Submitted by tony on March 17, 2008 - 7:55pm.
For many of us guys, just
thinking about writing a will is like admitting that you cannot lift a 50 lb.
sack of potatoes or are shopping for Ben-Gay on a regular basis --- it reeks of
getting old. However, men of any age, particularly those of us with children,
should have a will. After all, you never know what the future holds and while
we all anticipate living well into old age, bad things happen to people every
day. A will not only makes your final wishes known, but also gives you a say in
what happens to your children and assets after you are gone.
So, short of admitting you are
old, where do you begin?
- Retain the services of
a lawyer:
A will is one of those things that you could
draft up yourself, after investing a great deal of research, time and effort
into the task. However, you could save a lot of time --- and headaches --- if
you retain the services of a lawyer that specializes in wills and estate
planning. Lawyers know the ins and outs of the law and can help you avoid any
potential pitfalls and mistakes when writing up your will. They can advise you
on how specific to be, although most experts caution against making the
stipulations in your will too stringent so you do not have to worrying about
updating it often. Doing so can cause you to incur a great deal of added
expense.
- You need an executor: Ok, so you may already be
married and have someone to execute you anytime you do something wrong. This is
something entirely different. The executor of your will should be either your
lawyer or a person in your life that you trust unequivocally to follow through
on your wishes. For many of us guys, this is your wife or one of your children,
if they are grown. This person should probably not be your beer-drinking
partner from Joe's Bar that you usually only see on Friday nights. If you do
not choose someone, the courts will do it for you after you have passed --- and
they may not choose someone who has your best interests at heart. To be on the
safe side, choose someone at the beginning of the process. You can always
change it later if you need to.
- Who will
care for your children?: This is especially important if you are unmarried or divorced.
However, even married couples need a stipulation on who
will care for their children in the event that something happens to both
parents. Make this decision very carefully and with a lot of thought behind it.
Talk with whomever you have in mind for the job to make sure it is something
they would be willing to take on. Consider everything: living situation, their
ability to raise your children and see them through a difficult period in their
lives, education, moral values, etc. Can
the person you choose afford.
- Make
financial provisions:
There are a number of taxes and financial liabilities that occur after someone
has passed away that usually fall to the family of the deceased. However, you
can make provisions in your will for those expenses to be paid out of a
pre-determined fund or account. This reduces the financial burden on the
remaining family members and will leave them to be able to focus on carrying
out your various other wishes.
- Go
online:
If you do not want to retain a lawyer, but want to follow the process of
drafting a will correctly, go online. There are a number of Web sites devoted
to helping people draw up a will online. These sites provide online support,
chat rooms to share questions and a slew of easy-to-understand information on
writing your will. Some even provide a questionnaire, which plugs the answers
into a standard will document. The huge advantage of using a site like this is
that you can simply go online and update your will anytime you have changes.
Anyone over the
age of 18 can have a will (so maybe you are not that old) and certainly anyone
with children and/or assets should have one. Taking the time to draft a will
listing as many specifics as possible is a small price for you to pay in
exchange for having the peace of mind that no matter what happens to you, your
family will carry in the manner in which you desire after you're gone.
