Write Your Will
Should you die without a will, your state legislature has codified your property distribution for you. Intestate succession may or may not be what you desire, but that is what you will get. If you want to save a few bucks, let the government take care of the administration of your estate. But, to encourage you to think about a will, the following five steps will help you start.
INVENTORY YOUR ESTATE: Organize your assets and liabilities into a file (if you do not have a form, contact me and I will e-mail one to you for free). Include all real property, tangible and intangible personal property, contracts, insurance, pension plans, bank accounts and cash. This will give you an idea of the size of your estate and allow you to make informed decisions about the distribution of your property.
DETERMINE YOUR ESTATE DISTRIBUTION: How you want your property distributed and to whom is the basic intent of a will. It is your, not the government’s, expression of the disposition of your property. The distribution plan allows you to leave clear instruction on who gets what.
TAKE CARE OF YOUR KIDS: Should you and your spouse both pass away, who will take care of your children? By what standards will they be reared? When will they get an inheritance? How will the guardian pay for the upbringing? A will allows you to make those decisions and take care of your children without court intervention.
FIND FIDUCIARIES: Executors and trustees are very important people that will carry out your final desires. They can be friends, family or someone you trust. They should be chosen carefully and agree to serve. The responsibilities of distributing your estate are a large one and often time consuming. If all fails, a bank or lawyer may be willing to take on this role.
CALL A LAWYER: Some very simple estates can be distributed with self-drafted wills. Many people with sizeable estates feel they can draft their own wills. People can also cut their own hair, tune their own cars, and maybe perform minor surgery on themselves. However, taxes, insurance, pension plans, home equity and investments complicate the planning of an estate—it is worth the time and money to consult an attorney to help you design your will.
The majority of adult Americans do not have a will; it is a shame since the planning of an estate for incapacitation and death is straight-forward and a phone call away. Look after yourself, your family and loved ones—call an attorney soon to get the ball rolling.
INVENTORY YOUR ESTATE: Organize your assets and liabilities into a file (if you do not have a form, contact me and I will e-mail one to you for free). Include all real property, tangible and intangible personal property, contracts, insurance, pension plans, bank accounts and cash. This will give you an idea of the size of your estate and allow you to make informed decisions about the distribution of your property.
DETERMINE YOUR ESTATE DISTRIBUTION: How you want your property distributed and to whom is the basic intent of a will. It is your, not the government’s, expression of the disposition of your property. The distribution plan allows you to leave clear instruction on who gets what.
TAKE CARE OF YOUR KIDS: Should you and your spouse both pass away, who will take care of your children? By what standards will they be reared? When will they get an inheritance? How will the guardian pay for the upbringing? A will allows you to make those decisions and take care of your children without court intervention.
FIND FIDUCIARIES: Executors and trustees are very important people that will carry out your final desires. They can be friends, family or someone you trust. They should be chosen carefully and agree to serve. The responsibilities of distributing your estate are a large one and often time consuming. If all fails, a bank or lawyer may be willing to take on this role.
CALL A LAWYER: Some very simple estates can be distributed with self-drafted wills. Many people with sizeable estates feel they can draft their own wills. People can also cut their own hair, tune their own cars, and maybe perform minor surgery on themselves. However, taxes, insurance, pension plans, home equity and investments complicate the planning of an estate—it is worth the time and money to consult an attorney to help you design your will.
The majority of adult Americans do not have a will; it is a shame since the planning of an estate for incapacitation and death is straight-forward and a phone call away. Look after yourself, your family and loved ones—call an attorney soon to get the ball rolling.
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