Many women ask if they really need a Will if they don’t own any property. The answer is “yes!”
Wills are about who or what you value. You want to make sure all of your possessions go to your proper heirs. You don’t want the Probate Court to decide it for you. You don’t want your heirs to fight over what you have. If you are divorced, you don’t want your ex-spouse involved in the fight either. Also there may be people you want to specifically disinherit so they can’t have ownership of any of your belongings or property.
You will want to decide who the Executor will be and who your Power of Attorney (POA) will be and discuss it with those people. They can be the same person, if you wish. Here are the differences in the two roles:
Power Of Attorney (POA)
Allows someone to act on behalf of another person while they’re still alive, such as making financial or healthcare decisions. The POA’s powers end when the principal dies.
Executor
Named in a Will, the executor takes on responsibilities after the person dies, such as administering the estate, paying bills, and notifying beneficiaries and creditors. A probate judge must formally appoint the executor, if one is not designated in the Will.
You will also want to get medical directives in place if you haven’t already done that at your doctor’s office. Decide who has access to your medical records and who is your Medical Power of Attorney.
This is a suitable time to think what you want done about funeral arrangements and stipulate that in your Will. If you already have a burial plot, make sure that information is added so there won’t be any questions when the time comes.
Any accounts where you can designate beneficiaries, make sure you have done that where you have the accounts. That would be any banking products, retirement accounts, investment accounts, and life insurance policies. Then you want to back that up in your Will.
Any family heirlooms or collectables you have, ask your family members who might want them and put that in the Will. Who might want your car? If you own property, what do you want done with it? Ask your lawyer about the deed transfer options available in your State after death. You do not want to transfer the deed early, that would make the cost basis the amount you paid for the house originally, instead of the stepped-up cost basis of the date when the person inherits the property. Before assigning the property to someone, make sure they really want it. It might be better to stipulate that the property be sold and the proceeds distributed to your heirs.
If you have minor children you need to consider who will take care of them. Talk it over with that person (those people) and make sure they want to take on that responsibility. Depending on the age of your children, discuss it with them and see if they have a preference for who they want to live with. If you are divorced, discuss with your lawyer your options regarding your former spouse raising them. Are you obligated to name them as guardian? What is your custody agreement? Is there anything in your divorce degree about it?
Think about if you have anything you want to bequeath directly to your grandchildren, if applicable. Ask them if they would like anything special that you have and put that in the Will. Check back with them over the years and see if they would like to change or add anything. A Will is much easier to change than a Trust and it should be reviewed every few years and updated. Especially if life circumstances have changed since you originally made the Will.
If you have pets, you will want to designate who is to take care of them for the rest of their lives. Of course discuss it with the people first. Shelters are too full, and if pets are older or have medical issues they are even harder to place. Please take care of this in your will. You may also want designate a dollar amount to the caretaker(s) for ongoing medical care of the pet(s).
Are you the sole proprietor of a business or do you have a small business you are running out of your home? Think about who you want to leave those assets to and stipulate that in your Will. Again, ask the person (people) first to make sure they wish to carry on with it.
Think about including charitable giving through your Will. Are there ministries or churches you wish to bequeath money to in your Will? Would you consider bequeathing money to FOCUS Ministries, Inc.? It is better to stipulate your wishes outright rather than leave it up to your heirs to make the donations. You want to make sure the funds are going to the ministries you have vetted and desire them to go to.
Is there anyone outside of your family you would like to bequeath funds or items to? They should be listed in the Will along with what you desire them to have. This will legally hold your Executor responsible for giving the items to those people.
You may have a lawyer draw up the will or there are several online resources for creating your own simple Will. Ramsey Solutions has an online Will kit you can use, or trustandwill.com is a resource I have seen advertised on television. If you are divorced and have minor children or own property or a business, I would advise using a lawyer to draw up your Will. You want to make sure everything is in proper order so there won’t be any lawsuits or delays in distributing your assets because something is incorrect or not allowed in your State.
If you do your own Will online remember anyone who inherits through the Will cannot sign it as a witness. You will also need to have the Will notarized. In addition, think about where your “safe place” is to keep the Will until it is needed. If you are using a lawyer, you can ask if they will keep it for you. You might also want to distribute copies to your Executor or other family members.
Creating a Will is important because it’s one of the last ways you can provide for your family after you’re gone. As they are grieving your loss, they won’t have to guess what you wanted and they won’t have to deal with the stress and expense of fighting in court over your stuff. If you die without a Will there is no guarantee your wishes will be known or carried out as you wanted.
