Wills that Work

I've posted before that there are several benefits of having a will. And those of you folloing my New Year's resolutions, you know that one of my goals this year is to update our wills. Having an up-to-date will that clearly describes your wishes in the event of your death is one of the most important parts of any financial plan.

This article from Market Watch gives several tips on making a will that works for you. Here are their suggestions:

• Do hire a lawyer to draft your will -- and your spouse's.
• Do get witnesses.
• Don't put your will in a safe-deposit box.
• Do use percentages rather than dollar amounts when making bequests.
• Do review your will once every three years -- and more often if there is major new tax legislation or a significant change in your family status.
• Do revise your will if you move, particularly from a common-law state to a community-property state, or vice-versa.

These seem like good tips to me and they reinforce our need for a new will. We haven't updated ours for seven years and our last on was in another state. It's time for an update.

Comments

[Brian]

Gaaah! It's not that I have a problem with good lawyers (finding a good lawyer is left to your own exercise), but I do have a problem with the attitude that lawyers are required for what should be basic legal documents. There are plenty of people to blame for this problem, but that doens't mean we need to continue perpetrating this belief.

Checkout Nolo's Simple Will Book. It can lead most people through the creation of their own will (not valid in LA for some reason). Even if you have needs that can't be met by the book's forms, it will at least give you an understanding of most of the issues before speaking with a lawyer.