Last Will and Testaments

I heard on the radio today that Heath Ledger failed to update his will to include the birth of his daughter,if his father was a vindictive man he could have taken the will as it stood and left his young grandaughter out in the cold. There are many people that believe that estate planning is only for the well to do and that as an average citizen an estate plan or will is not necessary, well think again. An estate plan legally protects and distributes property based on your wishes and the needs of your family and/or survivors with as little tax as possible. Preparing a will is an important step in estate planning.
1. Wills are not difficult to prepare, you can write your own will by just typing it out and have three witnesses witness your signing. Have a notary witness the signatures. This covers the requirements of all states and insures your heirs do not have a problem if state laws change, which they do.
2. Make multiple copies. Keep one in a home safe. Keep one off premises. Give your spouse a copy or the person closest to you.
3. There are websites such as Free Links, http://www.freelinks.com/forms/will.php for a free format

If you don't have a will when you die, your estate will be handled in probate, and your property could be distributed differently than what you would like. A will needs to be written while the person is n sound control of their judgment. If you have young children assure that you have named an executor for your will, to ensure that all your wishes are conducted as you have directed.

Your executor will be responsible for taking inventory of your property and belongs; appraising and distributing your assets, paying taxes as applicable, and settling debts that may still be owed, from proceeds of your estate. You can choose anyone as your executor of your will, most people choose their spouse, if no spouse is available an adult child over the age of 18, or if you have a variety of properties you may wish to direct a lawyer to assist in the probate process or to offer legal guidance. Because an executor's responsibilities may be daunting, it is wise to talk it over with whoever you choose prior to just assigning them the responsibility.

Life changes happen all the time, you may have gone through a divorce, a loved one may have passed on, your decisions as directed in your will should be reviewed on a regular basis and adjusted accordingly, a simple solution or reminder would be to look at your will every time that you have to renew your drivers license, it is a good trigger to remind you of things that need to be done.