I’m afraid if I leave it all to my daughter, she might squander it. But what I do have-and for the last 11 years, I’ve been pursuing some disability payments from the Army-I want to go to my grandchildren. Why I Stopped Stalling and Got My Will In Order But if there's a major life event, such as a move to a new state, or a beneficiary or agent becomes ill, is disabled or dies, they'll need to be revised. It's not one and done. Sometimes, these three documents can be done just once. For them to share in an inheritance, they must be specifically named. And know that stepchildren aren't automatically treated as children for legal purposes. Getting a smaller share than your siblings feels like a slap in the face in perpetuity.” If you do create an imbalance, talk that decision out with your children now, to avoid legal action later. “Feelings are hurt and balloon into legal hearings after death. These virtually identical documents allow each spouse to leave the estate to the other, and then to their children.Įither treat all children the same, or prepare for blowback. Leaving more to one child or leaving one out entirely, “almost guarantees dissent and challenges later,” Bauer says. Instead, many couples opt for “mirror” wills. Such wills can restrict a surviving spouse from changing it later, even if his or her circumstances alter radically. Joint wills are a terrible idea. Experts caution couples against joint wills, and they aren't even valid in some states. “Someone making end-of-life decisions has a very different role than someone distributing property after someone has passed,” he says. Who's the most organized and responsible? Who lives closest? Is there a natural leader, most likely to handle any conflict that arises later? And don't be afraid to split duties. “Select your agents based upon their ability to manage your affairs, not birth order,” he says. It's often a recipe for disaster, says Gary Bauer, professor emeritus at Cooley Law School at Western Michigan University. “It's valid the minute it is signed,” Cutturini says.ĭon't cling to tradition. Many people still feel that they should name the oldest child - maybe even the oldest male child - as executor of the will and the agent to oversee their health care and money. You can write one any time, even if you're sick. Hospitals aren't the ideal place to make a will, but it's better than not doing it at all. “Even if you're planning to move, I always tell clients to get a will right now, and then update it." “That's why it's important to work with a lawyer licensed in your state,” Cutturini says. A few recognize oral wills if witnessed properly, while others don't. In others, they get only a child's share. In some states, for example, spouses inherit everything if you die without a will. “It gives families an enormous sense of relief when they know what to expect."Įvery state is different. Laws can vary a lot. While it can be uncomfortable, knowing a parent's wishes about everything from medical care to funeral plans is very reassuring,” he says. Another reason people delay is “they worry talking about death will upset their spouse and family,” says Al Cutturini, director of the Elder Law Project for North Mississippi Rural Legal Services. These documents require hard conversations. Try to have them anyway. Attorneys typically pull together all three, as do most of the online services. "It's so important to look at the lifetime side of estate planning, and think about the hazards of living a long life,” says Charlie Sabatino, director of the American Bar Association's Commission on Law and Aging. Legal Aid Local affiliates may offer free legal help. Search online for “elder law clinic” in your state Law School Clinics Some specialize in elder issues. Want legal advice but can't afford it? Try:ĪBA's Free Legal Answers Email your question and get a response National Association of Estate Planners & Councils Pro Bono What you get: Will, power of attorney, health care directives LawyersĮxcept in big cities, expect to pay roughly $1,000 for a basic will package. What you get: Downloadable software for creating a will, health care directives and power of attorneyĬost: $159 ($100 more for couples 20% off by using link) What you get: Wills, health care directives, powers of attorney and a “vault” for saving and sharing documents (Requirements for writing and witnessing vary, so follow your state's rules to ensure your will is valid.)Įxtras: Health care directives and plans for end-of-life matters like funerals and your online legacyĮxtras: Health care directives, powers of attorney, revocable living trusts and provisions for charities Low-cost DIYĬost: $99.99 (use code AARPTEN for a 10% discount)
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