Dear [[First Name|Subscriber]],
Hello Everyone,
This month I would like to focus on a very important topic that we all deal with in one way or another in our lives – the legacy we leave behind. More than just ensuring that our children and family members are taken care of financially, it also encompasses the heirlooms, photographs and the other belongings we want to be passed down through the generations. These all help tell the story of our family history and the lives that have left behind an imprint on the world. We all leave an imprint, and each and every imprint has significance.
This is why a will is a priority. When these issues are given this perspective it brings about the importance of having a will. Without a will the heritage and legacy we leave behind are left to a court that does not know our personal stories or how we wish for that story to be carried on.
Questions and Answers About
Wills and Estate Planning
Q: Is writing down or typing out my wishes and signing the finished document considered a legally binding agreement that will be recognized in a court of law?
A: Not necessarily. For instance, for a will to meet conditions of Washington state law, the homemade or handwritten will (also known as holographic will) can be valid if formally executed, that is if witnessed by two people over the age of 18 who are NOT beneficiaries, attest to the authenticity by signing the will in the presence of the testator (the person that is drawing up their will) at the testator’s direction. It is important to note that the witness signatures do not have to be notarized. Some states may recognize a holographic will, while others have very specific legal requirements. It is important to contact an attorney or research the laws in each individual state.
Q: Once I write my will and meet all of the conditions for the document to be legally binding, am I finished with the process?
A: In order for your wishes to be carried out the way you really want them to be, the answer is no. The will should be reviewed occasionally to verify that there have been no major changes that may affect what is in the will. There are ways to change your estate plan which should involve legal help, since it is not as simple as changing a few words.
Q: When should I review my will?
A: There are many life circumstances that may affect how a will may change. A few important times to review your will include:
- An heir dies
- Grandchildren are born
- New property is acquired
- Your financial situation changes considerably
- A new marriage or divorce occurs
Q: Are legal websites that offer will templates any good?
A: A will obtained through a website offering a template may benefit those people who do not have complicated assets or a great deal of financial worth. This option IS NOT recommended for persons who do have complicated assets; they should seek out a financial adviser or an attorney that specializes in estate planning.
Q: What websites provide will templates and how
much does a will template cost?
A: There are a variety of sites that provide templates for a fee. The most well-known of these is LegalZoom. A will template through LegalZoom can be purchased for $69-$119 finished. You can fill the information out and then decide if you would like to purchase the final document. For more information about this service, access the website at www.legalzoom.com.
Lastly, remember to let a trusted person know where your will is kept. This does not mean that you have to disclose the confidential contents to persons entrusted with this knowledge. There is nothing worse than spending all of that effort making sure that all of your affairs are in order, and then not have your wishes honored because no one knows about the will or where it is.
Editor's Note
I would like to extend a special thank you to an attorney and friend, Herb Landis of the Spokane-based firm Olson, Loeffler and Landis for answering my questions about Wills and Estate Planning so that I was able to put this information together. For information about Estate Planning and Wills, Mr. Landis can be reached by phone at 509-467-6767, by e-mail at hlandis@ollps.com, or for more information on the firm Olson, Loeffler and Landis Attorneys at Law access their website at www.ollps.com. Until Next Time...
Shannon Wood
Editor
Innovaging
Your comments are important to us
If you have any questions, concerns or comments regarding these topics, or you would like to suggest another topic of interest, please e-mail Shannon at shannonw@lawtonprinting.com.
