Death is inevitable, but it ain’t cheap.
The average cost to die in the US is $19,566. Wowzers.
Seeing as death is so expensive, we want to know that we’re doing it right. And that means – you guessed it: making sure your will is in order.
Doing a double-check now could save your family many headaches (and a lot of money!).
Here are some tips to avoid common mistakes when writing your will:
1. Keep it Fresh
We know, we know. You were going to update it last year. And the year before that. And, the year before that. Well, the time is now. And from now on, if you experience a significant life change – like moving to another state, having a child, getting married or divorced, or starting a new business, you should always return to refresh your will. Otherwise, you risk leaving it null and void because it doesn’t apply to the situation at your time of death. One way to remind yourself would be to make a yearly to-do reminder - just label it “is my will up to date?” - and if it is, you get a gold star that year.
2. Get the Hancocks
Signatures are super important, and not just yours. You need two witnesses present when you sign it, and neither can be listed as one of your beneficiaries. In most states, having one of your beneficiaries sign will disqualify them from receiving your gift.
3. Don’t Overlook this Minor Detail
If you have children under 18, you must name a guardian for them in your will. This person should be someone who you would actually want to raise your kids. Someone who shares your values, has a stable income and housing - you know someone who isn’t a complete degenerate - and who will remain committed to your kids. If you don’t do this, you’ll pretty much be leaving it up to the courts to decide.
4. Remember Uncle Sam
That’s right – even when planning for your death, you cannot forget the role the government plays. Specifically, let’s talk about estate tax laws. These laws are constantly changing, and one of the mistakes people make the most is thinking the estate tax won’t apply to them.
5. Put Someone in Charge
One of the most crucial steps is appointing an executor. The executor will be the one who administers your estate, so choose wisely. They should be reliable, trustworthy, and honest. And, before you name them as executors in your will, you should probably make sure they want the gig. An alternate executor should also be named, just in case. Don’t make the mistake of picking senile Uncle Larry just because he lives down the street.
6. Make it on the Interwebz
Don’t give in to the temptation to use a free (or cheap) template you found online. The language may not work for your situation. It’s always best to work with a financial professional or attorney. If you insist on doing it online, at least use a reputable site like Legal Zoom. Trying to save a buck now could cost your loved ones later.
Writing and updating your will doesn’t need to be traumatic, but it does need to be done with urgency because, for most of us, it’s the most important document we’ll ever sign.
Guess what? The President doesn't affect a lot of the things that impact your will...but YOUR local & state government reps do! Here’s three small things you can do that make a BIG impact:
