Practical Will Planning

“One-size-fits-all” may be fine for socks or caps, but when it comes to a will, you need one that’s as individual as you are.  Your will should take into account your family situation, the size of your estate –  even the special organizations that are an important part of your life.

Making a will should not be a do-it-yourself project.  A will is an important legal document.  Overlook a minor detail and your will might be invalid; use incorrect wording and the result might be a costly, bitter legal battle.  Furthermore, your will should be just one part of your overall estate plan – a plan that calls on the expertise of all your advisers (lawyer, accountant, broker, insurance agent).  Before seeing your attorney about drafting your will, consider the following:

• Do I want to leave everything to my spouse?  Should I leave my estate outright or in trust?
• What happens if my spouse and I die together?
• Do I need to name a guardian for children in my care?
• Are my children mature enough to handle a large inheritance?
• What does my estate include (cash, real estate, insurance, investments, retirement benefits, etc.)?
• Will my estate be subject to estate tax?  How can I avoid or reduce the tax?
• Do I have any assets that require special treatment, such as a closely held business?
• Besides my spouse and children, is anyone else dependent upon me for care (aged parents, friends)?
• Is there some way to continue supporting, after my death, those charitable organizations I assisted during my lifetime?

Your attorney will ask you these and other questions in order to draft the right will for you and your unique situation.  He or she will make sure the wording is clear, that all possibilities are considered and that your will conforms to state law.  For more information on will planning, click here to request our latest publication, Planning Your Bequests, or contact our office.