Writing your own will

[Aussie Willy]

Anyone here written their own will?

My mum has insisted I do one before I go overseas (just in case anything happens). Also a relative died recently and the solicitors lost their will and it caused all sorts of problems.

Anyway I have brought a Will Kit from State Trustees (in Australia a government entity that deals with these things) which gives you the tools to do it and write a will without having to pay for it. As things are pretty simple for myself I don't foresee any problems.

I know that things are different overseas but I assume the principles would be the same. Any advice or considerations that I should be aware of?

 

[Artemis@BC]

I did mine a few years ago with one of those online packages. It was a Groupon.

As long as your estate is straightforward, there's no reason why you can't DIY a will. It's only when things are complicated, with dependents with competing interests, or convoluted assets, that it pays to engage a professional.

At least that's my take on it.

 

[agalisgv]

In the US, you can do a living trust instead of a will which allows your beneficiaries to skip probate and executor fees. It costs a little more, but will save lots of money down the road. If you don't have extensive assets and are simply willing property to others, that may not be necessary. Just depends on your circumstances.

Only thing I would say is whichever way you go, make several copies and let people know where it is so easily accessible when needed.

 

[Angelskates]

Only thing I would say is whichever way you go, make several copies and let people know where it is so easily accessible when needed.

This. I did my own will with one of those kits, and something similar for end of life wishes. It was easy and inexpensive, even though I'm across two countries. I gave some people copies (and updates) and also kept copies in different places. I have it electronically and gave it to some electronically as well.

 

[MacMadame]

If your country has it, register your will. We can do that in the US. You register it with the Probate Court in your county and, when you die your heirs can ask the probate court if they have a registry. There are also non-profit will registries.

 

[BaileyCatts]

Can you make a charity the beneficiary of financial accounts (401Ks, simple bank accounts, mutual funds, stock accounts, etc.)? I am not married, have no kids, my parents are now deceased, so there is just my brother/wife and sister/husband (well, lots of cousins and their families but I have zero relationships with any of them; haven't seen some of them in years). I absolutely do not want my sister and brother to get my money were I to drop dead well before old age! (long story). Between all my accounts, my house if you sold it and everything in it, inherited accounts, its kinda substantial if you add it all up. How would you make a charity the beneficiary since, when it was my parents I had to note their SS numbers, and how would they actually get the money? I really don't even have anyone I could make an executor of my own Will either (again, not my sister or brother!) so how do you make sure if you write a Will its actually followed?

 

[agalisgv]

Can you make a charity the beneficiary of financial accounts (401Ks, simple bank accounts, mutual funds, stock accounts, etc.)?

Sure can!

How would you make a charity the beneficiary and how would they actually get the money?

You would need to specify it in your will (which organization is willed how much from which funds). You also can select an executor for your will (many banks will allow you to make them an executor, so if you don't trust your relatives, you could go that route.) Just speak to your bank to get more details.

 

[Aussie Willy]

If your country has it, register your will. We can do that in the US. You register it with the Probate Court in your county and, when you die your heirs can ask the probate court if they have a registry. There are also non-profit will registries.

Yes we do have a Probate registry in our state here in Australia. You can have your will kept for free.

 

[Nomad]

If your country has it, register your will. We can do that in the US. You register it with the Probate Court in your county and, when you die your heirs can ask the probate court if they have a registry. There are also non-profit will registries.

Thanks for mentioning that. I've actually been thinking about a making DIY will and did not know that.

 

[Artemis@BC]

... many banks will allow you to make them an executor, so if you don't trust your relatives, you could go that route ...

Another good tip. They will of course charge a fee but it will be a lot more straightforward than handing the job off to someone who can't handle it.

I currently have my mother named as my executor, with my bank as backup since no one else in my family has the wherewithal. :/

 

[skatesindreams]

I named my niece; as I trust her.

 

[Nomad]

I will probably name my brother (if he agrees) since he has experience being an executor.

 

[smurfy]

There are 4 documents that are recommended one should have.
-Will
-Living Will
-Medical Power of Attorney
-Power of Attorney

 

[Nomad]

There are 4 documents that are recommended one should have.
-Will
-Living Will
-Medical Power of Attorney
-Power of Attorney

Also good to know, thank you. I will discuss all this with my brother; I trust him absolutely but making everything official is the best way to go.

 

[Simone411]

I made my own will a few years ago. I also have a Living Will in my files at home that I had made in in 1995.

I know it sounds sort of scary and something a lot of people don't wish to think about but I also have most of my funeral arrangements made including a burial plot. If I would have died in 2011, everything would have already been taken care of.

@Aussie Willy there is a place online where you can make your own will. It can at least give you a few tips on how to go about it.

Do Your Own Will

 

[Aussie Willy]

@Aussie Willy there is a place online where you can make your own will. It can at least give you a few tips on how to go about it.

Thanks but I am in Australia so have already downloaded the kits from our local resource here.

 

[taf2002]

@BaileyCatts, I believe you can name one of the charity officers as executor. Name the office, not the person, as that person may not be in that office at the time. That way they can save the lawyer's fee. I would also recommend doing a trust rather than a will. The firm that did ours also did a living will, power of attorney, & a medical power of attorney at the same time. The hardest part for us was naming an executor. We finally settled on the wife of one of my nephews. She has the best organizing skills & the most common sense.