Prepare Your Will

By now you're undoubtedly convinced of the necessity of a will. If you already have a will, you'll need to update it by changing your beneficiaries and adding or dropping any assets that you previously held with your spouse that have been distributed now after his death.

If you don't have a will, you owe it to your children to execute one. Without one, you're leaving it up to the state to name a guardian for your children and to settle your estate, including distributing your assets and personal possessions.

The basics of preparing a will are:

  • Naming an executor. This person will be responsible for handling all financial legal matters as well as distributing your possessions to your heirs.
  • Naming a guardian for raising your children as well as a property guardian (this can be the same person) to manage your children's inheritance until they reach the age of 18. You'll need to choose a guardian for your children. This is the hardest, and most crucial decision, for parents as they make their will. Important factors to consider are the age of the guardians, their financial situation, their beliefs and values, their lifestyle, and where they live in relationship to other family members or friends who are close to your children. You'll want to be comfortable knowing that your kids are being raised by people who care for and love your children and that they would raise them in a manner consistent with your most personally held beliefs.
  • Specifying how you want specific items (such as jewelry, collections, items of personal significance) to be given away.
  • Indicating how you want the bulk of your estate (not the specific items named above) to be distributed.

A good rule of thumb is "If in doubt, spell it out." Don't hesitate to make specific direction for who you want to receive your money and personal possessions. You'll need to sign and date the will in the presence of 2 witnesses who are not named in your will to receive anything.

While you can certainly prepare your own will, it's not a bad idea to consult an estate attorney to make sure your will is valid. Most attorneys charge by an hour and will charge between $300 - $500 to draw up a simple will. More complicated wills can cost upwards of $2,000. If you choose not to use an attorney, there are several online resources and software packages that can help you do it on your own.

For more information on making a will, check out the following links: