Writing a Will...

[Dre]

I have decided (even at the age of 27) to get my beneficiaries and my will in order. I am starting to do a lot of traveling, and you never know when the time will come. I'm not upset about getting this taken care of, because it actually lifts a burden off my shoulders that in case anything does happen to me, ALL (most) things will be already in place.

Does anyone have any experience in writing a will? Things to include? Who needs to sign it to make it legit?

I am going to spend some time googling this topic, but I wanted to know even in the process of repairing our credit, has anyone written a will before?

Thanks again for your time and consideration, and keep enjoying life!

[ManWithANewPlan]

I used Quicken Willmaker to write mine. It walks you through the entire process.

[jq26]

Use a state specific software program. Wills are controlled by state law. At age 27, most likely it will be a very simple will anyway.

And I'm no sure about where you live, but my local state representative's office will witness a will being executed. And they'll do it for free (a notary charges you). If I recall, your witnesses have to be disinterested (ie: have nothing coming to them).

[OMGWhatHaveIdone]

And I'm no sure about where you live, but my local state representative's office will witness a will being executed.

Okay, I thought that in order for a will to be executed, the person had to be dead?

37 and no will here.... I should consider making one too.

[ManWithANewPlan]

Okay, I thought that in order for a will to be executed, the person had to be dead?

37 and no will here.... I should consider making one too.

You should definitely make one and a living will as well. Without a will, it's up to the state to decide how to distribute your estate. Without a living will, your wishes may not be followed should you ever became incapacitated.

[OMGWhatHaveIdone]

You should definitely make one and a living will as well. Without a will, it's up to the state to decide how to distribute your estate. Without a living will, your wishes may not be followed should you ever became incapacitated.

This is the part where I say, "I'll do it when I have time and after I straighten out all the other mess in my life"

Heck, that's another battle I'd have to muddle through, since I have a child with disabilities and can't leave anything to her because she gets SSI.

Doing the whole will thing, will have to take a back seat right now because of the financial mess I'm in at the moment. Ugh.

[Dre]

Thanks ManWithAPlan! I wrote up the items I would like to discuss in the will. I sorta of "mocked" one up, but I know (if there is) a formal way to write a will. I'm glad I at least have the assets and estate in order of people to distribute to in case I become incapitated.

Thanks again, and I will look into that Quicken program; I read some reviews about it on Amazon - seems like a very easy program to use.

[nascar]

Does anyone have any experience in writing a will?

yes

Things to include?

depends on what you have

Who needs to sign it to make it legit?

you need to sign it in the presence of two witnesses. They do not need to read the document, but you need to let them know they are witnessing a will. That is usually included in the witness affidavits.

[red1gtrubodsm]

I have also debated this issue. My father was killed in 2001 and my step mom got everything. My sister and I got nothing. My step mom spent it all on booze and trips. She also sold the house me and my dad built just so she could pay for more trips. My dad would be rolling in his grave if he knew what she did. Having a will is the only way to make sure your assets go where you want

[Dre]

yes depends on what you haveyou need to sign it in the presence of two witnesses. They do not need to read the document, but you need to let them know they are witnessing a will. That is usually included in the witness affidavits.

Do I have to use a program or lawyer? Can I write it up myself (informally) or is there a certain format I need to follow? Do the witnesses need to be present in front of a lawyer?

Sorry for all the questions, but I'm trying to write one up before I leave on my vacation to Jamicia.

Now if this were credit repair, this would be a lot easier for me to handle. I wonder if there is a Will Website out there built like CIC ?

[nascar]

Do I have to use a program or lawyer? Can I write it up myself (informally) or is there a certain format I need to follow? Do the witnesses need to be present in front of a lawyer?

You don't have to use a will-writing program or a lawyer. Of course, if you have anything significant to pass on, or if your will instructs that some type of trust be set up, you should get the advice of an attorney.

Generally, there is no specific formal requirement for a will other than its method of execution (signing). You'll of course want to name an executor and any specific bequests or devises.

As far as witnesses go, the will does not need to be signed in the presence of an attorney, nor does it need to be notarized. Under ideal conditions, you would sign the will in front of your witnesses, who would then sign as witnesses in front of each other. There are other ways to accomplish an effective execution, but that is considered the most effective. Of course, the witnesses statement should include the fact that they are signing in each others' presence, or your presence, or whatever the case may be.

What you don't want to do is sign it, then go find witness #1 and have him sign it, then go find witness #2 and have him sign it. It's too easy to contest something like that when the only person who actually saw anyone sign it is the dead guy.

[jq26]

I'd just make sure it is state specific. You can sign you own will without witnesses in some states (holographic will), and need three witnesses in other states (I think Louisiana?). Again, generally what flies in one state is prohibited in another. Of course, I do not know your particulars, but at your age a will is probably a very non-taxing and straight-forward event. You could probably pick up a form for $25 or something like that. Or, do a bit of reserach on the net and write your own. If there is nothing to really contest, its just a matter of who gets what really.

And...thanks for the reminder. I have a wife and a child and still do not have one. I'm worth nothing really outside of life insurance (life insurance is not controlled by a will), so its not a big deal since under intestacy my wife gets everything anyway. But still good to have one!

[Dre]

Thanks Nascar! Your information has helped me out a lot today, and I'm sure other CIC members...so thanks for all the information.

I guess all my questions stated from: I used 2 of my "brothers" (good, good friends) who you are finicial analysts to be part of my will and beneficiaries. You might ask, "Wow! No one for your family?" Well, my 2 "brothers" have lived with my family and known them quite well. Plus, there is really NO one in my family who can handle money, at best, if someone was to die :\.

I figured, put them both (one as the main beneficiary and the other as the congenciy) and then write a will up stating the % I would like to go to each family member. That's the reason why I'm truly writing the will, so they have the information (and I can go over it with them after the will is finalized) showing them the % of how much of the assests (TRS, T. Rowe Price, Roth Account, and savings) and life insurance will be obtain by which family members.

I'm a single guy, and I can honestly say, I'm glad this is getting taken care of while my credit repair process is dwindling. It finally feels incredible to be in control of my money.