Writing a will isn't the most pleasant of tasks.
After all, by doing so you're not only
acknowledging your own inevitable demise
but actively planning for it. That might explain
why so many adults avoid this cornerstone of estate planning. According to an AARP survey, 2 out of 5 Americans over the age of 45 don't
have a will.

But creating a will is one of the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life's worth of
possessions will end up in the right hands.

"A will is an important way you can stay in
control over who gets what of your property,"
says Sally Hurme, an attorney with AARP,
"and by planning in advance you can also
save your family time and money." The laws governing wills vary from state to state. If you aren't familiar with them, consider consulting a knowledgeable lawyer or estate planner in your area. Before you do, brush up on these 10 things you should know about writing a will.

1) What is a will?
A will is simply a legal document in which you,
the testator, declare who will manage your estate after you die. Your estate can consist of big, expensive things such as a vacation home but also small items that might hold sentimental value such as photographs. The person named in the will to manage your estate is called the executor because he or she executes your stated wishes.

2) What happens if I die without a will?
If you die without a valid will, you'll become
what's called intestate. That usually means your estate will be settled based on the laws
of your state that outline who inherits what.

Probate is the legal process of transferring the property of a deceased person to the rightful heirs. Since no executor was named, a judge
appoints an administrator to serve in that capacity. An administrator also will be named
if a will is deemed to be invalid. All wills must
meet certain standards such as being witnessed to be legally valid. Again, requirements vary from state to state. An administrator will most likely be a stranger
to you and your family, and he or she will be
bound by the letter of the probate laws of
your state. As such, an administrator may
make decisions that wouldn't necessarily
agree with your wishes or those of your heirs.

3) Do I need an attorney to prepare my
will?
No, you aren't required to hire a lawyer to
prepare your will, though an experienced
lawyer can provide useful advice on estate-
planning strategies such as living trusts. But as long as your will meets the legal requirements
of your state, it's valid whether a lawyer
drafted it or you wrote it yourself on the back
of a napkin.

Do-it-yourself will kits are widely available.
Conduct an Internet search for "online wills" or
"estate planning software" to find options, or
check bookstores and libraries for will-writing
guides. Your state's departments of aging also
might be able to direct you to free or low-cost resources for estate planning.

4) Should my spouse and I have a joint will
or separate wills?
Estate planners almost universally advise
against joint wills, and some states don't even
recognize them. Odds are you and your
spouse won't die at the same time, and
there's probably property that's not jointly
held. That's why separate wills make better sense, even though your will and your spouse's will might end up looking remarkably similar.

In particular, separate wills allow for each
spouse to address issues such as ex-spouses
and children from previous relationships. Ditto
for property that was obtained during a
previous marriage. Be very clear about who
gets what. Probate laws generally favor the current spouse.

5) Who should act as a witness to a will?
Any person can act as a witness to your will,
but you should select someone who isn't a
beneficiary. Otherwise there's the potential
for a conflict of interest. The technical term is a disinterested witness.

Some states require two or more witnesses. If a lawyer drafts your will, he or she shouldn't serve as a witness.

6) Who should I name as my executor? You can name your spouse, an adult child, or
another trusted friend or relative as your
executor. If your affairs are complicated, it
might make more sense to name an attorney
or someone with legal and financial expertise.

You can also name joint executors, such as your spouse or partner and your attorney. One of the most important things your will can
do is empower your executor to pay your bills and deal with debt collectors.

7) How do I leave specific items to specific
heirs?

If you wish to leave certain personal property
to certain heirs, indicate as much in your will.
In addition, you can create a separate
document called a letter of instruction that you should keep with your will.

8. Where should I keep my will?
A probate court usually requires your original
will before it can process your estate, so it's
important to keep the document safe yet
accessible. If you put the will in a bank safe
deposit box that only you can get into, your
family might need to seek a court order to gain access.

A waterproof and fireproof safe
in your house is a good alternative. Your attorney or someone you trust should
keep signed copies in case the original is
destroyed. Signed copies can be used to
establish your intentions. However, the
absence of an original will can complicate
matters, and without it there's no guarantee that your estate will be settled as you'd
hoped.

9) How often does a will need to be
updated?

It's possible that your will may never need to
be updated — or you may choose to update it
regularly. The decision is yours. Remember,
the only version of your will that matters is
the most current valid one in existence at the
time of your death. With that in mind, you may want to revisit your will at times of major life changes.

Think of pivotal moments such as marriage, divorce, the birth of a child, the death of a beneficiary or executor, a significant purchase or inheritance, and so on. Your kids probably won't need guardians named in a will after
they're adults, for example, but you might still
need to name guardians for disabled
dependents.
A rule of thumb: Review your will
every two or three years to be safe.

10) Who has the right to contest my will? Contesting a will refers to challenging the legal
validity of all or part of the document. A
beneficiary who feels slighted by the terms of
a will might choose to contest it.
Depending on which state you live in, so too might a spouse, ex-spouse or child who believes your stated wishes go against local probate laws.

http://www.aarp.org/money/estate-planning/info-09-2010/ten_things_you_should_know_about_writing_a_will.html

cc: lalasticlala, Seun, Myndd44, Ishilove, Priceless200;have you all written your will?

Wow...nice write up