943 — Making a Will

The only certain things in life are death and taxes. Learn about avoiding taxes after death in this episode.
Slow dialog: 1:12
Explanations: 3:48
Fast dialog: 19:17
Last week, I got a wake-up call. One of my oldest friends from high school died suddenly in an accident, leaving no will. With no estate planning at all, his assets went into probate and his dependents were left in limbo.
My friend was a young man, the same age as me. At our age, who thinks about estate planning? Well, he should have and I’m starting right now to put my affairs in order.
I’ve already decided who will be my beneficiaries and how much of an inheritance each family member will get. One big decision I’m still thinking about is who should be my executor. I want to make sure my bequests are carried out and my assets are properly disposed of, so this person has to be trustworthy.
After I make those decisions, I’ll write a holographic will. It’s the simplest way of drawing up a will and adding codicils without an attorney, and since I’m still of sound mind, there shouldn’t be any problems. I’ll ask my neighbors to be witnesses.
Before I start drawing up my will, though, I still have one other important decision to make. Who should get custody of my eight cats?

Script by Dr. Lucy Tse