Most people need a will.
You do not see the purpose of having a will.
You make a moderate income.
You do not have a lot of earthly possessions.
Why should you take time to create a will?
According to a recent Daily Advertiser article titled “Where there is a will, there is a plan in place," you should take the time to create a will with an experienced estate planning attorney.
Why?
There are specific criteria a will must meet to be legal.
These can be easily overlooked by an amateur.
What are they?
The will must be signed.
It must be dated.
It must be witnessed.
It must be notarized.
Without a legally recognized will, you could leave your loved ones sorting out a mess when you die.
What should you include in your will?
You need to name yourself as the testator.
To do so you need to provide personal information like your name and address.
You also need to show you intend to create a will and revoke any previous wills.
Next, you need to address how your debts will be paid.
This includes the funeral bill, taxes, medical costs, court costs for settling the estate, and any other outstanding payments.
After the debts are paid, the money and assets leftover will need to be divided among your heirs as you direct.
Provide instructions in your will regarding who gets what.
You will want someone you trust to handle your estate when you pass away.
Take care to name an executor to oversee your estate through the probate proceedings.
If you have minor children, you should name a guardian.
If you do not, the court will select a guardian to rear your children should you and your spouse die.
The selection by the court may not be an individual who would rear your children with your values.
Whatever your plans for a funeral, you should include these in your estate plan as well.
As you can see, creating a will is important for anyone—including you.
Reference: Daily Advertiser (March 10, 2019) “Where there is a will, there is a plan in place“
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