Before You Die: Why You Must Have an Up-to-Date Will

by Sheila Martin

Are you one of the seven out of ten North Americans who do not have an up-to-date Will?

If you were to die today without a will, what would be the consequences for your survivors?

Not having a Will means that a percentage of your estate will go to lawyers and the courts—money that could have gone to your heirs.

Worse, if you have young children and both parents die without a Will, your children may be taken into public custody until new guardians are appointed.

What’s more—if your heirs do not know the extent of your assets—stocks, bonds, bank accounts, real estate, and insurance policy benefits may go unclaimed and be turned over to the government.

According to some estimates, billions of dollars in assets have been taken over by state and provincial governments because their rightful owners are not known.

Without a Will, your assets are distributed according to state or provincial legislation which can mean long delays and unnecessary costs, even on a small estate, perhaps resulting in financial hardship for your family.

Several years ago, I was a guest on a national talk show, invited to speak about my book, Saying Goodbye with Love. Another guest that day was a young woman, the mother of three, who had come home one day to find her 35-year-old husband dead of a heart attack.

He had not had a Will. Their bank accounts were frozen. It took many months and much expense to get her financial affairs sorted out.

With quiet dignity she turned to the audience and said, “You must get your Will done and keep it up to date. No matter how young you are. You just don’t know when death will come.”

Should You Draw Up Your Own Will?

If you choose this route, there are self-help publications that include sample Wills, available at many bookstores. There is even software available to guide you through drafting a Will.

One of the best do-it-yourself resources is Nolo, who have been providing self-help legal information for 30 years.

But given the importance of your Will and the impact it will have on your survivors, many people feel it is wisest to have an experienced lawyer draw up the documents.

For a simple Will, you can expect to pay a lawyer perhaps five hundred dollars or more. This outlay, however, could end up saving your estate thousands of dollars in administration costs.

In general, a Will must be dated and signed by you and two witnesses, to be legally valid. If you move from one province or state to another, have your Will checked by a lawyer in your new home.

Wills are governed by state and provincial laws, and there is no uniformity between them. For instance, a handwritten Will is valid in some jurisdictions, but not in others.

You may also include in the Will your instructions about funeral arrangements, but these instructions are not legally binding on your executor. In any case, a Will is not the place to record your wishes about your funeral. That information should be given to your next of kin while you are alive.

Before Meeting With a Lawyer, Here’s How to Prepare

1. Decide who to appoint as your executor. Be sure to ask the person you are considering if he or she agrees. Being an executor can be a time-consuming and stressful responsibility.
   
   
2. Decide who will be the guardian of any underage children. Since the guardian will be responsible for your children’s health, education, and upbringing, be sure you have enough life insurance or a trust fund to give the guardian adequate financial resources for this responsibility.
   
   
3. List all your assets. Draw up a summary of your cash and bank accounts, insurance policies, stocks and bonds, pension plans, money owed to you, and other sources of present or future income, or death benefits. Include property, vehicles, and businesses you have a financial interest in.
   
   
4. List all your liabilities. Draw up a summary of any loans you owe, mortgages, or promissory notes.
   
   
5. Decide how to divide up your estate. If you wish to leave specific sums of money or real estate or articles of personal property to particular individuals, list them first. Then decide how the balance of your estate is to be divided.

Many people feel that they don’t have a large enough estate to justify the cost of getting a Will done. But many messy legal battles are fought over small estates, and the financial and emotional cost to your survivors can be enormous.

How Do You Find a Good Lawyer to Draw Up Your Will?

When you’re looking for a lawyer to take care of your Will and estate planning, be sure to look for someone who specializes in this field.

Although it may be tempting to get help from a friend or relative who is a lawyer…but if she is a corporate or real estate or divorce lawyer, she probably won’t be up-to-date in estate law.

So the first thing is to look for a specialist. Next, you want to get the most value for your money.

I have recently discovered a legal expense plan, which provides members with access to quality legal services—including Will preparation—for a small monthly fee.

Based on my own experience, I recommend this membership most highly. In fact, I believe in it so strongly that I’m helping to market the service.

As well as using the service to get your Will prepared, I recommend you take advantage of your membership to get help with any and all legal questions you may have, including settling an estate when someone in your family dies.

How Often Should You Update Your Will?

The short answer is…every time there is a change in your primary relationships or property.

For instance:

• You get married
• You get divorced
• You have a new baby
• You have new stepchildren or adopt a child
• You buy or sell a home
• You have a new live-in partner
• You move from one state or province to another

Here’s a suggestion…Set an annual appointment with yourself (perhaps each New Year’s or on your birthday) to have a quick look at your Will and see whether or not it needs to be updated.

You’ll gain peace of mind…and your heirs will bless you!