It ’ s not what you got its what you give that measure the worth of the life you live . DELIVERY AVAILABLE
46 • The Beacon May 11 , 2023
Tips to help prepare your last will and testament
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Jim Miller
Savvy Senior
Dear Savvy Senior ,
I would like to make my last will and testament and would like to know if I can do it myself , or do I need to hire a lawyer ? Don ’ t Have Much Dear Don ’ t , Very good question . Almost everyone needs a will , but only around onethird of Americans have actually prepared one . Having a last will and testament
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is important because it ensures your money and property will be distributed to the people you want to receive it after your death .
If you die without a will , aka dying intestate ,
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your estate will be settled in accordance with state law . Details vary by state , but assets typically are distributed using a hierarchy of survivors : first to a spouse , then to children , then your siblings and so on .
You also need to be aware certain accounts take precedence over a will . If you jointly own a home or a bank account , for example , the house and the funds in
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the account will go to the joint holder , even if your will directs otherwise . Similarly , retirement accounts and life insurance policies are distributed to the beneficiaries you designate , so it is important to keep them up to date .
Do you need a lawyer ?
Not necessarily . Creating a will with a do-ityourself software program
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may be acceptable in some cases , particularly if you have a simple , straightforward estate and an uncomplicated family situation . Otherwise , it ’ s best to seek professional advice . An experienced lawyer can make sure you cover all your bases , which can help avoid family confusion and squabbles after you ’ re gone .
If you need help finding someone , the National Academy of Elder Law Attorneys ( www . NAELA . org ), the National Association of Estate Planners & Councils ( www . NAEPC . org ), and the American College of Trust and Estate Counsel ( www . ACTEC . org ) websites are good resources that have online directories to help you search .
Costs will vary depending on your location and the complexity of your situation , but you can expect to pay somewhere between $ 200 and $ 1,000 or more to get your will made . To help you save , shop around and get price quotes from several different firms . And before you meet with an attorney , make a detailed list of your assets and accounts to help make your visit more efficient .
If money is tight , check with your state ’ s bar association ( visit www . FindLegalHelp . org ) to find low-cost legal help in your area or
call the Eldercare Locater at 800-677-1116 for a referral .
If you are interested in a do-it-yourself will , some top options to consider are Nolo ’ s Quicken Will- Maker & Trust ( www . Nolo . com , $ 99 ) and Trust & Will ( www . TrustandWill . com , $ 159 ). Or if that ’ s more than you ’ re willing to pay , you can make your will for free at www . FreeWill . com or www . DoYourOwnWill . com .
It ’ s also recommended that if you do create your own will , have a lawyer review it to make sure it covers all the important bases .
Where to store it ?
Once your will is written , the best place to keep it is either in a fireproof safe or file cabinet at home , in a safe deposit box in your bank , or online at sites like www . Everplans . com . But make sure your executor knows where it is and has access to it . Or if a professional prepares your will , keep the original document at your lawyer ’ s office . Also , be sure to update your will if your family or financial circumstances change or if you move to another state .
Send your senior questions to Savvy Senior , P . O . Box 5443 , Norman , OK 73070 , or visit www . Savvy- Senior . org .
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