Ideas for a Senior's Last Will & Testament

By A.L. Kennedy

Many people choose not to write their wills until they are well into adulthood. Seniors who are writing a will often have different concerns than they had as young adults. When planning your will as a senior, it's a good idea to keep certain points in mind to ensure that all your bases are covered. Consulting an attorney who practices estate law in your state can also help you ensure your will is valid and does what you want it to do.

Choosing an Executor

Your executor is the person who will carry out the instructions in your will when you die. Many people name an executor they know and trust. For seniors, it is important not only to choose an executor you trust, but an executor who is likely to outlive you. If you decide to name one of your children, you may also need to consider whether your other children will accept your choice.

Preventing Will Contests

A will contest or challenge is a court case in which someone, usually a beneficiary or a creditor, tries to prove that your will is invalid. Seniors with multi-generational families may find that keeping the peace among their children and grandchildren is a serious concern when it comes to the will. In order to prevent a will contest, consult with an attorney about the best way to set up your will to distribute your property in a way that may prevent hurt feelings. One method you may be able to use is a "no-contest" clause, which requires a beneficiary to give up his share of the estate if he contests the will and loses. However, be aware that some state courts have held these clauses to be invalid.

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Providing for Grandchildren

In most states, if you die without a will, your property can only go to certain close relatives, such as your spouse or children. If you wish to provide for grandchildren, adopted children, or your sons- or daughters-in-law, you will need to do so by making a will or other estate planning arrangement for them. A will or a will in combination with a trust can allow you to fund your grandchildren's education or help provide for other family members. A lawyer can help set up a trust for their grandchildren, as this is more complicated than setting up a will.

Costs of Probate

The costs of probate are an especial concern for seniors, who represent 90 percent of all probate cases, according to the estate planning firm of Morris, Hall, and Kinghorn, PLLC, which notes that Americans spend approximately $2 billion on probate costs each year. You can help reduce probate costs by keeping a detailed inventory of your debts and assets, which cuts down on the time and expense your executor will need to prepare this inventory for the probate court. You may also pass certain assets, like joint bank accounts, outside probate. An estate planning attorney can help you set up methods to provide for your family while reducing probate costs.

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Iowa Living Trust Vs. Last Will
 

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Steps to Writing a Will

You don’t have to spend your life savings on your estate planning -- in fact, most homeowners with a simple estate and less than $1 million in assets can write a basic will themselves, without the expense involved in hiring an attorney. Writing your own will is relatively easy and inexpensive, and affords you the flexibility to update your estate plan whenever your circumstances demand it.

How to Word a Will When You Have a Handicapped Child

Parents who have special needs children not only have to care for the child during their lifetime, the parents must also ensure that these children receive care after they die. For many parents, this can mean making certain that the child has enough funds to cover medical care for his entire life. While the task may seem daunting, a properly worded will can ensure that your child gets the care he needs after you are gone. Further, the act of writing your will can help you with the financial planning aspect of your child's care by helping you think about what funds your child will need for long-term care.

When to Use Last Wills Vs. Living Trusts?

A last will and a living trust are two methods of estate planning. Both provide a way to leave property to certain people or charities when you die. A living trust and a last will may be used separately or combined in your overall estate plan. Knowing when to use last wills and living trusts can help you create an estate plan that's right for you.

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