Making a Will

November 12th, 2007 | Posted in Estate Planning

Making a will is the first step in estate planning. Where do you start? You start by making a list of the people and organizations you want to remember in your Will. You, of course, want to provide for your dependents first but then you can get as creative as you wish.

You can give items that are meaningful to family members or friends, honor a colleague or arrange gifts to organizations or charities that you believe in. Prepare the list and include addresses, phone numbers and Social Security numbers if you have them. Be accurate. Clearly identify not only people but organizations.

Many organizations have similar names so contact the organizations or charities and get specific information about their identifying names and addresses.

You will need to choose an executor or executrix to settle your estate and carry out your wishes. Choose this person or persons with care. You might want to name a family member and a lawyer or a bank or trust company. The executor’s role is to file tax returns, invest assets, and setting values and selling property.

The job, also, includes submitting the Will for probate, safeguarding assets, paying your debts and distributing the remainder according to your wishes. The executor is entitled to a reasonable fee from your estate because the job is time consuming. Your executor should:

1. Be Trustworthy
2. Be willing and have the time
3. Be impartial to all beneficiaries
4. Have some business sense
5. Have some knowledge of estate law
6. Be younger that you

You should name an alternate executor in case the person you name dies before you and you should ask the person if they are willing and able to accept the responsibility.

Now that your decisions are made, the final step is to make an appointment with an attorney and have him write your Will according to your wishes. If you haven’t written your Will, do so today.

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