According to financial experts, you should write your will as soon as you have your first child. If you’re reading this article, chances are you’re well past that particular milestone. But have you written your will yet?
If you haven’t yet written a will, now is the time to do so. You still have all your faculties about you, and once you have it signed and sealed, it’s one less thing you have to worry about as you age.
A will is a binding document that lays out how a person’s estate should be distributed after his or her death. You can also create a “living will,” a binding written statement detailing your wishes regarding your medical treatment in the case you can’t communicate with your caregivers.
Here are some frequently asked questions about wills:
Do I need a will if I don’t have any assets?
Yes. Even if you are on Medicaid and have very limited assets, you should write a will. You may have some family heirlooms or other sentimental items you want to pass on to specific family members or friends. Any asset, no matter how small, will need to be bequeathed after you pass, and if you don’t have a will, it will go to the courts. The court will distribute your assets based on state law, but the state will take a portion in administrative fees.
Do I need a lawyer to write my will?
If you have more complex assets such as trust funds or complicated investments, I recommend you get an estate lawyer to help you with your will. If your assets are run of the mill, writing your own will is pretty straightforward. Legalzoom.com has an interesting and helpful article on writing your own will.
It’s helpful to get a doctor’s statement signed at the time of the will writing, attesting you are of “sound mind and body.” This will protect your will in case someone decides to question its validity.
What is a living will and should I have one?
A living will, also called an advance directive, is a legal document that lays out your wishes for your end-of-life medical care. If you have strong feelings about how you want the end of your life to look, you should definitely prepare a living will. In the future you may be unable to communicate your wishes due to illness, and your family will be left trying to guess what you would have wanted. Besides for causing distress to you, it can also cause painful disputes between your family members.
The most common type of living will is a simple DNR, or “do not resuscitate” order. You may want to add which specific life-saving treatments you would want administered, and which you would want withheld. Appointing a healthcare proxy—a family member or friend who knows your wishes and can make the medical choices in line with them—is also a good idea.
You can read more about New Jersey’s requirements for an advance directive here.
Should I tell my relatives what I’m leaving them?
Absolutely. In fact, Dave Ramsey, personal finance guru, recommends holding a “reading of the will” as soon as you complete it. This way, everyone knows what you’re leaving him or her, and there are no surprises after you pass. Too many families have been torn apart over estate disputes, and it’s the last thing you want for your own loved ones.
My parents are aging but won’t write a will. How should I approach them?
It’s tough to broach the subject when your parents don’t want to discuss it. But you definitely should have that conversation before it’s too late. First, do your research, especially if you want them to write a living will. The conversation will be easier if you’re informed. Second, if you have siblings, talk to them first and get them on board. Then find a calm time to bring up the subject with empathy and sensitivity. Nobody likes thinking about their death. Since it’s never too early to start, you might want to start planning your own will at the same time, as a way to open the conversation. Tell Mom and Dad what you’re doing, and ask them if they’d like your help preparing their own estate.
What’s the biggest mistake people make with wills?
The biggest mistake is not having one. Start writing your will today. Here’s a good place to start: Legalzoom.com online will