First things first, you should have a will. And it is also obvious why - so you could properly distribute your material wealth to your family or maybe some friends, but it also happens to be a good means of showing how a person managed his or her estate while still among the living.
This do's and don'ts guide should be helpful for anyone who needs to have their will made out.
Do - keep it updated
Everything changes. Money, material wealth, all that can change at the drop of a hat. Estate tax laws change in a whim thanks to Congress. The IRS can just as well alter these laws depending on whose side they are on and how they interpret it. There are varying laws in each state. Most of all, look at your life as of the moment and contemplate your future. Doing so could change your will for the better and your death a lot more peaceful.
Do name the correct executor
Executors should be ethical, honest, and efficient and be ready to give his or her service at the drop of a hat. Get the consent of each potential executor and brief him or her completely about what needs to be done. It also helps to have one or two alternates. It is also suggested that one name an executor younger than yourself. Nobody knows when we're going to go, but a younger executor would most likely have lesser chance of croaking before the person making the will.
Do not name the same person as guardian and trustee
Family and finance are two separate things, so you'll want to name different people as guardian and trustee - one to take care of the kids, the other to take care of your material wealth. It is very important, yet underrated to make sure these two people are different. This is both good strategy and common sense as you wouldn't want to upset the balance of things by overworking somebody and having him or her do both tasks.
Do not leave too much for a spouse
It is very prudent and wise to leave just the right amount of money to your partner or better half. Think about your children, and think about how hard it would be for them to find out that they wouldn't be receiving as much as they should - hey, you won't be able to keep track of your finances if everything goes to your spouse! Instead, try depositing some of your wealth to a trust so you could keep the money flowing in.
Avoid going into extreme specifics
This isn't Jerry Springer, but the real world here - and there are families who are at odds about trivial stuff like who inherits the washer and dryer! It is important to not be too detailed in your will as to who gets what. If you get too specific, you could increase the potential of rancor within your surviving family and add to the costs as well. It is advisable to entrust a group of your possessions to a person than listing down which item will go to whom. It saves time and is more efficient, reasonable and sensible.
This do's and don'ts guide should be helpful for anyone who needs to have their will made out.
Do - keep it updated
Everything changes. Money, material wealth, all that can change at the drop of a hat. Estate tax laws change in a whim thanks to Congress. The IRS can just as well alter these laws depending on whose side they are on and how they interpret it. There are varying laws in each state. Most of all, look at your life as of the moment and contemplate your future. Doing so could change your will for the better and your death a lot more peaceful.
Do name the correct executor
Executors should be ethical, honest, and efficient and be ready to give his or her service at the drop of a hat. Get the consent of each potential executor and brief him or her completely about what needs to be done. It also helps to have one or two alternates. It is also suggested that one name an executor younger than yourself. Nobody knows when we're going to go, but a younger executor would most likely have lesser chance of croaking before the person making the will.
Do not name the same person as guardian and trustee
Family and finance are two separate things, so you'll want to name different people as guardian and trustee - one to take care of the kids, the other to take care of your material wealth. It is very important, yet underrated to make sure these two people are different. This is both good strategy and common sense as you wouldn't want to upset the balance of things by overworking somebody and having him or her do both tasks.
Do not leave too much for a spouse
It is very prudent and wise to leave just the right amount of money to your partner or better half. Think about your children, and think about how hard it would be for them to find out that they wouldn't be receiving as much as they should - hey, you won't be able to keep track of your finances if everything goes to your spouse! Instead, try depositing some of your wealth to a trust so you could keep the money flowing in.
Avoid going into extreme specifics
This isn't Jerry Springer, but the real world here - and there are families who are at odds about trivial stuff like who inherits the washer and dryer! It is important to not be too detailed in your will as to who gets what. If you get too specific, you could increase the potential of rancor within your surviving family and add to the costs as well. It is advisable to entrust a group of your possessions to a person than listing down which item will go to whom. It saves time and is more efficient, reasonable and sensible.
About the Author:
Join HRU for programs that focus on nurse leader. An HRU seminar is a great educational investment for your nursing staff.