Do you really need a will?

If you have questions relating to your will, it’s important to speak to a lawyer about your circumstances (Disclaimer: the following info isn’t legal advice, and doesn’t take the place of consulting a lawyer in your area).While it may not be a fun topic to think about, lawyer Les Kotzer knows that creating a will can help avoid tons of conflict that may arrive from the distribution of assets. Money, inheritance, greed, family and betrayal – Les has seen it all in his practice, and he stopped by Your Morning to share some tips to help viewers avoid the pitfalls he’s witnessed many families go through.

DRAFTING OF A WILL

There are many ways to write an acceptable will. You can handwrite one, use an online service, or task a lawyer with drafting up a personalized document. A will doesn’t need to be notarized by a lawyer for it to be official. Given that the document is signed and dated, and states that it is the person’s last will and testament, it is official in the eyes of the law.However, without the help of a professional, it might be difficult to achieve a will that fits one’s exact circumstances perfectly, and things could be missed. Lawyers can do more than draft wills; in his third book, the author reviewed wills, did house calls, acted as executor and carried out special wishes on behalf of his clients.

PURPOSE OF A WILL

A will serves as a document to name an executor, parental guardians, and distribution of the assets in the event that the writer of the will dies. The executor is the person who is chosen by the writer to carry out the wishes of the deceased (as outlined in the will), to the best of their ability. The executor must be chosen very wisely, because someone who is simply good at managing money and assets may not be skilled at understanding the emotional aspect of the situation and vice versa.When naming guardians, name a sole guardian as opposed to a married couple - That way, the children don’t run the risk of being involved in a custody battle in the case of divorce. There is no restriction on how the assets can be distributed. The writer of the will can choose exactly who gets what, down to singular household items. Therefore, parents are not required to give a certain share of their assets to the children, and spouses are not required to do so for their partner.

OTHER KEY TIPS

Spring for a lawyer; a professional will help you write a will that fits your needs and limits conflicts, if you pass away. You need to draft a new will every time you experience a major life change (marriage, child birth, adoption, divorce etc.)Name your executor wisely. They have sole discretion when it comes to carrying out your wishes, so it’s important to pick the right person for the job.Avoid being vague. The more information in your will, the better. This limits confusion when your assets are being distributed. Get involved in your will and finances – something that's especially important in married relationships. You don’t want to be caught off guard in the event that your spouse passes away.Your complete estate plan includes more than just a will: You may want to consider writing out funeral wishes, inventory of assets, financial power of attorney and living will documents.[video_embed id='1878974']Modern midlife crisis is now less about cars and more about yoga[/video_embed]