What is a Will ?

A will is a legal document, and to be valid, it usually must be signed in front of two witnesses and be notarized. A will expresses your wishes as to how you want your assets distributed after your death. A will can allow you to choose a guardian for minor children and an executor to distribute your assets to hose named in the will.

Everyone needs a will. Do I need to say more? We are all going to die; we just don't know when, so you need to prepare as if you were going to die tomorrow. Not a pleasant thought!

A will allows you to rule from the grave. You can't take it with you, but you can decide where it goes. A will is simply a document that expresses your wishes as to how you want your assets distributed after your death. In addition to distributing your estate according to your wishes, a will can do many other things. A will can allow you to choose a guardian for minor children and an executor (executrix if it is a woman) to distribute your assets to hose named in the will.

If you do not have a will when you die, you are "intestate." The state where you reside will distribute your assets according to state law. If there are minor children involved, the state will decide who will become their legal guardian. The legal lines of succession vary from state sot state. Your assets will go to your next of kin in proportions and in sequences mandated by state law.

If you own anything jointly with fight of survivorship, that asset will automatically pas to the joint owner. If you have named a beneficiary on your IRA, (k) plan, pension plan, or life insurance policy, the money will pass automatically to the named beneficiary.

There are some states where you cannot disinherit a spouse or child. Some states allow a spouse to take more than was allotted in the will. For most states, you can disinherit anyone but your spouse.

A will is a legal document, and to be valid, it usually must be signed in front of two witnesses and be notarized. Additionally, you should initial each page. You can change a will either by executing a new will or by adding a codicil. A codicil is just an amendment to the original will. The codicil must be witnessed a notarized.

There is lots of do-it-yourself estate planning out there. You can use this information to learn about estate planning, but my preference is for you to interact wit an attorney because it is too easy to have some small detail mess up the do-it-yourself estate plan. I know some of you would rather have a tooth pulled than go to an attorney, but go!

Because situations change throughout your life, you should be sure to review your will periodically:

• Every five years at a minimum

• When there are major life changes caused by a marriage, divorce, birth, death, or disability

• When the needs or circumstances of your beneficiaries change

• When the size of your estate increases

• When you move or retire to a different state

• When the estate tax laws change

Make on mistake, even a small one, and it could possibly mess up the very lives of the people you are trying to protect.