Drafting a will is an important estate planning step, and one that does require some preparation. We’ve assisted many Wisconsin clients drafting a will; while hiring an experienced estate planning lawyer ensures that the document is legally sound, asking a few of the right questions at home can assure that the will is accurate and complete.
Who do I want to appoint as guardian of my children? What is that person’s personal information?
Selecting a guardian for your children and other minors when you pass away is not a decision to be made lightly. The right guardian should be an adult, incredibly trustworthy, and should fit all the criteria of a capable guardian. Once you have chosen the right party to be guardian, have their full name and personal information with you when you visit your attorney.
Who are the beneficiaries that I want to receive my assets? What is their personal information (i.e. social security numbers, address, etc.)?
A beneficiary is a party (i.e. individual, charity, etc.) that should receive the assets listed in a will. A will can include instructions to divide the assets equally between beneficiaries or provide specific instructions on individual assets. When scheduling an appointment for drafting a will, have an idea of any specific instructions before visiting an attorney.
Are there any assets that I want to pass on to a certain individual, such as an heirloom piece of jewelry?
One of the most common estate planning mistakes we see is people who give verbal instructions to a beneficiary without including any written instructions in a will. Depending on the situation, this can lead to hard feelings and improper execution of verbal instructions. Unfortunately, verbal instructions are not legally binding, meaning that there is no legal way to ensure that they are followed. Instead of simply telling a beneficiary they can have a prized item, include a written instruction in a will; it’s the best way to ensure that all wishes are followed.
What assets should be listed in the will? Do I have information about those assets (i.e. bank account numbers, lock box information, etc.)?
Not all assets need to be listed in a will. For those assets that should be included in the will, compile pertinent information about the asset, such as the holder and number of a life insurance policy. All information needs to be given to a lawyer during the will drafting process.
Who do I trust to carry out the instructions in my will?
One of the key parties listed in a will is an executor. The executor is charged with the task of distributing assets and carrying out wishes listed in the will. An executor should be extremely honest and organized. The executor does not need to be a family member; it can be anyone you trust with the responsibility. Choose the executor carefully and discuss the decision with all relevant parties to make the process easier when the will goes into effect.