The Value of Creating a Will

February 26, 2019 | by the National Care Planning Council

In general, a will is designed to provide for orderly distribution of assets to heirs.

Many people in their final years of life have already expended or gifted assets. In many cases, the only remaining asset of any value is the home. If a home is the only remaining significant asset of any value, this makes the need for a formal will less important. Perhaps of more importance, when there are few cash assets, is creating a list of who gets what of the treasures and other personal belongings that are of little intrinsic value.

There may be other final instructions that should be included in a will. For example, the creator of the will may also want to specify desired funeral arrangements and in some states the probate court will allow an executor or personal representative, who has not yet been appointed, to carry out these wishes.

If there are indeed assets of value that are to be divided among the heirs, and there are definite wishes about who should get what, a will is vital. This is especially true where there are multiple marriages and children of those marriages. Experience over the years has given us numerous examples of the property going to the wrong people because no will was ever made. There are also many examples of individuals who want to pass on the ownership of the business or other property who leave handwritten instructions that were poorly executed and not well thought out. Without the assistance of an attorney, some of these holographic wills have ended in complete disaster. The final outcome for the persons creating these documents has been exactly the opposite of what they wanted.

Generally a will specifies the disposition of specific assets and such lists are incorporated into it. But, often the disposition of items with little intrinsic or economic value but immense sentimental or historical value, is just as important if not more important to most us. These are such things as personal histories, achievement awards, genealogies, favorite ceramics, handicrafts, heirlooms, jewelry, special furniture, pictures, collections, etc.

It is important to make a list of who gets what of the "special" belongings and update it regularly. Sometimes in the haste and confusion of arranging long term care, "treasures" end up in the trash or at the local thrift store. Or even more likely, they end up in the wrong hands. The improper distribution of these special items can sometimes cause bad feelings or infighting between family members. This contention has even broken families apart.

There is no need for a list of who gets what to be part of the will and the list may not even require the help of a lawyer if there is no will. Giving copies of the list to the recipients should be sufficient enough intent for family members to respect final wishes. If the person making the list is concerned that family members will not respect his or her wishes, he can legalize this list by making it part of the will.

Or if a legal document is not created, a list of "special" belongings will be treated as a legally binding holographic will if it is created in the maker's own handwriting, dated and signed and a declaration is made that the maker is of sound mind to devise such a list. Certain trusted family members will be given a copy of this will and instructions to petition the probate court if other members of the family refuse to respect the intent of the distribution.

In some states, a holographic will must also be witnessed. To be safe, always have at least two witnesses sign a holographic will and have it notarized for the signatures.