Tuesday, November 20, 2007

Pass it On....

last will
A will is one of the most important documents you will ever have to prepare. Without one, state law will determine how your property is distributed, which may or may not be what your wishes would be. Here's what a will can do.

* Control how your assets will be given out at your death.
* Name a executor who will carry out the terms of your will and settle your estate.
* Choose the person to serve as guardian for your children, should you die while they are still minors. It also will ensure that any children with special needs continue to get the treatment they require.
* Direct that items precious to you, such as family heirlooms, are given to the people of your choice.

You aren't required to use an attorney to prepare your will. All you need to do is follow the rules specific to your state. Typically, the will must be signed in the presence of two witness, each of whom must be at least 18 years old. Some states require that a will be notarized. Still, you may want to be absolutely certain your will does what you want it to do. that makes a compelling case for consulting a lawyer experienced in estate planning matters, such as durable powers of attorney and health care proxies.

Finally remember to double check your retirement savings plan beneficiaries to be sure they match the ones listed in your will. If they are different, your plan assets will go to the people designated on your beneficiary form instead of those named in your will.

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