96 - Prepare your will
Reason for this Goal for will preparation: Having
a will communicates and documents your intentions on what will happen to your
estate when you die. Without a will, it
is left up to the government and others as to what will happen. It may not be what you would have wanted to
happen. Having a well written will
ensures that your estate (your assets) you have worked so hard to achieve will
be dispersed in the manner you desire, and that your health care directives are
carried out. It will give you peace of
mind knowing that your family knows you thought of them and planned for their
future. The following are some things
that need to be considered with will preparation:
- Your will needs an executor: someone accountable
to ensure that the will is executed according to your plan.
- Your will needs two powers of attorney: one to
deal with your finances and one to look after your health care needs. These two people act on your behalf if you
are still alive but incapable of making your own decisions, due to serious
health issues.
- Your will needs a guardian appointed if you have
children under the age of 18, so that someone you trust makes the important
decisions instead of someone appointed by the courts.
- You should consider writing a memorandum and/or
a letter of wishes to document things of sentimental value to be passed down, which
could change over time, so it can be more easily updated (i.e. special jewelry,
artwork, furniture, or musical instruments).
Your will needs to be updated as you age and your family
situation changes, especially after major life changes such as the birth of a
child or a divorce, or significant change or additions to your assets.
Suggested Goal(s): Have a will prepared, and keep the original in
a safe.
Your Outrageous Goal: Update your will every 3 years.
Return to giving back/legacy goals.
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Last updated: December 29, 2019