Steps In Preparing Your Will with your attorney

Steps In Preparing Your Willwith your attorney

A Will that will stand up in court, if necessary, and be tailor-made to meet the needs of your family, must first be thought out carefully by you, and then skillfully prepared by a lawyer who specializes in will drafting and estate planning.  He can guide you to the best decisions - but only after obtaining all the facts that you alone give.  Thus, you can be sure that your will is properly phrased, witnessed, and has all the technicalities observed.  It is penny-wise and pound-foolish not to pay a lawyer's fee for this service.  The charge will depend on the size and character of the estate and the work involved.

Here are some points to know when making a will:

o   You don't need to make an itemized statement of your assets, nor do you need to state the disposition of your property item by item.

o   You can change it at any time you wish, as your assets, beneficiaries, or desires change.

o   Your will is not recorded before death; no one need know of it if that is your wish.

o   The existence of the will does not affect your ability to sell or dispose of property.  You may continue as though you had not written the document.

o   While the law permits a beneficiary to witness a will, it is recommended that a beneficiary witness be used only when a disinterested party is not available, in order to avoid future challenges as to conflict.

Start by making a list of everything you own and all you owe - a statement that will show exactly where you stand financially.  Decide to whom you will leave your real and personal property.  Do it systematically.   Be certain you have stated just what your wishes are by making a list of the persons involved, their relationship to you, your objectives, when their bequest is to be given, and how it is to be provided - through a trust fund, life insurance trust, etc., and the source of the funds, whether from the general estate or proceeds of insurance policies.  Take this list to the lawyer who is counseling with you.

Select an executor, executrix, or personal representative to administer the will.  This may be the beneficiary who will inherit the bulk of your estate, a member of the family, your legal or financial advisor, a trusted friend or business associate.  You should name a contingent executor or personal representative to act in case your first selection dies before you, or is unable to serve.

A bank can act as an executor, personal representative, trustee under a trust, or guardian of either a minor or an incompetent person.  A bank is experienced and familiar with accounting and management details.   It is financial responsible and a continuing institution - an individual may die, but a bank has continued life.

In selecting your executor or personal representative and trustee, the choice should be made with great care.  The decision would be businesslike, not sentimental.  While sentiment and friendship can cause some people to name members of the family or close friends, remember that your executor or personal representative has the important responsibility of settling your estate and seeing that the wishes expressed are faithfully carried out.

When you consult the attorney, ask for a rough draft of your will and study it carefully before signing the final copy.

It is important that you name a guardian if you have minor children.

Source http://www.co.cumberland.nj.us/content/22602/23182/23382/23402.aspx#wills