Five Things You Need to Create a Will
From the BMC Newsletter: The Five Things You Need to Create a Will
- Name of your executor: Your executor carries out the distribution of your estate, handles assets and debt and settles your Will. While an executor is often a spouse or a family member, consider your choice carefully. A personal representative may be required to travel, make inquiries and take time or legal action to follow through on your wishes. Be sure your executor is willing and able to perform the tasks required by the appointment.
- Contact information: Preparing a Will requires detailed contact information for you, and parties to your Will. This includes your spouse or partner, parents, siblings, children, deceased children and grandchildren. If yours is not a traditional family arrangement, include information for the important people in your life to be named in your Will. Include the dates of birth and addresses. These are your beneficiaries and heirs.
- Property: Create a detailed list of your property. This may include jointly-held property that is transferred to the joint-holder upon your death. Take the time to list bank account numbers, describe stock and investment accounts, interest in commercial or other holdings and your personal property. Preparing this list over a period of time allows you to recall and record all your property if it is not otherwise summarized in tax or other documents.
- Bequests: Carefully consider how your wealth or property is to be distributed. This includes financial bequests and gifts of personal property. When making a bequest to a minor, determine what guardian or trust is to manage the funds until the minor is of age. Consider a secondary beneficiary in case the individual you name passes away prior to the execution of your Will. Think about bequests to the charities and foundations of your choice.
- Guardian for minor children: If you have minor children, think about who should care for them if you cannot.
Preparation of a well-crafted Will is an investment in the future. When you have questions about a Will or creating an estate plan in New Jersey, please call me at (908) 236-6457 or email me at Alec@BMCEstatePlanning.com.. Thanks for reading our first BMC newsletter, we look forward to serving you.