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for legal advice. An
attorney must be consulted.
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considerations should be given to drafting a will?
There are many items to be considered when making a Will. Make a list of all your
questions and concerns before consulting with your attorney. Here is a list of common
Prepare a personal financial statement to determine whether a Simple Will or
estate planning Will is required.
Consider whether charitable bequests are part of the estate plan.
How do I hold title to my assets? Certain types of ownership, such as joint tenancy
with rights of survivorship, will take effect immediately at death and are not
controlled by a Will. Beneficiary designations on life insurance and retirement
accounts should also be reviewed in conjunction with the estate plan.
Some or all property was acquired in a community property state while married.
Provide for possible changes in circumstances, such as change in marital status or
birth or adoption of additional children.
Name an executor and alternate executor to administer the estate. Check state law
before naming a nonresident to act. An individual or corporate (e.g. a bank)
executor can usually act. Waiving the bond can save the estate expense. Grant
the executor extensive powers to cut down on the need for court approval of
Provide for an alternative distribution of assets if a beneficiary dies before the
When making specific bequests (bequests of specific items of property to specific
individuals), provide for the situation where that asset is disposed of before death or
if there are not sufficient funds to fund all the specific bequests.
Naming a guardian for minor children and providing instructions and funding for the
One or both spouses has children from a previous marriage.
Copyright © 1994 - 2015 by LAWCHEK, LTD.
This is not a substitute for legal advice. An attorney must be consulted.