Mellody Hobson called in to the TJMS this morning to discuss one of the most difficult topics when it comes to finances: Writing a will.
Why is it so important to write a will?
I know none of us really want to think about our own death; and I’m not the Grim Reaper, but I am here to remind everyone that we’re all going to die someday and I can’t stress enough that if you don’t have a solid legal document in place, you could leave behind a big mess. A recent survey found that roughly 60% of Americans don’t have wills, and the numbers are even lower for African American and Hispanic adults.
The problem is that especially during tough economic times like these, people think saving for immediate needs is more important than planning for the future of their estates, but that’s a mistake.
I’ve heard some nightmare stories about estates being argued over long after a person has died. It can fraction an already traumatized family, is tedious and expensive and entirely avoidable.
How do you go about writing a will?
You don’t have to get a lawyer, but it’s best if you do. At the bare minimum, there are rules you have to adhere to like stating clearly it’s your will, naming an executor and signing the document in front of two witnesses. However, I don’t recommend a do-it-yourself will. A lawyer can help ensure the document is inscrutable and can advise you about specific state laws and how to best avoid taxes.
You can also visit these websites if you cannot afford a lawyer or would prefer not to use one:
Read More Here
(Source: Black America Web)