You can Create Your Own Will That Will Grant You the Power to Decide What You Want To Do With Your Assets

I am sure that you had heard advize to the effect that one should always have a will so that your assets and estate will be given to their desired family, relatives, friends or favorite charity after they pass on.

This will not only prevent dispute amongst the family but also act to prevent the state from taking away your assets in the eevent there is no will. But, isn't creating a will an expensive event that has to be done through a lawyer? Can we create our own will? If we can, is it a difficult and complicated affair?

What is a Will?
A will is your declaration whereby you are passing your assets on to your heirs. Under the rules of your authority, there can be legal limitations on what you may do in your will, like disinheriting your spouse or, even your children.

Typically, you can choose to leave your assets to anybody. When married, however, automatically, your spouse will have the privilege to a certain portion of your assets, even when you stated someone else’s name in your will and even though your spouse is not living with you any longer.

A valid will can:

1. Endow a beneficiary who would otherwise not inherit on the basis of the intestate laws of succession, like your step-child.

2. Assign or authorize someone to act as guardian for a minor child as well as delegate custodians to oversee their assets.

3. Appoint an executor for your properties.

Making your own will
You can make your own will however there are important risks involved and problems that may arise that you may no longer be around and settle it. This could mean considerable legal fees just to correct things, not to mention the confusion and heartaches it can bring to your loved ones.

You must bear in mind that a vague will can be open to dispute under U.S. law resulting in overruling your wishes, rendering your will null and void.

You don’t necessarily need the help of a lawyer, when making your own will. There are many excellent “self-help” materials that can guide you to create your Will that generally deal with your basic concerns like passing your investments, your home, small business and your personal items on to your family.

Choose your witnesses
Most State laws require two individuals who should witness your will as well as sign your will as proof of their witnessing it. Your witnesses should:

• Not receive whatsoever or not be a beneficiary in your will.

• They should live not far away and be located easily in the event when the court needs them later on.

You may need a lawyer when:

1. You are not sure about creating your will and need other choices for passing on your property.

2. You are leaving a huge amount of possessions and are subjected to “estate tax”.

3. You have to make “long-term” care arrangement of your beneficiary, like establishing a trust fund for your disadvantaged child.

4. You fear that somebody might question your will.

Once you are finished creating your Will
Store the original copy of your Will in a secure place but can easily be found, such as your dresser drawer. Remember not to keep it in the deposit box of a bank, as it is often sealed for a certain period of time after someone’s death. Supply a copy of your will to the individual you stated as the executor as well as to a guardian who you named in your will. Also, it is very significant that you inform the “executor” where you kept your original will.

Keep in mind, do not ever make changes or alter directly on the Will. Doing so can invalidate it. Likewise, you should not “un-staple” the will as this Will lead to certain doubts and issues regarding your Wills validity.

You may change or alter your will, but it needs to be carried out in a particular manner. That is why you need the help of a lawyer to when altering your Will.

Should you pass away not leaving a Will
If you pass away not leaving a will, then the state will determine how your assets will be distributed.

1. Joint assets with your spouse will be given to your “spouse”.

2. Separate assets will be passed on in accordance to the following rules:

Your spouse will receive:
• All your assets if you have no children, or other relatives.
• Half your assets if you have one child or other relatives.
• One-third your assets if have two children or more

All assets not awarded to your spouse will be distributed in order of importance to:
• Your children
• Your parents
• Your brothers or sisters
• Your grandparents

This may or not be in your own priority. So, in order to avoid dispute, confusion and unneccessary issues, create your Will, the sooner, the better!