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Some Things You Should and Shouldn't Do in Making a Will
from: Pat MoauroFirst things first, you should have a will. Wills not only do the obvious: distribute wealth and possessions to loved ones; they also leave an impression on how carefully one has managed his or her estate especially for those left behind.
Here are some points to consider about making a will:
Do update your will
Everything changes. Possessions, money can increase or decrease. Estate tax laws change at the whim of Congress. The IRS can just as well alter these laws depending on whose side they are on and how they interpret it. Each state has varying laws. It's important to evaluate every major change in your life. Doing so could change your will for the better and your death a lot more peaceful.
Do name the correct executor
Executors should be ethical, honest, and efficient and be ready to give his or her service at the drop of a hat. Ensure that the potential executor has been properly briefed and that his or her consent has been received. It also helps to have one or two alternates. It's also suggested that you name an executor younger than you. The point is to lessen the chances of having an executor die before you do.
Don't name the same person as guardian and trustee
The person you entrust with your children shouldn't be the same person you entrust with your money and finances. Having different people fulfill these varied responsibilities is important. It keeps the system in balance, as each person performs the role he or she knows best.
Don't leave too much for a spouse
Leaving money that is more than sufficient to your spouse isn't a good idea. It takes away wealth that your children should just as well have and you'll be unable to monitor your finances if all of it is entrusted to your significant other. Depositing some of your financial wealth to a trust is one way to keep it growing.
Don't be too specific
Some families fight as to who gets the blender and who gets the kitchen sink. It's important that your will is not too detailed as to who gets what. Being too specific could result in unnecessary and costly problems later on. It's advisable to entrust a group of your possessions to a person than listing down which item will go to whom. This saves time and is more efficient, reasonable and sensible.
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