Wills and Estate
 

Wills, estates, etc.

Make your own will and have it notarized to save yourself a ton of money.
You can get free will / estate forms on line or buy one at Staples. 

Make the initial will general enough to provide the courts and lawyers enough knowledge that you knew what you were doing when you created it. I was told long ago to update it once a year by having an amended page(s) created for each new year. So in my will it has an amended page for each year i.e., Amend 2004, Amend 2005, etc. 

The reason for these pages is to show items you may have purchased you would like to go to someone or for monies that may need to go to a charity that has changed its name. You will need to reference the original Amend page to keep it correct for legal reasons.

Besides the standard will, consider your living will and any special condition amendments you may want to cover situations. i.e., if you were to disappear, natural disaster or act of God. Wartime, incapacitation due to injury etc.

Things to consider

Keep executor up to date and note a backup executor just in case.

Make sure that it is noted they have power of attorney to handle all of your estate correctly so your belongings don’t end up going to the state because of an oversight.

They will need a copy of the newest will as well as a death certificate. Make sure you have a clause that allows the coroner’s office to disperse enough certificates to allow them to finish your estate for you.

Make sure they know where to find all:

* tax information – they will need to file your final tax forms. You should always retain the past seven years taxes with all receipts.
* bank accounts – they will need to know where your liquid assets are to pay bills, etc.
* credit cards – they will need to close out these accounts and clear balances. In some cases the credit cards have an insurance that pays off the balance in case of death which can be a big assistance in finalizing the estate.
* insurance forms – they will need to know about auto insurance, any life insurance, and any other insurance that may be paid to your estate.
* internet accounts and passwords – keep these with your will so you still have privacy but they will be able to contact the sites and close out the accounts. They will also need to turn off internet providers and subscription services.
* all titles – home, vehicle
* Utilities, etc. – these will need to be paid off and turned off.
* Medical insurance information and any dues paid to ambulance services, etc.
* Funeral information. If you have a plot or want to be cremated, etc. you will need to have this specified.
* Stocks and bonds along with any retirement investment information
* Mortgage information

Video Will

I personally also use a video will in addition to ensure that I made my changes to my will under no negative conditions or mental problems. Last thing you want is estranged family members claiming items that are NOT due to them just because they think something was altered, etc. Generally it just has the base will being ready with the latest amended page to show how recent it is and which one is valid.

Example of additional information to provide and considerations

In my case I have the following information in my amended pages:

Since I have numerous vehicles they are to be offered to certain persons first. If they are turned down then they are to be sold off and used in estate proceedings.
Specific CDs and media are to be destroyed since they would be illegal for others to use due to licensing, etc.
I feel people can use it more than a foundation. Foundations seem to always ask for money. It is rare that you can give someone something that may make their life a little easier. You touch many people in your life and some touch you back. This gives me the last word :-)