Time for a Will? 5 Things You Need to Get Started

Estate planning worksheet for writing a willIt’s never too late (or too early) to get a will drafted for the good of you and your family. A will is one of the most important (or the most important) documents in your estate plan, both for asset distribution and as direction during very difficult time. This significant estate planning document can also become a vehicle for organizing your assets in preparation for the next phase of your life (i.e. establishing a trust, etc.) Because of its importance, it’s not a document to procrastinate drafting or to draft using a generic template.

Instead, contact a local lawyer who can produce a legal document in line with local and state regulations and conditions. To make the process extremely efficient, have these key pieces of information ready for the lawyer and for inclusion in your will.

List of assets

Not every asset needs to be included in your will, but you should have major assets listed. Do an inventory of your assets (including bank accounts, lock box contents, items in safe, properties, etc.), and be prepared to give your lawyer a list of major assets.

Beneficiaries

Once you’ve compiled a list of assets, it’s time to decide who gets them when you pass. Your lawyer needs a list of beneficiaries and their personal information (i.e. social security numbers, address, etc.) If you want to be very precise about certain items and who receives them, decide that information before you visit your attorney so you can provide very exact directions in your will.

Executor

An executor is named in your will to carry out your instructions. For that reason, choose your executor carefully; your executor should be a responsible individual (not necessarily a family member) who can follow your instructions and deal with any estate issues that arise.

Guardian

If you have any minors in your care, you’ll need to name a guardian to care for them. Bring the name of the guardian, as well as personal information about the individual, so the person can be named. If you want to leave any assets for your minors’ care, spell out those instructions to your lawyer.

Any other instructions

Specific instructions, even if they don’t fit one of the above categories, should be included in your will. For example, if you don’t want certain family members named as beneficiaries, that should be spelled out so the courts don’t see it as an oversight.

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