Tag Archive for last will

Need a Will? What You Need To Know to Write Your Will

Do you need a will? Find out if you need one, then get tips for writing your will.

Did you know…not everyone will need a will? If you have no relatives and don’t care if the state gets everything you own, you may not need a will. Or, if you have no assets or possessions or you’re okay with your closest relative (such as a parent or a sibling) inheriting everything you own, then you may not need a will in that situation, either. Even so, beware: states vary in how things are divvied up once you pass away.

That’s why taking the time to write a will is important if you want control over what happens to your assets, property and possessions. We offer a do-it-yourself will kit for Washington State that makes it super easy to write down your wishes. But before we get to that, let’s look at some of the basics.

What a Will Does and Doesn’t Cover

A will is a legal document that explains your wishes for distributing your property and assets. Some things aren’t established in a will, though. For instance, according to EstatePlanning.com, a service provided by The WealthCounsel Companies, if you name a beneficiary on your life insurance polity or retirement accounts, a will is not needed for that beneficiary to inherit the asset. But that also means you can’t name someone else to inherit this asset in your will, either.

Requirements for Creating a Will

You’ll need to be legally capable of creating a will, which is why witnesses are required (see below). You must also be 18 years of age or older to make a will. Once you create a will, you need to store it somewhere. If you want your loved ones to find your will, make sure to tell someone where to find it upon your death. If no one can find your will, the state will determine who inherits your property.

 Decide Who Inherits What

Decide who inherits your assets, property and possessions. Don’t forget digital assets. When filling out a will, use the recipient’s whole name, rather than identifying them as your wife or child, as this helps eliminate confusion, says Megan Leonhardt in an article written for Money magazine. She also recommends being very specific about assets, such as providing the address for property or writing down precise descriptions of personal property you plan to leave in your will.

RELATED: Click here to read our blog post about 5 things you need to know about digital assets.

 

Witnesses Required

According to a blog post by Redmond-based Pacific Northwest Law Group (PNWLG), your will must be signed in the presence of two or more witnesses. Otherwise, the will may not be valid. Holographic wills, which are written by hand and do not have witnesses), are not valid in Washington state, says PNWLG. But PNWLG says that if a holographic will was created in a state in which they’re allowed, then Washington state honors the will.

Why worry what will really happen when you can instantly download our do-it-yourself will kit, fill it in, get it witnessed by two people and you’re done? If you have questions or want to divvy up your assets in a way that requires more detailed planning, check out our lawyer referral listings.

Click here to buy an instant download of our DIY Will Kit. If you prefer, you can order a print copy, and we’ll mail the kit to you.

This blog post is not offered as specific advice, which may only be provided by an attorney based upon each individual situation. To find an attorney, click here to visit our attorney referral page.

 

Got Your Digital Assets Covered? Five Things You Need to Know

Keeping track of login information is critical to preeserving your digital assets for the future.

Are you on Facebook? Do you use PayPal? Are some of your financial or shopping accounts online? Do you post family or personal photos to your social media pages or to the cloud? If so, you own digital assets.

If you suddenly have an accident or become too ill to handle your own personal affairs, a power of attorney can step in to handle things for you. But they can only do so much if you do not have a plan to handle the digital assets. Without a plan, your family could be buried in red tape for months, if not years, leaving your affairs in shambles.

What happens to your digital assets once you pass away? You could be leaving money and assets on the table that simply can’t be accessed without an incredible amount of effort by your loved ones. Sometimes those assets are of an emotional value, such as personal emails and family photos, and could be lost forever.

 

Rather than leaving your family or estate executor with a huge mess, use these tips to make sure your digital assets don’t get lost in the cloud forever.

What are Digital Assets?

Digital assets consist of any online account or file you store on your computer, smartphone or in the cloud. These accounts and files often require login information consisting of a username and password. Sometimes security questions are asked to verify your identity.

Types of Digital Assets

Here are a few of the digital assets to consider:

  • Financial – bank, investment and PayPal accounts.
  • Utility accounts
  • Healthcare – including medical history, prescriptions and insurance information
  • Photos, music, videos, books, artwork
  • Domain names and website hosting accounts
  • Personal and business email and mailing addresses
  • Shopping accounts
  • Cell phone accounts
  • Social media pages
  • Databases related to collectibles

Gather Login Information

The first step you must take is to create a list of login information for all of your accounts. Make sure to include the website address of the account, your user name or account number, password and any security questions or PIN numbers, if required.

Store Login Information Securely

Keeping your login information secure is critical. The simplest way is to create a password-protected document on your computer (make sure you back it up, too).

Even better – use an online password manager such as Dashlane or LastPass. Both companies offer encrypted security protocols to keep all of your login information safe. This also allows you to change passwords and update accounts without having to provide your executor with a new copy of the information each and every time you make a change.

Prepare Legal Documents

After you go to all of the work to gather your login information, don’t forget to share the information with your Power of Attorney or estate executor in case you can’t manage your own affairs. Click here to download a DIY General and Durable Power of Attorney, good in the state of Washington. Click here to buy a Will Kit (State of Washington). Both kits are available as instant downloads, or buy the print version, and we’ll mail to you.

Estate Planning To Do List

No one wants to think about end of life issues. But right now is the time to jump into estate planning to make it easier on your family and loved ones in the event of your death. By engaging in estate planning now, you also have control of what happens to your property and other possessions so they are disbursed according to your wishes. Get started with these five estate planning tasks.

Write a Will

Without a will, you allow the state to call all the shots about how your estate is divided up when you die. If you still have dependents, the state also decides what will happen to them. Having a will alleviates these problems. We offer a do-it-yourself will kit for Washington state, complete with instructions, for those who have simple wishes for their estate. Choose from an instant download or request a print verson be mailed to you. We can also help get your will notarized at our office located in the King County Courthouse office. If you have more complex needs, hire a probate attorney. Click here to view the list of probate and estate planning law firms listed in our referral service.


Designate a Power of Attorney for Finances/Legal/Health Care

In Washington state, in the event that you are not available or incapable of acting on your own behalf or if you need health care decisions made for you, a General and Durable Power of Attorney with health care provisions, designating someone to make these decisions on your behalf is an essential document in your estate planning. The person you choose can be an attorney, a family member or a close friend who you trust to make decisions on your behalf. Since this form can be easily completed on your own, we offer a do-it-yourself General and Durable Power of Attorney legal kit for Washington statey, available as an instant download or as a print version. Always seek the advice of an attorney if you need help completing the forms.

Choose Health Care Directive

You also need a Health Care Directive (Directive to Physicians/Living Will) to instruct your physician and/or health care providers on your intentions as to organ donation and whether or not you want extra-ordinary life sustaining care such as feeding and breathing if your are in a terminal condition. This legal form can be easily completed on your own, so we offer a do-it-yourself Health Care Directive (Directive to Physicians/Living Will) legal kit for Washington state, available as an instant download or as a print version. If you spend part of your time living in another state, make sure you have a Health Care Power of Attorney for that state, too. Always seek the advice of an estate planning attorney if you need help completing the forms. Click here to view our list of probate and estate planning law firms listed in our referral service.

Gather Estate Planning Documents

Your family and attorney need to know the whereabouts of your important paperwork, such as birth certificates, marriage licenses, property deeds, life insurance policies, contact lists and financial information. Otherwise, if they must search your entire home or arrange to get copies of these important documents, it could take them months to close your estate. Paäge et Cie, experts at organizing and managing important documents, has created a  checklist you can download for free. The checklist provides a thorough list of all of the documents you need and includes space for keeping notes about the location of each piece of paperwork.

 

Choose an Executor

An executor, also known as an administrator, settles the debts you leave behind and disburses your property and possessions according to your will. An attorney can act as your executor while also helping with various aspects of your estate before you die, including writing wills, helping you set up a power of attorney and safekeeping important documents needed to settle your estate. Click here to view the list of estate planning law firms we work with. See our recent blog post, Questions to Ask A Potential Attorney or Law Firm Before You Hire Them.