You Need a Will
What happens to your money and assets when you die? Usually, your debts are paid and the remaining assets are split up according to your specifications as written in your will. If you don’t compose a will and specify what will happen to them, however, the answer can become much more complicated.
A will is a legal document that you compose while you are still of sound mind. This means that you can’t be mentally incapacitated when you pull your will together because then someone can dispute the validity of the will. Your will designates an heir (or heirs) to your assets and can also list other information such as designating guardianship of your children to someone upon your death. Other documents that can be paired with your will include a living will, which is a document that states whether you want to be kept alive using life support, but your will is used to specify who gets what upon your death.
It isn’t enough to talk to your family and friends about who gets what when you die. Not everyone may remember what you say and things might wind up disputed by people who want certain items or funds. In some instances, your assets may become tied up in litigation and get distributed by someone who has absolutely no connection to your family and friends. So don’t just tell your niece that you want her to have your wedding ring or your brother that you want him to inherit your house. Put these things in writing.
You have to make sure that the wording of your will is correct and legal for the state in which you reside. In some states you don’t even have to get an attorney help you draft the document, but don’t assume this is the case until you have researched it for yourself. You may be able to compose your own will using a software program, so check this out to see if it works for you.
If you are able to compose a will on your own, look into getting it notarized upon completion. This shows people that it is a legal document and that you are the person who wrote it, which is vital in case there is a dispute upon your death. You should also make sure to place a copy of the will somewhere for safekeeping. Your will doesn’t do much good if nobody knows that it exists, so don’t just write the will and then stash it away somewhere.
