How to Know When to Update a Will

Introduction

A will is a very important document that helps your survivors divide your belongings after you die. Many people prepare a will, but forget to update it after life-changing events occur. Updating your will ensures all your wishes, assets and survivors are current. Following are steps to help you know when it is time to update your will.

Instructions

Difficulty: Easy

Steps

1

Step One

Add your new spouse to your will immediately following your wedding. Subsequent weddings of your children also should trigger an update as you may want to include your son or daughter-in-law in your will.

2

Step Two

Include a new child in your will as soon as he is born or as soon as an adoption is final. This includes both your own children and your grandchildren.

3

Step Three

Redistribute your assets to people in your will when there is a death in the family. This could mean moving the assets earmarked for the person who died and redistributing them to those still living who are in your will. It could also mean adding monies being distributed to everyone in your will should someone die and leave you a large inheritance. This new money in your life needs to be included in your will.

4

Step Four

Account for financial changes in your life. A person makes different amounts of money over his lifetime, so you will need to change your will when you have more to give away. Don't forget that your situation may change the other way--a bankruptcy, for instance--when you may lose things listed in a will. If these are large ticket items, update the will.

5

Step Five

Refresh a will that is over five years old to account for your ever-changing life. Get into this habit by establishing a five-year timeline for updating your will. This ensures when you die, you aren't leaving a 30-year-old outdated will.

6

Step Six

Update a will when the tax law changes as laws often effect your will disposition. Laws governing the amount of money you can give away tax-free each year changes frequently. These tax breaks could also come to an end in the future. Be ready to update your will as soon as any laws change.

How to Get a Relative to Write a Will

Introduction

Many people don’t like to think about wills because it reminds them that they will die someday. Fifty-five percent of adult Americans have no will according to a recent survey. But you can get a relative to write a will if you use a thoughtful approach.

Instructions

Difficulty: Moderately Challenging

Things You'll Need

• Information about wills
• Lawyer referrals from your relative’s trusted friends and family members
• Belief that having a will is very important
• Willingness to listen
• Confidence

Steps

1

Step One

Get information about wills in your state.

2

Step Two

Contact your relative’s trusted friends and family members to get referrals to nearby lawyers who do good work.

3

Step Three

Call the lawyers to find out if they accept new clients, how much they charge to draw up wills, how soon they are available and if they have experience with clients who resist writing wills. Get a sense of how easy they are to work with.

4

Step Four

Write up the information about the lawyers in an easy-to-read format and print it out.

5

Step Five

Find a comfortable time and place to get together with your relative.

6

Step Six

Tell your relative how much you respect and value her contributions to the family.
Ask him to tell you about the things he’s most proud of in life. While she is talking, listen without interrupting. Be on the lookout for examples of when the relative made a decision, took a risk or thought about the future.

7

Step Seven

Mention the strongest of the examples. Explain why you think it was the right thing to do.

8

Step Eight

Say that the relative has a unique opportunity to do the right thing again by writing a will. The will makes sure that her assets will be distributed according to her own wishes. Tell him about the lawyers you’ve found who are available now, experienced and easy to talk to. Give her the printed information.

9

Step Nine

Ask if he has any questions. Write them down. Say that the lawyer she chooses will answer all of them. Say that he’ll have peace of mind knowing that this is taken care of.

10

Step Ten

Thank him for making a great decision that will benefit him and the whole family. Make sure that the will is stored in a secure location that the executor and family members can find when needed. Wills are often stored in safe deposit boxes with copies at lawyers’ offices.

How to Determine if Your State Has a Death Tax

Introduction

To find out the value of your estate, add up the current value of every asset you own and subtract the value of mortgages and other debts. Add to this number the value of taxable gifts made and find your total. If this amount exceeds $2 million, then you will be liable for estate tax upon your death, which is the tax on your right to pass your property to your inheritors. Your estate tax is not payable by you, however, but by your estate at the time of your death. Your executor will be responsible for paying the estate tax from the whole value of your estate.

Instructions

Difficulty: Moderate

Determine if Your State Has a Death Tax

Things You'll Need

• Internet access
• Tax information

Steps

1

Step One

Visit your state’s official Web site to look up tax information.

2

Step Two

Search for death taxes or estate taxes within the Web site to find current information on your state’s death tax.

3

Step Three

Contact a tax broker if you are still unsure and have them help you figure out what taxes you might owe.

How to Decide Who Cares for Children After Death

Introduction

As soon as you have children, you and your spouse should decide upon legal guardians for your kids. These are the people who care for your children should you die or be unable to care for them. It is a difficult issue to think about, but once you decide and include legal guardians in your will, you at least have some comfort filling in the "what if." Read on to learn how to decide who care for children after death.

Instructions

Difficulty: Challenging

Steps

1

Step One

Choose your spouse, unless divorce or abandonment is an issue. But you must decide on another guardian in case both you and your spouse die or become unable to take care of your children.

2

Step Two

Determine the age and physical abilities of your choice. A legal guardian of a minor must be at least 18-years-old, but you must also consider the limitations of choosing elderly parents or grandparents, who may not be able to care for your children up to adulthood.

3

Step Three

Consider who loves your children and who your children love. Consider whether your choice has your children's best interests at heart and whether you can trust them.

4

Step Four

Take into account the financial ability of your choice to raise your children, particularly if you can't provide enough support through your will and assets that remain after your death.

5

Step Five

Think about the time it takes to raise children. Factors to consider include heavy job schedules and children of their own.

6

Step Six

Give thought to the moral beliefs of your chosen guardians, whether you believe your children would be raised with similar values as you would raise them.

7

Step Seven

Discuss with the people you have chosen your wishes to name them as legal guardians. They need time to decide if they can take on this responsibility.

Tips & Warnings

• If you don't name a legal personal guardian for your kids in your will, anyone can request guardianship in the event of your death. Then the court must decide who cares for your children, without any input from you.
• Give yourself time to analyze and carefully think over your choices, rather than jumping to an immediately obvious choice.

How to Decide if you need a will, a living will, a living trust or all three.

Introduction

How to Decide if you need a Will, a Living Will, a Living Trust or all three.

Instructions

Difficulty: Easy

Things You'll Need

• You'll need to read this short article.
• Discuss it with your family members and loved ones.
• Then get to work.

Steps

1

Step One

A Will, a Living Will and Living Trust
(Do you need one, two or all three?)


To write a will you must first know what a will is, what a will covers and doesn't cover, and what other legal estate planning documents you might want and need. A will, a living will, and a living trust are important legal documents. Every adult American should probably have one of each AND understand what each does. So that you will know the difference between a will, a living will and a living trust, I will briefly describe them and what each is used to accomplish.

What is a LIVING TRUST? You can put property into a living trust while you are still alive. When you die, your property automatically goes to your heirs without going through Probate Court, which can be very time consuming as well as expensive. You can revoke a living trust at any time if you change your mind, or simply amend and update it as situations change during your lifetime.

What is a LIVING WILL? A living will is a legally binding document that dictates one's wish NOT to be kept alive by artificial life support equipment in the event of a terminal illness or condition. By limiting treatment, a living will sets limits on hospital bills which can drain or even completely wipe out your assets, leaving little in your estate for your heirs.

What is a WILL? A will is a legal document that dictates how your property (real property, bank accounts and insurance benefits, etc.) is to be distributed after your death. It may also designate guardians for your children. Your will MUST pass through Probate Court before your estate can be distributed to your heirs. Whether you need a simple or a sophisticated will depends on your assets and you should know your situation well enough to determine if you need professional assistance in writing or filing them.

All three of the aforementioned legal documents can work together to satisfy your various estate planning needs. A living trust permits your financial assets to go to your heirs without the time and expense of probate. A will is used to cover all the property not included in the living trust; and remember, without a will the state will determine who gets your remaining property after taxes and fees have been paid.

A number of simple legal 'kits' containing fill-in-the-blank sample documents like the ones mentioned above are available at your local library as well as on the Internet. These kits are generally inexpensive and if you have the confidenc

2

Step Two

Now that you've read this article, show and discuss it with your family members and loved ones.

3

Step Three

Now, do further reasearch if you feel it's necessary either online, at the library or here at e-How; or, see a qualified attorney if you feel your case requires the services of a licensed professional. Ask for referrals from trusted, knowledgable friends or simply do a search of your local telephone directory.

How to Create a Living Will

Introduction

By the time you need a living will, it will be too late to create one. A living will, or advance directive, specifies how your medical treatment should be handled if you are unable to state your wishes yourself. Under the law, a family member will usually have the right to make those decisions if you are incapable, but a living will makes sure that your wishes are met.

Instructions

Difficulty: Moderately Challenging

Steps

1

Step One

Research the laws that cover living wills, or advance directives, in your state. A good place to start is your state's official website.

2

Step Two

Locate an appropriate living will form for your state. You can also get an advance directive from LegalZoom and fill it out online.

3

Step Three

Specify which treatments you wish to be given or withheld if you are terminally ill or in a vegetative state. A living will can cover artificial resuscitation, artificial respiration, feeding and blood transfusions.

4

Step Four

Think about other possible medical events and include these in the living will. You cannot foresee everything, but if you create this document, your family will have a guide to your wishes.

5

Step Five

Include the name of someone who is authorized to make medical decisions for you. Include contact details for this person. If no one is specified, doctors will consult with close family members.

6

Step Six

Sign and date your living will and get it notarized. If you change your mind and write a new living will, destroy all of the old copies. Keep your living will in a safe place and let your family know where it is.

Tips & Warnings

• If you don't feel competent to create a living will yourself, hire a lawyer.
• Some states may only allow living wills to be used for terminally ill or comatose patients.

How to Contest a Will in Canada

Introduction

Things don't always go according to plan. Maybe you got left out of a will or you think the division between the children mentioned in the will is unequal. You may not like the contents of a will or you think someone shouldn't get a gift but there is something you can do about it. Use these tips to contest a will in Canada.

Instructions

Difficulty: Challenging

Things You'll Need

• Lawyer

Steps

1

Step One

Know who or what you are challenging. Be clear about what you don't like about the will. You may be challenging the contents of the will or the estate trustee who is in charge of distributing the contents of the will.

2

Step Two

Follow the procedure for removing the estate trustee or challenging the will. You can challenge the proper execution of the will, the testamentary capacity of the person writing the will or claim any suspicious circumstances or fraud with regards to the writing of the will. Follow the specific procedure for each challenge.

3

Step Three

Look at your rights under the Family Law Act and The Succession Law Reform Act. Make sure you look at up-to-date laws because laws change.

4

Step Four

Read the Family Law Act if you are a spouse who has not been treated fairly in a will. You may be able to have your portion of the will set aside and take what you would be entitled to under the Family Law Act. There is a formula used to determine this amount; it's not 50/50. Your property before your marriage is calculated and so is any inheritance. Also, spouses cannot be disinherited.

5

Step Five

Review the Succession Law Reform Act if you are a dependent person. Certain persons can make a claim for dependent relief if they are dependent on someone for certain types of support. Dependents can't be cut out of a will. They can apply to the court for support but it must be done in a certain time frame.

6

Step Six

See a lawyer or paralegal who specializes in wills and estates. Each person with a concern should retain independent legal council. You should not be advised by the executor or testator's lawyers.

7

Step Seven

Ask for the estate trustee to be removed by applying for an order to revoke the Certificate of Appointment of Estate Trustee. You will also need a Certificate of Application of Estate Trustee During Litigation. Get a lawyer to help you follow the necessary procedure and to get you all the papers that you need.

8

Step Eight

Challenge a will on the basis of Testamentary Capacity if you feel the writer of the will is of unsound mind. It is your job to prove unsound mind, not theirs. You may need to go to trial to prove this and it is difficult. The court looks at whether testators understood the will they wrote, what they were doing, what assets are included, who they are obligated to support and how the estate will be distributed. You could try to prove that the testator of the will did not understand what he or she signed.

9

Step Nine

Consult a lawyer if you think someone was coerced into writing a will a certain way. You can claim undue influence or duress in this case. This may also be your claim if the person who wrote the will took a friend with them.

Tips & Warnings

• Be very clear about what you are contesting and follow the specific procedure for what you are contesting.
• You can't disinherit certain family members like spouses or some dependents.
• There are time limits to contesting wills and electing to receive their share in lieu of the will.
• A successfully contested will might not be thrown out. A portion of the will may be kept.