The prospect of writing a will can be daunting — so daunting, in fact, that financial experts estimate that seven out of 10 adults will die without one.
Christian financial planners remind us, however, that all assets belong to God, not to us. Prayerful estate planning is an act of stewardship that continues even after death.
A consultation with an attorney, an accountant or another qualified adviser is recommended when finalizing estate plans. The questions below are general questions that individuals often consider when writing a will. The answers to these questions have been compiled from several sources, including staff members of The Baptist Foundation of Alabama, AARP Alabama, Probate Judge Arthur Murray of Calhoun County and the Code of Alabama.
Q: Can I write my own will?
A: You can write a will yourself, but experts recommend consulting an attorney to make sure your plans will be easily enacted upon your death. To be valid, a will must comply strictly with state law. In Alabama, the minimum requirement is that an individual must sign his will in front of two witnesses and a notary public for the will to be considered self-proving.
Q: How often should I review my will?
A: Reviewing your will every three to five years is a good idea. You should also review your will if any of the following happens:
- You move to a different state
- You divorce, separate or remarry
- You add another dependent
- Your spouse or a child dies
- You change your life insurance
- You inherit or purchase property
- Your financial resources, including property values, increase or decrease substantially
- Your executor dies or moves to another state
- You change your mind about any of your beneficiaries.
Q: If I change my mind about something in my will, can I just cross it out?
A: This is not a good idea. To change your will, you should execute a new one or amend the existing one. Changes made by crossing out something may be meaningless and may even void the entire will.
Q: What is a Christian will?
A: A Christian will is one that directs a portion of the estate to Christian causes, such as the individual’s local church, missions or an entity of the state convention like the Alabama Baptist Children’s Homes & Family Ministries. A Christian will is also one that contains a statement of faith in Christ. Such a statement gives individuals an opportunity to proclaim their faith, values, beliefs and hopes to family members and friends who are not Christians. It is a final chance for the individual to share his testimony, and it is a record of that testimony for future generations.
Q: If my spouse is still alive, why do I need a will?
A: Even if both you and your spouse are alive, you should each have a will. When a spouse dies, assets generally pass to the surviving spouse. After a surviving spouse dies, however, more assets are controlled by will.
Q: Where should I keep my will?
A: Keep one copy of your will in a safe-deposit box and a second copy in another location. Be sure to tell your executor, attorney and/or family members where you keep your will. Some states require that a safe-deposit box be sealed at the renter’s death, and some banks may require a court order before allowing someone to enter a safe-deposit box.
Q: What happens if I die without a will?
A: If you die without a will, then the probate court of your county will appoint a representative to oversee your estate. The court-appointed representative must settle the estate and distribute assets according to state law, not according to an individual’s personal wishes. Fees associated with the administrator’s services will be paid from the estate.
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