If there's anything that's sure in this life, it's death and taxes--and the presence of a will can make both a less stressful experience for your family. With a will, you can arrange for the payment of your debts or the consequent inheritance taxes. A will can also help avoid bitter spats among your heirs as you ensure who gets what.
There are two kinds of wills: the notarial will, which needs to be notarized and attested by at least three credible witnesses, and the less cumbersome holographic will, which is written, dated, and signed entirely by hand. Here are some thoughts to help you make a will.
For more tips on dealing with money issues that concern your family, check out these FN articles:
- The 4 Money Stages of Life: 15 Tips to Save Up and Live Comfortably
- Get Organized: 10 Ways to Keep Track of Your Expenses
- How You Can Afford Your Kids’ Tuition Fees
- The Couple's Guide to Budgeting: 8 Tips On Managing Your Finances With Your Man
- Not Just a Pipe Dream: 12 Tips for Buying Your Dream Home
(First published in Good Housekeeping Magazine, Good Money section as "Writing Your Will" in April 2007; adapted for use in Female Network)