Wills and Estate Planning
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If you don't decide what's to become of your estate when you die, the government will. And you might roll in your grave when you see the sometimes weird ways that different states divvy up your property -- and your children -- according to Law Street. (Here's how the site says Alabama does it.)
Of course, the most important provision of any will is for the children. Attorney Steven J. Scheinin explains the intricacies of guardianship, and convinces you how urgent it is that
you have a will that designates them. TheWhiz makes it more real with one young parental couple's will story.
There is a lot of information online about will writing, but a good place to start is CBS MarketWatch, where an interview with attorney Mark Welch provides a good overview of estate planning.
Should You Do Your Own Will?
Fidelity's summary of will basics makes it sound so straightforward, you might think you can do it yourself. Perhaps you'll try WillMaker software, which Nolo supports with numerous supplementary articles, such as how to minimize or avoid probate. MoneyCentral's analysis of three will-writing software products does favor WillMaker, but cautions you on the limitations of these programs -- suggesting that their best use could be saving on legal fees by helping you prepare to meet with an attorney.
Is an attorney necessary? Michael Palermo's Crash Course In Wills and Trusts can advise you on whether you should use one.
What To Know Before You Go
Even without software, you'll work most effectively with your attorney by learning all you can beforehand. Why not examine Teahan & Constantino's sample family estate plan, Law Made Easy's sample forms meant only for your use with a lawyer, and theWhiz's checklist of documents needed after death?
Although your estate might consist of a CD collection and 10 pairs of sneakers, you still should read the CPA-PFS introduction to estate planning, and what part wills play in it. Deloitte & Touche provides a free, comprehensive online Estate Planning Guide that it sells in hardcover. When you're ready for the hard stuff, MoneyCentral offers a step-by-step collection of articles on planning your estate.
Once you're dead, the best will or trusts might not keep your survivors from killing each other if you don't name a competent executor. CNN tells you how to select one.


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