Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

What You Need To Know About Writing A Will

writing pen

They say that death and taxes are the two things in life we can count on. So although some big international corporations may be able to dodge paying taxes by setting their business up in some offshore account and we do live longer than we did a hundred years ago, these two still hold true for most of us. This article may not be able to help you all that much when it comes to paying your taxes, but we can tell you about something you need to do that is connected to the fact we all die sooner or later. It is the question of whether you need to write a will.

Do I Even Need a Will?

Of course, that is the first and most important question. If you are single, don’t own any property or anything else of value and don’t have kids, then maybe not. At least, you don’t need one now. But if you are married, if you have children and especially if you own your home, you should be considering talking to a probate lawyer about the details of a will.

Is a DIY Will Good Enough?

The internet has spawned a whole army of DIY projects and wills are among them. For the most part if you are not someone with complicated ownership, say three ex-wives and kids with all of them, then you can probably write up a will using any of the better respected will kits you can find online. But you need to know there are also some problems with this.

Mistakes can be made that will invalidate your will if someone wants to fight it. It is no different than the fact that you need a doctor’s expertise to arrive at the right prescription for an ailment. Lawyers can provide expertise that goes beyond simply writing a will. It really depends on the complexity of what you want to do and if you think anyone will contest it.

Before the Will – Medical Power of Attorney.

Sometimes we need more than simply a will. If you are in declining health or are about to go into the hospital for a surgical procedure, you will need to draw up a medical power of attorney. This will give someone you trust the ability to make medical decisions, including the decision regarding what kind of efforts your doctors should make if your life is in danger. This kind of legal document can be just as important as a will for many.

Making an Informed Choice.

In the long run all you can really do is find out what the various options are for a will and go with what you need. If you have any doubts at all that your wishes will be taken into account after you pass, then writing it out and having it done with legal help will set you mind at ease. And don’t forget to let your lawyer know where you will is being kept to avoid any dramatic scenes with the relatives about their inheritance after you are gone.

Share

Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

Tagged as: , ,