Should I have a Will? Everyone already has a Will in every state whether or not they drafted it themselves. The Commonwealth of Massachusetts, and every state, establishes who your beneficiaries are.
- What kind of Will should I have? The best type is one written by a qualified attorney. Many people have taken the do-it-yourself approach or prepared one online. Unfortunately, computer programs don’t cover many of the important issues and often don’t provide advice about who should be serving in various capacities. They also usually don’t address specific situations that may apply to you.
- How does a Will work when I die? In most states, the Executor of the estate (the person named in the Will,) hires a lawyer to probate the Will, which is basically the administration of the estate through the Court. Creditors and taxes are paid first, and then after all expenses are paid, the balance of the funds are distributed to the beneficiaries pursuant to the terms of the Will.
- What if I have a Will but am not satisfied with it? A minor change can be made to the Will by a document called a Codocil. More frequently, it is easier and “cleaner” to adjust your Will by merely rewriting it, which revokes the prior one.
- Do both spouses need Wills? Yes, most couples have their property owned jointly and name each other as beneficiary. However, it is on the second death that all the assets will be probated if they are in the surviving spouse’s name alone. In second marriage situations, or in issues of blended families, it is very important that both Wills coordinate the distribution.
- Is it possible to set up a Trust under my Will? Yes, many people create a Trust under a Will called a Testamentary Trust. However, in some states, these Trusts need to be accounted for every year with the probate court. If there is a separate Trust created outside of your Will, then there will not be any court involvement or fees relative to the Trust administration.
- How can I include a charity in my Will? There are several ways that a charitable bequest can be made, by percentage, fixed dollar amount, specific item of personal property, etc. Each technique requires thoughtful planning before the gift is made.
- How can a charitable bequest benefit me? With a bequest, the gift is made after your demise, when you no longer need that asset. There are also ways to set this up so that the future security of your spouse and heirs is secured through a charitable bequest in which they may receive income or principal from the gift while the charity also receives a benefit.
- How much does a Will cost? Well, that depends upon the amount of work that needs to be expended by the attorney who is preparing the Will for you. Very often, the cost of the Will is relatively nominal, but the cost of the planning is more important. This may include the preparation of a Trust, Health Proxy, Power of Attorney and other related documents.
- How do I go about getting an attorney? You can ask your friends and family or a trusted advisor who is qualified to effectively plan your estate. If not, the local estate planning council, the local bar association, or perhaps a charity that is involved in your estate plan will be able to suggest a qualified lawyer for you.
by: Hyman G. Darling, Esq
Your list of issues regarding wills was very informative. There is so much to know about estate planning it's best to speak with a professional estate planner that is familiar with your states laws. I originally thought that estate planning was only for the wealthy. However, my eyes were opened when I recently began reading a book called Die$mart by Kathy Lane. It taught me that planning was a must for everyone—young, old, rich or poor.
Posted by: Betty | July 24, 2009 at 11:36 AM
No 2 - Here in the UK lawyers love "DIY Wills". They know that these types of wills are more easily disputed, thus resulting in expensive court-time. This is unnecessary expense and time footed by the beneficiaries.
Posted by: Adam Davies | July 22, 2009 at 06:04 PM