What to Will to Who

The writing of a will is necessary because otherwise no one knows how you want your things and money distributed after your death.  Estate planning will guarantee that you will be able to care for yourself while you are alive after your retirement.

The will needs to be written and signed by two witnesses. The will must also be dated the date that it is signed. If you don't have a will at the time of your death the state will decide where your property is going. The will can be legally recorded by an attorney.  The will should always be kept in a safe place.  Another person, such as the executor, needs to know where to find the will at the time of the person's death.

If you are married and live in any of the states that have shared property laws, your spouse will legally get half of your estate regardless of what your will says.  Now if you write your will and you have young children under the age of 18 you need to assign a guardian to control the money.  The money is usually put into a trust and the court must OK any withdrawal, even with the guardian named.

When you are working on your estate planning you need to figure out how much money you will need after you retire per month for the rest of your life. You need to consider the high cost of health care. You must also consider your sources of income that you will be receiving.

Estate planning and will writing takes time, but it is well worth it in the end because your family will receive what you want them to after your death.