Preparing your Last Will and Testament

A last will and testament is important, as it has specific directions on what should be done with your estate after you pass away. A last will and testament will ensure that your descendants have as little stress as possible when dealing with their inheritance. It also allows your estate to be taken care of exactly as you would like, rather than through a legal battle.

Beneficiaries

One of the first steps in preparing a last will and testament involves selecting the beneficiaries of your will, or the people who will be receiving your property. These people typically include your children, spouse, and other close relatives or close friends. Digital assets can be distributed to children or others as well in the last will and testament, as well as the physical possessions and assets of your estate and money.

If you would like your property distributed to specific people or organizations after your death you should list them in your last will and testament. You should also designate people who are assigned to carry out the terms of your last will and testament, who are called executors of your will. You can also list the names of people who might be assigned to take care of your children if the other surviving parent is unable to take care of them.

Executors

At least two executors (a primary and secondary) should be selected to carry out your wishes, and they should be selected based on their general business intelligence. The executors of your last will and testament should also be people who you can trust, and there are other factors to consider for those you appoint as an executor. You should also pick a guardian for your children who will take care of them while your last will and testament is being executed.

For large estates that are over the federal estate tax exemption of $5.25 million, a tax attorney should be consulted in preparing the last will and testament. In modern times there are often valuable digital assets and information that would need to be distributed, such as internet domains, pictures and documents, music and videos, online business documents and property, and many other types. This property should also be included in a last will and testament. There are many more details for preparing a last will and testament that must be considered, and in general the larger an estate is the more complicated it will be.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.