How to Write a Good Will

If it seems like I've been writing a lot about wills lately, it's because I have. The subject's on my mind because it's something we're working on right now -- updating our will. And it's something that a lot more people need to work on as it's estimated that 70% of all adults don't have a will. That's a sad state of things -- especially since without one, the state will decide where your kids and money go. And based on what I've seen, states aren't that great at making these sorts of decisions!!!!

This article from MSNBC tells us how to write a good will. Since I've already covered this subject, I thought I'd just highlight a few of their comments that seemed especially good. This first one seems to cover an often overlooked point of dying without a will:

[Without a will] blended families can face an assortment of unintended consequences, with some or all assets passing to first-marriage children and bypassing second spouses and stepchildren altogether. In some cases, family heirlooms may be put up for sale with family members having to buy them back from the state.

The piece is sure to tell us how easy it is to complete a will -- it's really pretty simple. Their summary:

Drafting a will does not have to be a big production. Basic, legally enforceable wills may be written rather quickly and economically using online software programs. They can later be fine-tuned, expanded or amended as personal situations and assets change. Web sites like Nolo.com, and LegalZoom.com are among those that can help get the deed done. With LegalZoom in particular, legal experts will actually review all documents before allowing them to be endorsed into legally binding existence.

The piece continues with this interesting finding:

“They say that siblings are five times more likely to fight about family items than about money,” says Arnold.  Such fights often lead to wounds and resentments that never heal.

Thankfully, there's a simple solution to this problem:

This is why Arnold advocates writing a "good" will. It addresses such "why’s" either through letters of explanation included within the will or through discussions with those named in the will ahead of time. It can head off potential feuds, ill feelings regarding misunderstood intentions and lead to the healing of old rivalries once and for all.

'Nuff said on this topic. At least for a day or two. ;-)

For more information on wills and estate planning, see these links:

• Proof that You Need a Will (And What to Do About It)
• Wills that Work
• Benefits of a Will

Comments

[Rob]

In this article it states that 70% of adults don't have a will. Where did this statistic come from?

[FMF]

I got it from the MSNBC article linked to above. Click through to it for details.

[Grahame]

Hello
My wife names as the first in line as the Bequest in her mothers will.
She waqs left nothing else except part of the house when it is sold.She was not left anything personal so would that mean that she gets all the things that her mother did not leave to others.Does this also include bank Accounts and money returned from a funeral fund.All her debts should come out of the sale of the house and not money in the bank.Am i correct.She is very hurt by not being left anything and i dont think she knows what a Bequest is.
Many thanks.

[Jaeden's mom]

To bequest means that you wanna leave someone something doesn't it ? What does waqs mean ?