How should I make a will?

Question

Straightforward, I thought. Divide everything (not much!) between five people. Individual items to those who liked them. But what if I won some money? I'd like to leave more to my godchild if so.

What if my apartment is worth less when I die, but is worth keeping as it will be worth more later on? Rent it out instead of selling it? Which should I direct my executor to do? I don't have much except a place to live, and I know I should make a will.

And should I pay a lawyer or have a relative as executor? OK, I know what a lawyer will tell me - but at least they are being paid for the inconvenience?
Should I say one-sixth of everything goes to the executor? Any thoughts? I do know two friends whose fathers didn't even make a will, and it was tough. I wouldn't wish that on anyone who outlives me. I wish I knew how, though! Has anyone ever made a will that says 20% each to A,B,C,D,E?

LOL, aren't we all dying? I'm only making a will, I don't know my expiry date yet .

Answer 1

Two options - you can get a will kit from OfficeMax or other office supply store, or you can get the book/CD from Nolo Press (see link below).

For most people, nothing else is necessary.

If you simply write up your wishes in clear hand-writing (not typed) this will also do. It doesn't even have to be witnessed or notarized. This is called a holographic will.

Use percentages to share out the estate, rather than amounts. That takes care of how values change over time - like "15% of my estate to Ralph".

You do not need to leave anything to the executor. If you name a company, then they can deduct their fees from the estate before distributing the money.

Don't over think it - you can't say 'rent out this property for two years'; those types of provisions can easily be overturned in the Probate Court. Keep it simple - percentages for primary beneficiaries, specific bequests of heirlooms (my mother's wedding ring to Sarah) and small amounts specified to minor beneficiaries ($500 to my dear friend George).

That should cover it! If you are using a will kit, or the Nolo Software/book, make note of the requirements for filing, witnesses and notarization - these change from state to state.

Answer 2

The best advice I can give to you is to write out completely what you want to do with respect to EACH PERSON. Make a list of all of your assets (include all your bank accounts, properties, etc.). Yes, you can indeed will a 20% interest to each of 5 people.
Take this material to a lawyer and have them draft a will for you. Also, you need to tell the lawyer WHO YOU WANT TO EXECUTE YOUR WILL. That is, who will be the person to pay your debts from your estate, before dividing the rest of the property. It's a big responsibility and should be done by someone with care and dilligence. Yes you SHOULD pay a lawyer. An executor and a lawyer are NOT the same. The executor does not have to be an outside party. it can be someone named in the will, BUT that's rarely a good idea. Go see a lawyer. You can make sure that future assets will be divided as well!

Answer 3

TRY THIS PLACE IT'S PRETTY REPUTABLE.

http://www.legalzoom.com/

IF NOT JUST GOOGLE " HOW TO PREPARE A WILL" THEIR WILL BE PLENTY OF WEB SITES THAT HELP OR OFFER PAY SERVICES. VERY INEXPENSIVE. BETTER TO DO IT RIGHT THAN HAVE THE WILL CHALLENGED IN PROBATE COURT.

Answer 4

my will states....when I die my estate and all my holdings will be sold, all outstanding bills paid, and the rest divided equally among my 4 sons, to do with whatever they want.....no hassle over daddy's watch, or mommy's favorite plate.....cut and dried solution for me......

Answer 5

u should be talking abou this with family

Answer 6

don't worry about it... unless you really want to

Answer 7

R U DIEING???