Elder Care Spotlight: Last Will & Testament...

The idea of a "Will" dates all the way back to Ancient Rome and the desire to pass down possessions from the person who is transitioning to their Beneficiaries. In the 19th century, requirements for the Last Will and Testament were established in England. These same requirements have stood the test of time and are currently still used in legal documents today. Our Last Will and Testament is a legal document that holds our intentions for our assets and wealth once we have deceased. It also includes who will care for the children, if there are any, and take over the home, if they own it. Each of us has wishes for what we want, and when we follow through with this document, our will can be activated.

It is said that anyone 18 and older should have a Will. If we have investments, properties, savings accounts, jewelry, etc, then making a Will is the responsible thing to do for our spouses, children, parents, or family members. So why do so many people avoid it until they are much older? Most people don't talk about the end of life until they are much, much older. They feel they will live a long life, and therefore don't think it is a priority to work on a Will at much later in life. If we don't have a Will, then when we pass, we can only hope the laws of our state allow our spouse, children, parents, or other relative that is close to us to become the Beneficiary. Otherwise, everything might be given to the government.

There are different types of Wills that depend on what we have and how complicated things can become in our estate. The basic Will is called a "Simple Will" and helps us to state our wishes without having to add stipulations or clauses. We can appoint an Executor that makes sure our wishes are followed, and a guardian for minors or dependents that are left behind.

The "Testamentary Trust Will" is a way to distribute assets after we pass. Instead of being set up while we are alive, it is made after passing. A Probate, or court-supervised process, is used to settle the estate, pay debts, and distribute the balance to the beneficiary(s). They also validate a Will, if one exists, or follow state laws to distribute assets. This is used when young minors or special needs children need care over a longer period of time.

A "Joint Will" has one document that is usually used when a spouse is the Beneficiary of the whole estate, with the final Beneficiaries as the children once the parents have passed. After the partner has passed, it cannot be changed. A "Mutual Will" has two documents - one for each spouse - that works the same way as the "Joint Will" does, but includes the wishes of both partners.

The "Deathbed Will" is written near death during extreme circumstances. There are major problems with this because assets are usually forgotten about, the mental state of the person is declining by the moment, and sometimes there are people trying to capitalize on the mental decline of the person by projecting their greedy desires instead of honoring the one who is passing.

The Wills above are all done with a lawyer, online, or with an Estate Planning Company, but what if you just wrote one yourself or told your Loved ones what you wanted instead? The "Holographic Will" is one that is written by hand, and the "Nuncupative Will" is one that has been spoken to with words to Loved ones. These both are not accepted in every state, may require a number of witnesses, and usually come with some problems. A Will can be contested if mental instability, state of consciousness, suspicion of fraud, influence, or coercion, or other legal reasons are brought to the courts.

Whatever plan we choose, the main thing is that we have taken the time to decide what we wish for once we are gone. We have to figure out what we have as assets in detail and very specific, decide who we want to leave things to, pick someone to carry out our wishes, find guardians for minor children, and then make it all official by notary. Every 3-5 years, we will need to update the Will to align with our current property and any changes that have been made.

This is not a document that discusses the funeral, retirement funds, life insurance, digital accounts, or joint property. It is simply a document that includes our wishes for our things and our children. If we don't have a will, every state has it's own laws on what will happen to our property once we pass. It is much better to make these decisions while we are still alive and conscious. If we don't have a Will, now is the time to start thinking about it. It doesn't have to be difficult or expensive, and it will save our family a lot of stress and worry when we are gone. Is your Will written and ready to go? If not, now is a good time to start thinking about it.