Wills and Other Legal Matters

Good Ending does not provide legal advice, however, we can offer some helpful suggestions and links to other resources.

Everyone should have a Will. According to LexisNexus, approximately 55% of American adults do not have a Will or other estate plan in place. Preparing for a good ending should also entail setting things in good order for your survivors. If you die without a Will, state law will determine how your property is distributed, possibly contrary to your wishes - often the case if you are not legally married to your partner. If you have not appointed a legal guardian for minor children the state will appoint a guardian who may or may not be someone you would. Delay no longer! Make out your Will and appoint a guardian for any minor children ASAP.

Facing your own mortality and talking about death with others is uncomfortable for most of us. To prep yourself we suggest Money magazine’s article, Half of Americans Don’t Have a Will. Here’s How to Fix That for Your Family.

If you have few assets but want to ensure they end up where you want and that any children are well taken care of, then you can create your own Will with tools from websites such as FreeWill, or Nolo’s Quicken WillMaker Plus (99.99 and up). FreeWill is completely free (they make money from charitable institutions that pay a fee for using their service to reach out to donors). Others charge fees. Be sure you know what you are signing up for and beware of unnecessary add-ons. Do as much of your own research as possible before purchasing a product or service. If you have a simple estate, a basic Will should cost little or nothing.

If you have significant assets or want to leave assets in trust you should hire an attorney to draw up a Will tailored to your needs and wishes. You can use a web search to find an attorney, but a better way is to ask friends or co-workers whose financial profiles are similar to yours. Ideally you should select an attorney who specializes in wills and estates. Any lawyer can draw up a will but it's generally worth paying for specialized expertise if you have significant assets.

Special attention should be paid to retirement accounts to ensure funds end up where you want while minimizing taxes and avoiding penalties. Birch Gold Group’s Inheritance and IRAs provides detailed information and many useful links addressing a wide range of inheritance issues.

It’s also important that you review your Will periodically (at least every five years), and update as necessary. An outdated Will can actually do more harm than good. Compassion & Choices’ 17 Reasons to Update Your Will offers excellent guidance here. You do not necessarily need to hire a lawyer to add a codicil to a Will but rules are state-specific. Generally, a codicil must be executed with the same formalities as a Will (e.g. signed in the presence of witnesses who also sign a notarized affidavit about their signatures). Rocket Lawyer and others provide free templates on their websites

Ethical Wills

Ethical Wills are becoming increasingly popular. Whereas a legal Will transfers your assets, an Ethical Will transfers intangibles such as life lessons and other things you would like to impart to your loved ones. More information about Ethical Wills is available on the Leave Nothing Unsaid page of our website.

Durable Power of Attorney

While you’re creating your will, you should also create a Durable Power of Attorney. In the event you are incapacitated, the person you appoint under your Durable Power will be empowered to handle your financial and insurance matters, make sure your bills get paid, and help you receive the benefits to which you are entitled. Powers of Attorney are generally state-specific and some banks require their own forms. You can quickly create a Durable Power of Attorney for free, appropriate to your state, at RocketLawyer.