Okay - I posted this info in another post, but I want it to have its own post because it got me to thinking about this and how many people do NOT have wills. You NEED TO HAVE ONE. I know its not something people want to think about, but trust me - you dont want to leave your family in a situation where they get blindsided - like another poster is going through, unfortunately. I've been through too many deaths and seen this happen so many times, its just tragic. PLEASE PLEASE PLEASE read below and if you have any questions - call a lawyer - they will give free advice most of the time over the phone - or look up the laws in your state online - its out there for free if you just look.
The biggest mistake people make is not leaving a will. If a parent doesnt leave a will with specific instructions on who gets what - siblings (half or not) are entitled to said estate in equal parts/shares regardless of what a parent promised before death - even if your mother or father is directly the next of kin and in line to inherit all of the items/property - all children must sign over their rights to everything so a husband/wife can have said property (we just did this with my father as he left no will). When you get some bad apples - this can happen (siblings can file lawsuits to go for the property - and yes, they can and do win!), which is why you need a lawyer - it can be fought however if one parent is still alive, because techically it should all go to the surviving parent and they can divide it as they see's fit - but not until you get the lawyer and all the paperwork is done.
MAKE UP A WILL NOW -
it can be just handwritten or typed - it doesnt have to be done up by a professional / lawyer. It just has to be witnessed by 2 people (other than family) and not even notarized (but it makes it better if it is).
Then make 3 copies - *you of course, have a copy as well, so that makes 4*
give 1 to the person that will be your Personal Representative (what they used to call your Executor/Executrix)
put one in your safe or safety deposit box -
the last copy you give to your spouse/SO/person you trust (someone that is not PR) so that they also have a copy of your will.
This way you have 3 undisputable copies of your will in 3 different places. You need to let someone know where your key is to your Safety Deposit box and/or the combo to your safe if you keep it in your house (and only someone you can trust obviously) so if something happens to you - they can get to your will and other papers (life insurance for example).
Be sure if you have underage children - you have provisions in there for them and a gaurdianship for said children (think if you and your spouse should perish together) who will take care of your children? It is NOT automatic that they go to the next relative btw - the state will interfere and come in.....trust me. You NEED TO HAVE PROVISIONAL CARE IN YOUR WILL. Do not take it lightly, think of someone who will care for your child until and past the age of 18 (think college and funding for those college years, i.e., trust funds at certain ages, how things will be paid for etc.)
It is better to be safe than sorry. There are legal wills out there online for FREE - its how we did ours - and ours was done up by a lawyer, but I found it and retyped it, changed what I wanted, and what I didnt, and POOF! I have a legal will with all the hoopla wording for the State of Virginia and I've had it signed and notarized. It would have cost me and my hubby $600.00 to have it done, but searching online does wonders and I found it - couldn't cut and paste it, so I had to print it out and retype it myself. No biggie though, I saved alot of money!
ALSO - if you have small children - GET WHOLE LIFE INSURANCE POLICIES NOW FOR THEM! A 100K life insurance policy on a child even 10 years old right now costs about $300.00 a year and goes through the age of 99! Your child can carry it for the rest of their life - it NEVER CHANGES - the price will NEVER CHANGE if you or they never let it lapse! It will be the best investment you can get your child - even better than college education - trust me! Too many people try to get life insurance later in life - when its too late - and they cant due to health issues - or if they do get it, it ends up costing them hundreds of $$'s a month! DO IT WHILE THEY ARE YOUNG! A whole life policy earns money - and interest.
INVEST in your children....it sounds scary and morbid for some, I know - but I'd much rather purchase life insurance on my child that pay a monthly check to a funeral home and be reminded every month. I'm going to be reminded as it is for the rest of my life should I lose either of my children. (God forbid).
When they are adults - if you so choose - they can take over the policy's - at the same rate at what you paid for them when you took it out! So when you are long and gone - and they are in their 50's/60's/70's and are starting to ail - they wont have to worry about getting life insurance - they will already have it - thanks to Mom and Dad's smart and loving choice when they were young.
A very loving thing to do....
God Bless you all...
Deb
The biggest mistake people make is not leaving a will. If a parent doesnt leave a will with specific instructions on who gets what - siblings (half or not) are entitled to said estate in equal parts/shares regardless of what a parent promised before death - even if your mother or father is directly the next of kin and in line to inherit all of the items/property - all children must sign over their rights to everything so a husband/wife can have said property (we just did this with my father as he left no will). When you get some bad apples - this can happen (siblings can file lawsuits to go for the property - and yes, they can and do win!), which is why you need a lawyer - it can be fought however if one parent is still alive, because techically it should all go to the surviving parent and they can divide it as they see's fit - but not until you get the lawyer and all the paperwork is done.
MAKE UP A WILL NOW -
it can be just handwritten or typed - it doesnt have to be done up by a professional / lawyer. It just has to be witnessed by 2 people (other than family) and not even notarized (but it makes it better if it is).
Then make 3 copies - *you of course, have a copy as well, so that makes 4*
give 1 to the person that will be your Personal Representative (what they used to call your Executor/Executrix)
put one in your safe or safety deposit box -
the last copy you give to your spouse/SO/person you trust (someone that is not PR) so that they also have a copy of your will.
This way you have 3 undisputable copies of your will in 3 different places. You need to let someone know where your key is to your Safety Deposit box and/or the combo to your safe if you keep it in your house (and only someone you can trust obviously) so if something happens to you - they can get to your will and other papers (life insurance for example).
Be sure if you have underage children - you have provisions in there for them and a gaurdianship for said children (think if you and your spouse should perish together) who will take care of your children? It is NOT automatic that they go to the next relative btw - the state will interfere and come in.....trust me. You NEED TO HAVE PROVISIONAL CARE IN YOUR WILL. Do not take it lightly, think of someone who will care for your child until and past the age of 18 (think college and funding for those college years, i.e., trust funds at certain ages, how things will be paid for etc.)
It is better to be safe than sorry. There are legal wills out there online for FREE - its how we did ours - and ours was done up by a lawyer, but I found it and retyped it, changed what I wanted, and what I didnt, and POOF! I have a legal will with all the hoopla wording for the State of Virginia and I've had it signed and notarized. It would have cost me and my hubby $600.00 to have it done, but searching online does wonders and I found it - couldn't cut and paste it, so I had to print it out and retype it myself. No biggie though, I saved alot of money!
ALSO - if you have small children - GET WHOLE LIFE INSURANCE POLICIES NOW FOR THEM! A 100K life insurance policy on a child even 10 years old right now costs about $300.00 a year and goes through the age of 99! Your child can carry it for the rest of their life - it NEVER CHANGES - the price will NEVER CHANGE if you or they never let it lapse! It will be the best investment you can get your child - even better than college education - trust me! Too many people try to get life insurance later in life - when its too late - and they cant due to health issues - or if they do get it, it ends up costing them hundreds of $$'s a month! DO IT WHILE THEY ARE YOUNG! A whole life policy earns money - and interest.
INVEST in your children....it sounds scary and morbid for some, I know - but I'd much rather purchase life insurance on my child that pay a monthly check to a funeral home and be reminded every month. I'm going to be reminded as it is for the rest of my life should I lose either of my children. (God forbid).
When they are adults - if you so choose - they can take over the policy's - at the same rate at what you paid for them when you took it out! So when you are long and gone - and they are in their 50's/60's/70's and are starting to ail - they wont have to worry about getting life insurance - they will already have it - thanks to Mom and Dad's smart and loving choice when they were young.
A very loving thing to do....
God Bless you all...
Deb