The topic of wills is not commonplace conversation in many
homes. After all, since wills bring to mind your own mortality,
usually you do not look forward to talking about them or going
about creating one. For some, wills are not discussed because of
the misconception that they’re something to do when you get older.
But because death can occur at any time in your life, it is
important to have a will in place to clarify your intentions. Even
though most people know a will is a good thing to have, in the
United States, only 70 percent of the population actually has one,
according to a survey by Nolo.com, an online resource that provides
consumers and small businesses with do-it-yourself legal
solutions.

Legally, wills can be created by anyone of sound mind age 18 or
older. Each state may also pose its own restrictions. It doesn’t
matter how much money you have, how many valuable possessions,
etc., wills are the simplest way to make sure your assets and
possessions are distributed after your death in the way you see
fit.

WILLS FOR YOUNG COUPLES

If you have children, wills are particularly important. A
guardian can be named for your children in the event that you and
your spouse are both unable to care for them. By default, a parent
is given custody of a child when the other parent dies. However, if
the surviving parent is incapable or unwilling to care for the
child, a guardian will be needed. Without a will, the state will
determine who will become the child’s guardian – a person whom you
may not see fit. Therefore, create a will if for nothing else than
having a way to secure your child’s future. Remember, however, to
discuss guardianship with your potential choices to ensure that
these people are able and willing to assume the responsibility.

MAIN COMPONENTS OF A WILL

Wills often contain other information besides guardianship,
which is not limited to, but can include, the following:

A brief description of your assets and how they should be
divided.

The names of beneficiaries and alternate beneficiaries in the
event a beneficiary dies before you do.

Specific gifts you’d like to make to individuals, such as the
gift of a home or vehicle.

A named executor (someone who will carry out the terms of your
will).

Alternate guardians for your children, in the event the first
choices have become unable to act.

Note: A living will is not part of your will. It is a separate
document in which you specify what care you would like to receive
should you become terminally ill or unconscious. It will become
effective at the time you are no longer able to make sound
decisions about your care.

WILL PREPARATION AND STORAGE

Making a will requires a little research and preparation. List
all of your assets to know what you’re dealing with. Then also
consider your debts. You may want to tie up debts. Debts may be
paid out of your estate prior to any assets being distributed to
family members. Remember to be extremely clear when naming
beneficiaries, so there will be no confusion when your will is
executed. Where possible, use full names and the person’s
relationship to you, so the will won’t be contested.

While a will needn’t necessarily be drawn up by an attorney, it
could help make matters easier. States typically require that the
will be signed in front of witnesses. The number of witnesses
varies by state.

Wills should be amended or updated every time a child is born,
you change residences, you get remarried, or when any major change
in your assets occurs. A will can be amended but, typically, a new
one is just drawn up, superceding the old one.

The original copy of your will should be stored in a safe place
where it can be readily accessed at the time of your death. If you
have an attorney draw up the will, he or she should be given record
of where the original is held. You can store it in a safe-deposit
box, but some states seal the box upon your death, so this may not
be the best option. If you name a trust company as your executor,
the trust will safely hold onto your will until it’s needed.

Although the end of your life is not something you’ll want to
dwell on, knowing that your wishes will be carried out in the way
you see fit can give you peace of mind.