WHY DO I NEED A WILL? 

If you don't have one, a court decides who gets your assets.

A will is a device that lets you tell the world who you want to get your assets. Die without one, and the state decides who gets what, without regard to your wishes or your heirs' needs.

So-called intestacy laws vary considerably from state to state. In general, though, if you die and leave a spouse and kids, your assets will be split between your surviving mate and children. If you're single with no children, then the state is likely to decide who among your blood relatives will inherit your estate.

Making a will is especially important for people with young children, because wills are the best way to transfer guardianship of minors.

You may amend your will at any time. In fact, it's a good idea to review it periodically and especially when your marital status changes. At the same time, review your beneficiary designations for your 401(k), IRA, pension, and life insurance policy since those accounts will be transferred automatically to your named beneficiaries when you die.

A will is also useful if you have a trust. A trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes. But you still need a will since most trusts deal only with specific assets such as life insurance or a piece of property, but not the sum total of your holdings.

Even if you have what's known as a revocable living trust in which you can put the bulk of your assets, you still need what's known as a pour-over will. In addition to letting you name a guardian for your children, a pour-over will ensures that all the assets you intended to put into trust are put there even if you fail to retitle some of them before your death. Any assets that are not retitled in the name of the trust are considered subject to probate. As a result, if you haven't specified in a will who should get those assets, a court may decide to distribute them to heirs whom you may not have chosen.  

Note from John - The info above is from CNN Money 101 and their excellent articles on Estate Planning.  This is general info and laws in Nevada, and in each State, may vary.  You can get the basics here, but you should see an attorney for your specific needs.  Want to find an attorney in Clark County?  Try here - Clark County Bar Association Legal Resources for Southern Nevada. 

 

Do I Need a Lawyer to Make My Will?

 Most people don't need a lawyer to make their will. Here's why.

If you're thinking about making your own will, you may feel a little uneasy about the process. After all, a will is an important legal document -- shouldn't you seek a lawyer's help?

The answer depends on your situation. If you're like most people, you won't need a lawyer. With good self-help materials, it's not difficult to make a will that takes care of basic concerns, such as leaving a home, investments, a small business and personal items to your loved ones. And if you have young children, you can use your will to name a guardian to take care of them, as well as someone to manage any property they inherit.

Making a Basic Will

You may be interested to know that when lawyers draft wills, they usually start with a standard form that contains the same types of clauses contained in most do-it-yourself wills. Most attorneys put their standard will form into a computer and have a secretary type in the client's name, the names of the people the client wants his or her property to go to, and other basic information -- exactly what you can do for yourself when you make your own will.

Making a will rarely involves complicated legal rules. In most states, if you're married, your spouse has the right to claim a certain amount of your property after your death. If you leave your spouse at least half of your property, this won't be an issue.

You need to sign and acknowledge your will in front of two witnesses (three in Vermont). But beyond these basic requirements, you may parcel out your property however you like, and you don't have to use fancy language to do it. In short, if you know what you own, whom you care about, and you take a little time to use self-help resources, you should be fine.

If you can click and point on your computer here's one Self-Help Resource  Quicken WillMaker Plus (Nolo) takes you through a step-by-step interview, asking the proper questions and giving you legal guidance as to your answers. It will make the following documents for you, which will automatically reflect the laws of your state:

  • legal will
  • living trusts, including an AB (bypass) trust
  • financial powers of attorney, and health care directive (living will).

Don't, however, rule out consulting a lawyer. In some situations a lawyer's services are warranted. And you don't necessarily have to turn over the whole project of making a will; you may just want to ask some questions and then finish making your own will.

When to Consult a Lawyer You may want to talk to a lawyer if:

  • You have questions about your will or other options for leaving your property.
  • You expect to leave a very large amount of assets (say, over $1.5 million) and they may be subject to estate tax unless you engage in tax planning.
  • Rather than simply naming people to inherit your property, you want to make more complex plans -- for example, leaving your house in trust to your spouse until he or she dies and then having it pass to your children from a previous marriage.
  • You are a small business owner and have questions as to the rights of surviving owners or your ownership share.
  • You must make arrangements for long-term care of a beneficiary -- for example, setting up a trust for an incapacitated or disadvantaged child.
  • You fear someone will contest your will on grounds of fraud, or claim that you were unduly influenced or weren't of sound mind when you signed it.
  • You wish to disinherit, or substantially disinherit, your spouse. It's usually not possible to do this if your spouse objects, but a lawyer can explain your spouse's rights.

Also, some people simply feel more comfortable having a lawyer review their will, even though their situation has no apparent legal complications.  See More Info at www.NOLO.com 

How can I make sure my child is taken care of when I'm gone?


Start by making a separate legal will for each parent: Joint wills don't make a lot of sense, even if it seems more efficient to create just one document. A joint will binds the survivor to the provisions of the will, which doesn't leave a lot of room for the surviving parent to change his or her mind if circumstances change radically.

Next, make sure you name your spouse or partner as your sole beneficiary. Otherwise the court might divide your property between your spouse and kids and appoint a state administrator to oversee your children's property until each one turns 18. Name your children as alternate beneficiaries in case you and your partner pass away at the same time.  Link to www.BabyCenter.com  

Wills, Trusts, Durable Power of Attorney, Living Wills,  Medical Power of Attorney, HELP - I'm so confused ...

Why You Need a Living Will - By David Braze April 24, 2000

Do you love your parents? Most of us do. How about your kids? Again, most of us do. And given that love, I want to devote this column to how we can make the lives of both generations easier, let alone ours. I'll do that by discussing a few simple documents each of us needs in case the worst happens, with "worst" meaning death or an incapacity that precludes our ability to act for ourselves.

Many of us don't like to think about those possibilities. We either avoid them as too unpleasant to contemplate or we tend to view ourselves as somehow invincible and immortal. Yet that avoidance could cost our families and us dearly, a cost that can be avoided through some simple planning. Let's look at what we can do by reviewing a discussion I had some months ago with my 90-year-old father.  (Motley Fool link below for the rest of article.)

Link to article at Motley Fool     and a Link to for info on many of the questions above. 

Now GOOGLE your specific question and talk, talk, talk, it all over with your family and JUST DO IT!  And don't forget to VOTE ... for JOHN J CAHILL, Public Administrator, Clark County, Nevada.