post Category: Financial post postOctober 18, 2009

If you want, you can draw up a will yourself on a piece of paper, which will cost you nothing. This is known as a holographic will. Just make sure that the paper you use has no other writing on it or the will will not be considered legal. Make sure, too, that the entire will is written in your handwriting and is dated and signed by you. If you make a mistake, don’t cross it out. Start over. Anything crossed out is considered an inter lineament, making the will null and void. Do not have anyone else witness a holographic will because, again, this will make it null and void. If you want to change a holographic will, it is better just to redo the entire thing.
Your will should specify an executor. This is the person who makes sure all the legal, financial, and emotional matters are taken care of after you have died and makes sure that the wishes expressed in your will are carried out. Executors deal with the legal system and the accountant and all the beneficiaries. They contact all the banks and insurance companies and inform them of your passing and send in the necessary documentation to change the names on all the accounts to the new appropriate owners. For estate tax purposes all the property will have to be valued, the final tax returns compiled, and if any money is owed to the IRS, the executor must make sure that it is paid or the money is set aside before any assets are distributed to the people in the will. In many states the executor gets a set fee for having done all these tasks, or, depending on where you live, you may just decide to specify a fee in the will.

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