Living Wills Money Saving Tips, Ideas and Advice on How to Reduce the Cost of Preparing a Will

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LIVING & LAST WILLS/FUNERALS

LIVING WILLS & LAST WILL & TESTAMENT

While it is difficult to ponder being incapacitated or passing away, it is necessary to be prepared for these difficult events. Most people understand the importance of having a last will and testament, but many never quite get around to preparing one. Often it is the cost of preparation, or the feeling that they are “too young” to worry about such things. And often it is because they feel their assets are too minimal to require a will. Each of these reasons is wrong, and everyone should have an up-to-date will. Many people have also not prepared a living will and health care power of attorney, for many of the same reasons. Often a living will is even more important. Although what to include in both a will and living will is a difficult decision, actually preparing these documents can be relatively easy and inexpensive.

1. A last will and testament is important to not only designate how assets will be left to your beneficiaries, but to also leave instructions on how to care for any individuals for whom you are responsible. Living trusts can also be used in many instances, to avoid having assets pass through probate court on your passing and to keep matters private, if that is desirable. If you do not leave instructions regarding these decisions in the form of a will, living trust, etc., your state of residence will make these decisions in accordance with state law, or appoint someone to make these decisions. If you have significant assets, or a difficult family situation to address, professional assistance in preparing your will is almost a necessity. However, if like most people, your situation is not very complex, a will can be drafted and executed in a low-cost and simple manner, with only minimal assistance. Consider the following:

a. Start by making a list of any special assets that you want to leave to particular persons. Decide if there are any special situations that need to be addressed, such as a disabled or underage child that will need guardianship and/or long-term care. If you are designating guardianship, make sure you discuss this with the proposed guardian and receive their approval. Also, decide who the remainder of your assets (for most people this is the bulk of their estate) will be left to and in what proportions. In other words, decide how you want to distribute your assets, who are your beneficiaries and if anyone needs guardianship after you are gone. And finally, you will need to appoint an executor who will oversee the distribution of your assets, and the administration of other provisions of your will.

b. A will is also a good place to indicate your thought s on funeral and memorial arrangements. If you have any special preferences or wishes in this area, include them as part of your will, and make sure the loved ones that will decide on the arrangements are aware of your wishes.

c. Locate a form for a last will and testament that is approved for use in your state of residence. These can be found in libraries and some retail establishments, but in today’s world they are most often found on the Internet. Many web sites are available that will prepare a standard will for you at a relatively low cost, or will sell you the forms required by your state for an even lower cost. Forms on some web sites are also free. A good source of free forms is the Internet Legal Research Group (ILRG.com). These forms are available to meet each state’s legal requirements, are easy to follow with instructions, and can be downloaded to your word processor to facilitate completion.

d. Review the forms for your state of residence, follow the instructions, and complete in accordance with your wishes. Sign the original (and only the original) in front of witnesses and a notary public, if required. Make copies for anyone you wish to give a copy to, and place the original in a safe place (usually a safe deposit box). Notify close relatives (or someone else if necessary) where the will can be found in case of death. If you have prior wills, destroy them so there is less chance for confusion over which will is in effect on the day of your passing.

e. If, after completion of your will, you change state of residence, make sure you re-do your will to make sure you comply with state regulations. If your will does not comply with all state regulations, it may be declared invalid in whole or in part. Of course, if you change your mind with respect to the provisions of your will, or other events cause the provisions of your will to become outdated, you should consider preparing a new will.

2. If you become disabled to the point where you are not capable of making your own healthcare decisions (i.e., types of treatment and whether you are kept on life support), you will need a living will, and often a healthcare power of attorney, to have the best chance to have your wishes honored. Otherwise, a relative (most likely emotional), or a doctor (based on what they feel is medically, legally or morally right), or the courts will decide your future. A living will specifies the care you want if you become incapacitated and are not able to make your own healthcare decisions. The healthcare power of attorney names the person you want to make decisions for you. Both a living will and healthcare power of attorney are easily prepared at little or no cost.