Ten Things To Include In Your Will

Ten Things To Include In Your Will

Here is a great article By Barbara Kate Repa,
Caring.com Senior Editor that I came across on www.caring.com

1. Name a personal representative or executor.

In an individual will, your parent can name a person or institution to act as personal representative, called an executor in some states, who will be responsible for making sure that the will is carried out as written and that the property is divvied up and distributed as directed. It’s also wise to name an alternate in case the first choice is unable or unwilling to act.

2. Name beneficiaries to get specific property.
Your parent’s will can specify separate gifts of property — called specific bequests — including cash, personal property, or real estate. Likely beneficiaries for such bequests are children and other relatives, but they may also include friends, business associates, charities, or other organizations.

3. Specify alternate beneficiaries.
In fashioning their wills, most people assume that the beneficiaries they name will survive to take the property they’ve specified for them. The most thoughtful wills provide for what should happen if those beneficiaries don’t survive — either by naming a backup recipient or indicating that the person’s spouse or children should take the property instead.

4. Name someone to take all remaining property.
If your parent has opted to make specific bequests of property, a will is also the place to name people or organizations to take whatever property is left over. This property is usually called a “residuary estate.”

5. Give directions on dividing personal assets.
If your parent wants assets divided among children, charities, or other beneficiaries, the will should note precisely what property is included in that pool. It should also specify whether assets are to go directly to beneficiaries or whether they’re to be sold and the value divided among the beneficiaries, either equally or according to stated percentages.

6. Give directions for allocating business assets.
Business assets are often separate from personal assets — and most business owners have very specific ideas about what should be done with them after their deaths. If your parents don’t have a written plan covering the windup of their business, encourage them to see an experienced estate planning attorney to ensure that their wishes are clearly indicated in each of their wills.

7. Specify how debts, expenses, and taxes should be paid.
The will should spell out your parent’s wishes regarding how to settle debts and final expenses, such as funeral and probate costs, as well as any estate and inheritance taxes. Usually a specific source, such as a bank account, will be tagged to cover these costs.

8. Cancel debts others owe.
A nice added touch is that people making wills can use the documents to relieve those who owed them money from the responsibility of paying that debt — along with any interest that accumulated on it — to them or their survivors.

9. Indicate special instructions for maintaining real estate.
If your parents name someone to keep their house, they should list any specific instructions for its care and upkeep in each will.

10. Provide a caretaker for pets.
Since the law considers pets to be property, the best way for your parents to assure a good home for theirs is to leave the animal to someone named in each will who has agreed to give it a good home. Many people also leave that person an amount of money to help cover the caretaking expenses.

Check out these other articles – Update Your Beneficiary Designations, What do you do when you lose a spouse? , Long Term Care Insurance . . How Does It Work? , Top 10 Estate Planning Mistakes!

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Ted Jenkin has spent the past 23 years giving personal financial advice to thousands of people across the United States. After graduating from Boston College in 1991, Ted spent more than 16 years working for American Express Financial Advisors/Ameriprise Financial. He was one of the youngest people in the history of the company to reach both Field Vice President and Group Vice President level. He managed more than 800 financial advisors throughout 8 states in his last position with the company. In 2008, Ted founded oXYGen Financial to help revolutionize the financial services industry by creating a new company that focused on serving the X and Y Generation. oXYGen Financial now has more than 2,200 clients throughout 25 states across the country many coming from social media techniques. Ted has been featured in over 30 magazines and newspapers including the Wall Street Journal, Business Week, and The Huffington Post. He was on the cover of Registered Rep magazine and featured in the ‘what will financial planning look like in 2023’ article done by Financial Planning Magazine. He has six advanced designations from the College for Financial Planning (CFP®, CRPC®, CRPS®, AWMA®, AAMS®, CMFC®) and is an on air radio personality.

4 Comments

  • February 19, 2010

    All valid points. I never considered an option for the pets. I just assumed that my children would be willing to take care of them. I seem to have forgotten that they don’t have the same passion for Mr. Jingles, Sam and Mickey that I do. Thanks for highlighting this.

  • February 19, 2010

    Keep in mind that writing your own will doesn’t save time and money if it means that your beneficiaries have to deal with a lengthy,
    expensive probate..

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