. Do you really want the government to handle your affairs?
Depending upon the value of your estate your spouse may receive it all or it may be split between your spouse and other relatives. Keep in mind the government representative will only split your estate between blood relatives.
It is also very likely that portions of your estate will end up going to people you would never have listed as beneficiaries. This could result in your spouse or children going to court if they want to contest the decision of the representative. Such proceedings have been known to cause family-splitting rifts and lawsuits.
Should you die without relatives then the government will claim the estate for itself.
As hard as it may be for you to sit down with a lawyer and draw up a will it will be even harder on your family if you don't. By taking the time to make a legal will, you can die happy knowing the property you've spent a lifetime accumulating will go to the people you feel will appreciate it the most.
