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?

For more information about Gift Planning and KQED, please contact us.

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