You are receiving this email because you signed up to receive Bob Carlson's free e-letter Retirement Watch Weekly, or you purchased a product or service from its publisher, Eagle Financial Publications. [Carlson's Retirement Watch Weekly] [Retirement Reports](www.retirementwatch.com/retirement-resources/) [Retirement Articles](www.retirementwatch.com/retirement-articles/) Brought to you by Eagle Financial Publications How to Make a Will Without a Lawyer by Bob Carlson
Editor, [Retirement Watch]( 12/24/2023 SPONSORED [Buy These 3 Stocks Today, Hold for the Next Decade](
[image]( These 3 stocks could give you steady dividend payouts and take care of your bills for the next decade. I'm talking about consistent payouts, month after month, year after year. A decade ago, I advised a group of retirees to do this, and they could have generated up to $671,727... Now it's your turn. [Click here to get started.]( [CLICK HERE...]( Fellow Investor, [Bob Carlson]In a recent survey, 53% of people who did not have a will gave this as their main reason: Difficulty finding an attorney they could trust. However, you donât need a lawyer to prepare a will for you. You can prepare a will yourself, and there are plenty of resources, especially online, to guide you. You can save money this way and still have peace of mind knowing that your estate plan is in place. Below are the steps to help make a valid will without a lawyer. Make a List of any Assets and Liabilities The first step is to know what you own and owe. Since the main focus of a will is the distribution of your assets, itâs important that you first compile a list of them. Your executor will have to pay any debts before distributing assets, so you also should make a list of them. Understand the Legal Requirements of Your State and Know any Necessary Language and Features While many states accept different types of wills, a state might accept a holographic, or handwritten, will or a will without witnesses, at least under some circumstances, you should strive to meet the requirements of a testamentary will. Meeting these requirements make it less likely that someone will challenge a will and that a court will declare it to be invalid. The requirements of a testamentary will differ from state to state. Witnesses are required. But some states require two witnesses while others, such as Vermont, require three. Some states require that the signatures of you and the witnesses be notarized, while others donât. Know your stateâs requirements. A will should state that it is the most current and updated version. It should include a statement revoking any previous versions and affirm that the current version is the only valid will. [Do You Hold an IRA, Roth IRA, 401(k) or Pension?](
[image]( Brace yourself... because your retirement money is at risk. It all has to do with a law enacted by the government, and it's set to seriously eat away at your retirement funds. [Click here for my full write-up,]( and the #1 strategy for protecting your money through this crisis. [CLICK HERE...]( Create a Basic Template Yourself or by Using an Online Service You arenât required to use the same format as most other wills, but it will make things easier for your executor and reduce the potential the will wonât be considered valid. It is best to have the will typed or computer-generated. The various online will-making services make this easier by establishing the format and allowing you to print the final version to be signed. Most of these services guide you through the process by having you answer a series of questions. The service uses the answers to generate the final will. Decide on Your Beneficiaries A beneficiary is a person who receives property through the will. The transfer or gift of property is known as a bequest. You need to identify the people (or institutions, such as charities) you wish to receive bequests from your estate and determine the amount of the bequests. Most people name spouses, children, close family members, or close friends as their beneficiaries. Many include one or more charities as well. A specific bequest is when an individual(s) receives a specific asset or a specific amount of money. For example, a will might say âMy brother Joseph is to receive $5,000 cash.â Or a will might say âMy sister Jane is to receive my diamond bracelet.â You donât need to make specific bequests. Some people want to remember friends or family who arenât members of the immediate family. Other people know that a particular piece of property would be meaningful and cared for by a certain person. The estate that is left after any specific bequests are made is known as the residual estate. Bequests from the residual estate tend to be more general and nonspecific. For example, a standard residual bequest is to provide that all the children receive equal shares of the estate. Another frequent provision is to provide that the surviving spouse receives the bulk of the estate (say 80%), but the adult children receive the remaining portion. Itâs a good idea to name contingent beneficiaries who will inherit if the primary beneficiary is deceased at the time the will is probated. For example, a will can say that the estate will be inherited by the spouse but the children will each receive equal shares of the estate if the spouse has passed away. Generally, if a minor is a beneficiary, the child cannot legally own the assets until reaching the age of majority. Either a guardian must be appointed to handle the childâs assets or your will can create a trust in which the trustee will manage the assets until the child reaches an age named in the trust agreement. In next weekâs issue of Retirement Watch Weekly, Iâll bring you part two of this series, including how you can ensure your assets are distributed exactly the way you want them to be. To a better retirement,
[Bob Carlson]
Bob Carlson
Editor, Retirement Watch Weekly Editorâs Note: According to Fortune, you need to be pulling in at least $650,000 every year to be considered a one-percenter in America. Now, to make that kind of money in one year, youâd usually need to own a booming business, climb the top of the corporate ladder or hit a jackpot in Vegas⦠but one breakthrough trading system can help you make âone-percenterâ money, in the next six months. [Learn about it here.]( SPONSORED [A.I. Is Reshaping Investing: Are You Prepared?](
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[Finding Higher Returns With Low Risk]( New to the Retirement Watch Community: SeniorResource.com Medicare Part D is a prescription drug coverage program offered by the federal government. Itâs designed to help seniors and eligible individuals afford the costs of prescription medications. Medicare Part D plans are provided by private insurance companies that are approved by Medicare. So how do you choose the plan that's right for you? [Click here to learn more.]( About Bob Carlson: [Bob Carlson]Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. About Us:
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