I am thinking about preparing a will just in case something happens to me. What steps do I need to take?

Question: I am thinking about preparing a will just in case something happens to me.  What steps do I need to take?

Response:  Although no one wants to think of his or her mortality, preparing a will is always a smart step to take, especially as dying without a will can lead to a messy and costly probate process.   A will allows you to designate how and to whom you want your estate assets divided.  Also, if you are the parent of minor children, you can also designate whom you want to care for your children.   Depending on the size and complexity of your estate, you should do the following:  decide what your objectives; determine your beneficiaries and heirs; do an inventory of your assets; and estimate any outstanding debts against your estate.

Note that any debts will be paid before your beneficiaries and heirs receive their designated shares.  Assets should be specified, but in case of any assets not mentioned specifically, you can include a residuary clause that designates the remainder of your estate.  Where there is any ambiguity in your will, a probate court may have to step in and decide according to any governing probate statutes and this may be in conflict with your intended desires.   To summarize, a basic will should contain at minimum:

• Your name and place of residence
• A brief description of your assets
• Names of spouse, children and other beneficiaries, such as charities or friends
• Alternate beneficiaries, in the event a beneficiary dies before you do
• Specific gifts, such as an auto or residence
• Establishment of trusts, if desired
• Cancellation of debts owed to you, if desired
• Name of an executor to manage the estate
• Name of a guardian for minor children
• Name of an alternative guardian, in the event your first choice is unable or unwilling to act
• Your signature
• Witnesses' signatures

It is always prudent to consult with an estate planning attorney where your estate is large or there is the possibility that complex issues might arise.

Answered by Sharon Cullars

Additional Resources:

• Estate Planning - Last Will and Testament

Disclaimer: This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.