To Will Or Not To Will, Dos And Don’ts In Making A Will
By Sandy Morris on Jan 21, 2010 in Wealth-N-Retirement
Image by HowardLake via Flickr
To Will Or Not To Will, Do’s And Don’ts In Making A Will. Is all the fuss necessary?
Do update your will (if you have one)
Everything changes. Possessions, money can increase or decrease. Estate tax laws change in a whim thanks to Congress. The IRS can just as well alter the laws depending on whose side they are on and how they interpret it. In addition to this there are varying laws in each state. It is important to evaluate every major change in your life. Doing so could change your will for the better and your death a lot more peaceful for those left behind.
Do name the correct executor
Executors should be ethical, honest, and efficient. Ready to give his or her service at the drop of a hat. Ensure that the potential executor has been properly briefed and that his or her consent to be available when needed has been received. It also helps to have one or two alternatives. Another suggestion is that one name an executor younger than yourself. The point is to lessen the chances of having an executor die before you do.
Do not name the same person as guardian and trustee
It is generally not a good idea to name the person you entrust with your children with being the same person you entrust with your money and finances. Having different people fulfill these varied responsibilities is important. It keeps the system in balance and each person doing the role he or she knows best to do.
Do not leave too much for a spouse
Leaving money that is more than sufficient to your spouse is not a very good idea. It takes away wealth that your children should just as well have and you will not be able to monitor your finances if all of it is entrusted to your significant other. Depositing some of your financial wealth to a trust is one way to keep it growing.
Do not be too specific
Some families fight as to who gets the blender and who gets the kitchen sink. It is important to not be too detailed in your will as to who gets what. Being too specific could result in unnecessary and costly problems later on. It is advisable to entrust a group of your possessions to a person than listing down which item will go to whom. It saves time and is more efficient, reasonable and sensible.
