Thursday, May 27, 2004
More Bang for Your Buck: Writing A Living Will
Writing a will is one topic nobody likes to talk about. But if you don't know what you're doing, one mistake can be very costly. So in tonight's more bang for you buck, we're inheriting a few helpful tips to make the process as painless as possible.
(WSVN) -- As a professor of journalism, joe McQuay spends everyday doing what he loves.
Joe McQuay says, "I truly believe in the power of education."
He also believes in the power of planning.
That's why joe decided to write his own will.
He says, "I feel like what I desire what I want to happen after I'm gone will come to fruition."
But it will only happen if he follows the proper steps.
Estate Attorney Jennifer Robinson says, "There are a lot of pitfalls associated with drafting your own will."
To avoid falling into those pitfalls, Estate Attorney Jennifer Robinson says start by naming an executor.
Then make a list of all your assets, how much they are worth and who you would like to leave them to.
Attorney Jennifer Robinson says, "If your intentions are made known and are documented in a legal document, it is always much easier on the family."
But make sure you pay close attention to how your possessions are titled.
For example, if you share a joint bank account, the other person on the account will receive all the money, no matter who you name in the will...
Attorney Jeniffer Robinson says, "You can have a beautiful will, a great estate plan or trust but it may not affect your assets if they are all titled jointly."
Then once you have filled everything out, make sure to make it legal.
Attorney Jennifer Robinson says, "Florida has very specific laws as far as how the will needs to be signed and who needs to be present during that signing."
Florida law says you need to have two witnesses and a notary present at the time of the signing.
Attorney Jeniffer Robinson says, "All people have to be present at the same time and see everyone sign and that's what they are attesting to on the will."
For Joe, will power was the key to formatting his will.
He used a computer program to make sure his legacy lasts for years to come.
Joe says, "It was so easy to sit down and write the will, put together the package that will help me be remembered forever."
Also remember if you have children under the age 18, make sure to name a guardian.
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