 |
| |
 |
| |
 |
| |
 |
| |
 |
Your Will—Your Way
By Regina Tekulve
The biggest mistake you can make is
assuming your family and friends will
know your final wishes for what is left
behind when you die. Our lives are
filled with unpleasant things that
simply must be done: there’s no
avoiding them. In the daily grind, it
might be changing the lightbulbs,
exercising, or washing the dishes.
In April, for most of us, an unpleasant
thing is filing our income tax returns.
And, one task you might have avoided
altogether is preparing or updating
your will. To help you prepare your
will your way, the first step is this:
Don’t procrastinate any longer.
The biggest mistake you can make is assuming your family and friends will know your final
wishes for what is left behind when you die. To protect yourself and more importantly, to
protect what and whom is precious to you, a legally binding last will and testament should
be prepared — before time and unnecessary legal battles steal them away.
Getting Started
If you haven’t prepared your will, where and how do you get started? If you are married,
set aside some time soon to discuss your individual last wishes and your wishes as a
couple. If you are single, turn to a close friend or relative to help you make important
decisions and act as a reliable “witness.” Marital status and age aside, a will is a smart
decision. According to Chris Byrd, attorney-at-law with Harold E. Dillman Attorneys in
Corydon, Ind., “Never think you are too young for a will. Anyone with significant assets or
children should have a will, no matter their age.”
What Needs to Be Included in a Will?
To get started, list your significant assets. Decide what property to include in your will and
who will inherit your property.
Choose an executor (a third party, family or friend that you trust) to “execute” your
wishes, to handle your estate.
If you have children under the age of 18, you will need to select a guardian for your
children and choose someone to manage your children’s property (inheritance) until they
become of age. You can stipulate the age of full inheritance and even allow only a certain
percentage of assets be given to them over a certain period of time until they reach the
age you have stated as being “of age.”
Where Will You Leave Your Money?
Keep in mind that if you are married, each spouse also makes a separate will. Most
husbands and wives name each other as primary beneficiaries, then their children. If you
have a charity, church, organization, or cause that you would like to monetarily support,
state the specific amount or percentage the donation will be. Though not necessary,
including a person’s name with the gift, such as “in honor of” or “in memory of” gives
meaning to your donation — to you, as the donor, and to those who will be receiving it.
Though Hospice does not give legal or tax advice, they do like to be part of the team,
along with legal and financial advisors, to help perspective donors fulfill their legacy
wishes. According to Ralph Allen, director of Planned Giving of Hospice and Palliative
Care of Southern Indiana, “Upon request of the donor, Hospice will provide sample
language for inclusion in the donors’ will or trust subject to their attorneys’ review.” Ralph
also has this advice to offer, “When considering a planned or deferred gift, it’s important
that donors secure legal counsel with an estate planning background. Hospice does have
a Legacy Society to honor those that remember the work of Hospice in their estate plan.”
After the Decisions
Once you have established beneficiaries, an executor(s), guardian(s) and donations,
seek out a reputable attorney who is knowledgeable in estate planning. The fees for will
preparation are not expensive and are well-worth the peace of mind the will will ultimately
provide you and your loved ones. After the papers have been drawn and signed, copies
will be given to you for safekeeping. Byrd recommends storing your will documents in a
lock box or a safety deposit box. One important thing to remember when your papers are
finally tucked away and safe, “Let the person who is named personal representative know
that you do have a will and where it is located so that it can be quickly found if needed!”
Should You Update?
How often should you update your will? Attorneys recommend estate papers should be
changed when your life has incurred major changes. “A will should be pulled out and read
at least every year or two to make sure it still makes sense,” Byrd states. Life situations,
such as marriage or divorce, death of a beneficiary or person you specified as executor
— these would necessitate updating, but not totally redoing your will. Our minds change;
our children grow older, marry and have children of their own. As our lives change, so
should our will documents.
Other Documents?
Are there any other documents that should accompany a will? There are a few you
should consider. Living wills (also known as a Health Care Directive) specifies whether
you would like to be kept on artificial life support if you become permanently unconscious
or are otherwise dying and unable to speak for yourself. If you do have a Living Will
created, be sure a validated copy is secured with your family doctor. A Power of Attorney
and a Living Trust (your assets are managed while you are living by simply retitling them
to yourself as trustee) are others that could benefit you, depending on your situation.
Preparing your will may take some time, but it’s one of those necessaries that we should
take care of and not put off any longer. Though we all hope to be around for a long time,
we know our lives will someday come to an end. A will, prepared with sincere thought and
planning, enables a part of us to remain with the ones we love — more than life itself.
TRUE or FALSE
A will executed in another state is not valid — False!
A will requires the signature of a Notary Public — False again.
Having a will ensures avoiding probate — False, false, false.
Probate, a court procedure that determines the validity of your will, is necessary.
By Regina Tekulve
The biggest mistake you can make is
assuming your family and friends will
know your final wishes for what is left
behind when you die. Our lives are
filled with unpleasant things that
simply must be done: there’s no
avoiding them. In the daily grind, it
might be changing the lightbulbs,
exercising, or washing the dishes.
In April, for most of us, an unpleasant
thing is filing our income tax returns.
And, one task you might have avoided
altogether is preparing or updating
your will. To help you prepare your
will your way, the first step is this:
Don’t procrastinate any longer.
The biggest mistake you can make is assuming your family and friends will know your final
wishes for what is left behind when you die. To protect yourself and more importantly, to
protect what and whom is precious to you, a legally binding last will and testament should
be prepared — before time and unnecessary legal battles steal them away.
Getting Started
If you haven’t prepared your will, where and how do you get started? If you are married,
set aside some time soon to discuss your individual last wishes and your wishes as a
couple. If you are single, turn to a close friend or relative to help you make important
decisions and act as a reliable “witness.” Marital status and age aside, a will is a smart
decision. According to Chris Byrd, attorney-at-law with Harold E. Dillman Attorneys in
Corydon, Ind., “Never think you are too young for a will. Anyone with significant assets or
children should have a will, no matter their age.”
What Needs to Be Included in a Will?
To get started, list your significant assets. Decide what property to include in your will and
who will inherit your property.
Choose an executor (a third party, family or friend that you trust) to “execute” your
wishes, to handle your estate.
If you have children under the age of 18, you will need to select a guardian for your
children and choose someone to manage your children’s property (inheritance) until they
become of age. You can stipulate the age of full inheritance and even allow only a certain
percentage of assets be given to them over a certain period of time until they reach the
age you have stated as being “of age.”
Where Will You Leave Your Money?
Keep in mind that if you are married, each spouse also makes a separate will. Most
husbands and wives name each other as primary beneficiaries, then their children. If you
have a charity, church, organization, or cause that you would like to monetarily support,
state the specific amount or percentage the donation will be. Though not necessary,
including a person’s name with the gift, such as “in honor of” or “in memory of” gives
meaning to your donation — to you, as the donor, and to those who will be receiving it.
Though Hospice does not give legal or tax advice, they do like to be part of the team,
along with legal and financial advisors, to help perspective donors fulfill their legacy
wishes. According to Ralph Allen, director of Planned Giving of Hospice and Palliative
Care of Southern Indiana, “Upon request of the donor, Hospice will provide sample
language for inclusion in the donors’ will or trust subject to their attorneys’ review.” Ralph
also has this advice to offer, “When considering a planned or deferred gift, it’s important
that donors secure legal counsel with an estate planning background. Hospice does have
a Legacy Society to honor those that remember the work of Hospice in their estate plan.”
After the Decisions
Once you have established beneficiaries, an executor(s), guardian(s) and donations,
seek out a reputable attorney who is knowledgeable in estate planning. The fees for will
preparation are not expensive and are well-worth the peace of mind the will will ultimately
provide you and your loved ones. After the papers have been drawn and signed, copies
will be given to you for safekeeping. Byrd recommends storing your will documents in a
lock box or a safety deposit box. One important thing to remember when your papers are
finally tucked away and safe, “Let the person who is named personal representative know
that you do have a will and where it is located so that it can be quickly found if needed!”
Should You Update?
How often should you update your will? Attorneys recommend estate papers should be
changed when your life has incurred major changes. “A will should be pulled out and read
at least every year or two to make sure it still makes sense,” Byrd states. Life situations,
such as marriage or divorce, death of a beneficiary or person you specified as executor
— these would necessitate updating, but not totally redoing your will. Our minds change;
our children grow older, marry and have children of their own. As our lives change, so
should our will documents.
Other Documents?
Are there any other documents that should accompany a will? There are a few you
should consider. Living wills (also known as a Health Care Directive) specifies whether
you would like to be kept on artificial life support if you become permanently unconscious
or are otherwise dying and unable to speak for yourself. If you do have a Living Will
created, be sure a validated copy is secured with your family doctor. A Power of Attorney
and a Living Trust (your assets are managed while you are living by simply retitling them
to yourself as trustee) are others that could benefit you, depending on your situation.
Preparing your will may take some time, but it’s one of those necessaries that we should
take care of and not put off any longer. Though we all hope to be around for a long time,
we know our lives will someday come to an end. A will, prepared with sincere thought and
planning, enables a part of us to remain with the ones we love — more than life itself.
TRUE or FALSE
A will executed in another state is not valid — False!
A will requires the signature of a Notary Public — False again.
Having a will ensures avoiding probate — False, false, false.
Probate, a court procedure that determines the validity of your will, is necessary.