When to make a Will

As with most financial or planning matters, the best time to prepare was yesterday, and the next best time is today or as soon as possible. There is no right or wrong age, occupation, or financial status for writing your will – if you have assets that you need to plan for, and if you’re savvy enough to research legal directives, it’s time to think about the future.

Wills play a large part in the world of estate planning and finance. While scenes in films and tv shows portray the reading of the will as a dramatic moment, the preparation that comes beforehand is much more important.

Before visiting an estate planner, you can get started with a free Will Guide from Memorial Planning – it includes information on the basics for crafting your Will.

Contact a Memorial Planning location near you to request your guide. It’s vital to write your Will to designate executors/beneficiaries and distribute assets, and it’s also an empowering way to take charge of the future.

FAQs

What is a Will, and why do I need one?
A Will is a legal document that outlines how you want your assets and property distributed after your death. It can also name guardians for minor children and appoint an executor to carry out your wishes.Without a Will, state laws decide how your estate is divided, which may not align with your intentions. A Will ensures your assets go to the people or causes you choose.

Do I need to consult with a lawyer to make a Will?
It may come as a surprise, but in most states, you do not need a lawyer to make a Will. With that said, an experienced estate planning attorning can be vital to the process and can help you/your estate avoid costly mistakes or disputes.

Before meeting with an attorney, you should prepare a detailed list of your assets (e.g., home, vehicles, investments, retirement plans, etc.) and your debts (e.g., mortgage, credit card debt, loans, etc.).

How much does it cost to make a Will?
Legal fees depend on the size and complexity of your estate.

What’s the difference between a Will and a Living Will?
A Will (also referred to as a last will and testament) is a legal document that records the distribution of your assets/estate and any other special requests in the event of your passing.

A Living Will is a medical directive that loved ones and healthcare professionals can refer to should you be incapacitated, have a terminal condition, or be unable to make decisions on your own. You can use a Living Will to designate someone to act on your behalf and provide clear instructions on how you should be treated in the event of a medical emergency.

How often should I update my Will?
Review your Will every few years, and update it after major life changes like marriage, divorce, birth of a child, or significant changes in assets.

What is an executor and who should I choose?
An executor is the person you appoint to carry out your Will’s instructions. Choose someone responsible, trustworthy, and ideally familiar with your wishes and finances.

What can’t be handled in a Will?
Certain assets, like life insurance or retirement accounts, pass outside your Will based on beneficiary designations. A Will also cannot override jointly owned property rights.

Where should I store my Will?
Keep it in a safe, accessible place. Inform your executor and a trusted family member or advisor where the original document is stored.

Can I include my funeral and/or cemetery plans in a Will?
As part of their estate planning process, some families will also focus on their legacy. This can involve funeral and cemetery arrangements, as well as the service itself or even a celebration of life event.

Those wishes can be included in a Will, however, planning ahead with your local Memorial Planning provider is another important part of the process.

Completing your memorialization purchases ahead of time is the best way to ensure your final wishes are secured.

If you have preferences for end-of-life ceremonies, an interment type, or what should be on your marker/monument, you’ll need to pre-plan. (Visit the Planning Ahead section of our blog for details.)

It’s a vital step to include in your estate planning. Many of us plan for our assets, but we forget to plan for what matters most: our living memory, and the impression it will leave for our loved ones.

To learn about how you can arrange your funeral/interment, you can tour, schedule a consultation, or make arrangements with a Memorial Planning cemetery or funeral home.

Sources:

The Different Types of Wills and What They Should Include

How Much Will a Lawyer Charge to Write Your Will?

Photo: a-person-signing-a-contract-with-a-pen Stock photos by Vecteezy