Friday, September 20, 2024

MAKE A WILL MONTH

It’s “Make A Will Month”: Expert Tips to Save Time, Money

 

Suzanne Potter – Commonwealth News Service

 

August is “National Make a Will Month,” and it’s something the experts say too few people have done. They have some tips on saving you and your heirs time and money.

 

Senior couple signing a contract while being on a meeting with bank manager. Focus is on manager.

 

According to a survey on the website Caring.com, only one-third of Americans have a will or living trust to outline their wishes when they die. Probate attorney Alexander Matulewicz from Walpole said a will is especially important if you own property.

 

“If you die without a will, and that property has to be sold in Massachusetts, you’re gonna have to get what is called a license to sell, and the filing fee for that could be as little as $500 or more,” he said. “

 

Plus, you’ve got to go through publication.

 

So, to avoid that, you can put it in a will to save all of that problem.”

 

He noted that the probate process can be expensive and time-consuming, as creditors have a year to come forward.

 

A trust allows you to name a trustee to act on your behalf if you become incapacitated.

 

He advised that wills or trusts made out-of-state also will create delays if they are not re-filed in Massachusetts.

 

Sam Young, senior director of legacy and planned giving for the nonprofit Compassion & Choices, said people need to have the conversation about mortality – even if it’s uncomfortable, and even if they don’t have a lot of assets.

 

“People don’t think they need a will because they only think it’s for the wealthy, and it’s absolutely not true,” he said. “There’s a lot of situations where you may want to leave specific assets to specific people.”

 

Young said there also are online options. The website FreeWill.com can help you list your assets and final wishes, with a survey that takes about 20 minutes to complete.

 

He said the document can then be printed, signed and notarized.