RadioBDC Logo
Cannonball | The Breeders Listen Live
 
 
< Back to front page Text size +

Take care of your will

Posted by Jill Boynton  July 2, 2010 10:01 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

The estate of child actor Gary Coleman, who died last month, is currently in turmoil as lawyers try to figure out which version of his will is valid. There could be as many as 3 versions; one drafted in 1999 leaving his estate to his former manager, a second version his costar Todd Bridges claims was penned in 2007 (although it hasn’t surfaced yet) and a third handwritten document from 2009 in which everything is left to his ex-wife. How this will play out is anyone’s guess at this time.

This situation brings to light the importance of taking care of your will. First of all, make sure it is executed correctly (witnessed and notarized) and that the language adheres to the laws of your state. For this reason I always recommend having a will drawn up by an attorney and not writing it yourself or using a form found on the internet. Secondly, store the original at your attorney’s office for safekeeping, but keep a copy on hand. Don’t store your will (or the copy) in a safe deposit box unless someone in addition to you has access to the box. Otherwise no one will be able to get at the will when it is needed.

It is not uncommon to rewrite one’s will several times during a lifetime. Just be sure to destroy all superseded copies.

Following these steps will help your heirs to settle your estate in a timely manner.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

About the contributors

D. Abraham Ringer is a CERTIFIED FINANCIAL PLANNER practitioner and a Financial Adviser with Morgan Stanley Global Wealth Management in Boston. He is registered in MA, NH, NY and several other states to which his articles are directed. For more information please visit www.morganstanleyfa.com/ringer
Financial Planning Association™ of Massachusetts has 900 members who specialize in the financial planning process. Many of its members engage in philanthropic pro bono work in their communities, recommend legislation, elevate public awareness, promote financial literacy, and advocate for sound economic and tax policies.
Odysseas Papadimitriou is the founder of CardHub.com, a credit card and gift card marketplace, and WalletHub.com, a personal finance site. He has more than 13 years of experience in the personal finance industry, and previously served as senior director at Capital One.

E-mail your question

Name:
E-mail:
Your question/comment:
archives