Preparing a Will
What information do i need to prepare a will?
Wills can be very simple or extremely complex, but for most people there are not too many decisions that need to be made.
In preparing to make your will you should:
1. Think about who you would like to name as your executor
2. Make a list of your current assets and debts
3. Think about who you would like to receive the assets in your estate when you die.
What is an executor?
Your executor is the person who will deal with all of the legal work associated with probating your estate after your death. They will be in charge of calling in the assets of the estate, paying any outstanding bills, final taxes, and dividing up the estate pursuant to your wishes (your lawyer will help with many of these things, but the executor is ultimately responsible). We recommend that you choose one person to act as your executor, and ideally choose someone who is local. Many people feel that they don't want to leave someone out and that they should name multiple executors jointly - you can certainly do this, but it can get much more complicated when it comes time to deal with the estate because all of your executors will be required to sign all of the documents, and coordinating multiple schedules adds another layer of difficulty. You should also think about who you would like to name as your alternate executor if your first choice were to die before you or otherwise not be able to act.
Who do i name as beneficiaries?
Whoever you want!
Many people think that they have to leave their estate to their children, but this is not the case. If you are married you generally have to leave at least half of your estate to your spouse (the idea is that your spouse should not get less if you die than they would if you were to separate) and if you have dependents (minor children or adult children who are not able to care for themselves due to an illness, disability or other cause) you will have to provide for them, but otherwise you have no obligation to support your adult children.
What is a power of attorney?
A Power of Attorney is a legal document which allows you to name someone who can act on your behalf for legal and financial matters during your lifetime.
What is a Health Care Directive?
A Healthy Care Directive is a legal document which allows you to name someone who will make health related decisions for you in the event you are not able to make them for yourself. It also sets out how you would like your health related matters to be dealt with, in the event you cannot communicate.
Can I prepare my own will, power of attorney or health care directive?
Think about it like this - if you had an infected tooth, could you pull it on your own? Sure. But it will be a lot less painful and there will be less chance of a bad reaction if you let your dentist do it.
Some people do prepare their own testamentary documents and sometimes they're fine, but there can also be cases where you could make a mistake that you don't realize and after your death your estate is divided in a way you did not want.