Talking about wills can be an uncomfortable conversation. Not only is it difficult to discuss life’s uncertainties, but there are often more questions than answers when dealing with this subject. These five questions about wills will help get you on the right path to understanding your will.
Do I Need a Will?
Yes. If you don’t have one, the state will determine how your assets are handled. Generally, everything will go to your spouse or to your children if your spouse is deceased. However, if there is a second marriage involved or there are minor children with no surviving parent, the rules change.
Will I Have to Pay Probate Fees?
The key to avoiding probate costs is to have an estate or revocable living trust. Probate fees vary from state to state and are based on property values. The Connecticut Estate Tax Return determines probate fees for the state of Connecticut. Normally, these fees are quite nominal.
Where Should I Keep My Will?
You want to keep your will in a place that is safe and secure. A fireproof home safe or a safe deposit box is most common for holding important documents. However, no matter where you choose to keep your will, make sure you let your family member(s) or close friend know where it’s kept.
When Should I Review My Will?
Anytime there is a life-changing event, such as a name change, marriage, birth, or adoption. A significant change in your assets or a change in your beneficiary status may also warrant a review of your will.
Should I Let My Children Know What’s in My Will?
You know your children better than anyone else. If you feel there will be an issue between siblings, then they don’t need to know the particulars. However, they do need to know where you keep your will. They will then learn the details at the time the will is read.
If you still have questions and are feeling uneasy, get some legal guidance from our experienced elder law attorney. You’ll feel better in the end.