Creating a Will can feel daunting, but with some preparation, you can be assured that you’ve provided your loved ones with the protection they need when they need it most. When creating a Will, remember to keep the following in mind to ensure your wishes are carried out and your estate is managed efficiently.
Gather Documents
Gathering the following information will help you fully prepare for the process:
- Birth certificate
- Marriage licenses and/or divorce certificates
- Deed(s) to property
- Mortgage(s) information
- Insurance policy information
- Information for your bank accounts
- Information about investment portfolios
- Names and contact information for your estate attorney, insurance agent, accountant, and financial advisor
Select Beneficiaries
List all your beneficiaries (individuals, organizations, or charities) with their full legal names and relationship to you. It’s important to be as specific as possible to avoid confusion or uncertainty about who will inherit money, property, valuables, and other belongings per your wishes. For example, instead of saying “my children,” specify each child’s name. The more specific, the better.
Select Your Executor
The Executor of your Will is the person who will be responsible for settling your estate upon your passing. Choose someone trustworthy and capable of handling the financial and legal obligations required, which often include paying debts and taxes and distributing assets according to your Will. You can also name a Co-Executor in case your primary choice of Executor is unable to manage your estate for some reason.
Make a List of Your Assets
Compile a detailed list of your assets, including real estate, bank accounts, investments, personal property, digital assets, collectibles, etc. Once you identify your assets, make your intentions as detailed as possible for the person or people you want to receive them. This will help ensure your wishes are honored as you intend.
Sign Your Will
Properly finalize your Will by getting the appropriate signatures your state mandates. This may require witnesses and a notary public. It’s also a good idea to let anyone who is mentioned in your Will know that they are a part of your estate plan.
Keep Your Will Safe
It’s important to store your Will in a safe place to keep it from getting lost and your loved ones can access it when the time comes. A fireproof safe or a safety deposit box are common places that protect and preserve your important financial and estate documents.
Update Your Will When Necessary
Be sure to review your Will and other estate planning documents every few years or whenever you have a significant life change, such as:
- Marriage or remarriage
- Divorce
- A new inheritance
- Purchase of property
- Birth of children or grandchildren
- Moving out of state
- Death of a beneficiary or executor
- Change of banks or other important accounts
Seek Professional Advice
It’s important to consult with an estate planning attorney to ensure your Will meets your specific needs. The Law Office of Todd Cushner & Associates is always here to help. Contact us at 914-600-5502.
