KOTA Territory NewsThe essential steps of writing your own will

By Gregg Newby, Staff Writer, myOptumHealth

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Did you know most Americans don't have a will? If you're in that boat, you could be making a terrible mistake. Regardless of age or income, every adult should have one. While it's probably better to consult with an attorney, you can write one yourself. There are plenty of helpful guides both online and in print. If you do go that route, here are the most important things to remember

1. Inventory your assets beforehand. Make a list of valuable holdings. Be as thorough as possible, so nothing is overlooked. Anything omitted from your will could create problems later on, especially if it's valuable. For that reason, make sure you include all:

• Stocks and bonds
• Real estate
• Automobiles
• Jewelry, family heirlooms, original artwork or antiques
• Checking and savings accounts
• Certificates of deposits
• Pensions and life insurance
• Cash

2. Be thorough. Start with an outline of where you want everything to go. You can then use this to write your will. Make sure everything gets distributed. Whatever's left out could become a source of conflict. If you wish to leave everything to a single person, then say so. Don't assume your estate will automatically go to your spouse or child. Give this person the added protection of a written statement.

3. Appoint a guardian for underage children. Kids usually go to the surviving parent. But if something happens to both of you at the same time, you need to have designated a guardian. This is critically important. Otherwise the courts will choose who raises your children. The person you designate ideally should be someone who:

• Already knows your children
• Has similar values to you and your partner
• Is financially and emotionally stable
• Has agreed to be appointed their guardian

4. Make sure you name an executor. This is a person who carries out the will's instructions. You should appoint this person by name in your will. They don't have to be a lawyer or have legal experience. But be sure it's someone you can trust, such as a responsible friend or relative. Depending on the circumstances, your executor may have to:

• Manage your assets until they are distributed
• File your will in probate court
• Wrap up your personal affairs
• Pay debts and taxes out of your estate
• Distribute your assets to inheritors

5. Choose two competent witnesses. These individuals sign a statement saying they watched you sign your will. Ideally they should not be inheritors, since that creates a conflict of interest. They should also be in good health. If anything happens, they may have to testify that:

• Your signature was not forged
• You were mentally competent
• You were not coerced into signing

And many states require the witness affidavit to be notarized. If that's the case, be sure to have that done. Otherwise, the will won't be valid.

6. Keep your will somewhere safe. Consider making several copies and putting them in different locations. You might even entrust one to your executor. Whatever you do, make sure someone can access it if need be. Don't hide it or lock it away. If no one can get to your will, the courts will distribute your belongings for you.

7. Keep it up to date. Your will should always be current. You should revise it any time there is a major change. Some examples include:

• Marriage or divorce
• The birth of a child or grandchild
• The death of an inheritor
• The death of a witness or executor
• Acquisition of new wealth or property
• Transfer or sale of anything listed in the will

But remember, each revision is considered a new will. You'll need to get two new witness signatures in most states. You should also include a statement that gives the date and voids all previous wills. This will help avoid confusion later on. Your loved ones will be forever grateful.

View the original The essential steps of writing your own will article on myOptumHealth.com 

SOURCES:

• Nolo legal publishers. What does an executor do? Accessed: 10/08/2009

• Nolo legal publishers. When to change your will. Accessed: 10/08/2009

• Clifford D. Nolo's Simple Will Book. Berkeley, CA: Nolo, 2007.

• Brandon E. How to write a will online. U.S. News & World Report. November 12, 2007. Accessed: 10/07/2009