Asian Journal- The Filipino-American Community Newspaper

YOU’VE worked hard to accumulate valuable assets over the years. How do you plan to distribute this property after your death?

It’s important to have a will, regardless of the value of your possessions. This written document instructs how you want assets that pass via your will (money, property and other assets) to be distributed after your death. If you die without a will, your probate assets will be divided according to state law.

Here are some tips for preparing a will:

Have an attorney draft your will. If you draft your own will, make sure it complies with state law or it could be invalid.

Name an executor, whose role is to handle all administrative aspects of the will, including collecting assets, paying all debts and taxes and distributing your estate, according to your wishes.

List personal property such as artwork, collectibles, jewelry and other personal property that you want to go to specific individuals. Be clear about how you want your assets distributed.

Do not include funeral preferences in your will because it may not be read until several weeks after your death.

Review your will every few years and have your attorney make changes as appropriate.

A little advance preparation will help ensure that your final wishes are handled the way you planned them to be.

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( www.asianjournal.com )

( Published on January 17, 2009 in Asian Journal Los Angeles p. C5 )