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What To Include In Your Will
our Will is your first defense when it comes to identifying what property goes where and to whom after your death. But even the most specific of Wills can create problems if your executor or personal representative cannot find what it is that you're passing on. In such cases, The settlement of your estate may be delayed. You can help protect against delay by providing a detailed "map" of your assets for your executor or personal representative and family to use. Make your objective to put together all the necessary asset information they need. You can list your assets on a pad of paper or in a PC file- making sure to describe their location and other important information. Be sure to keep at least two copies, one at home and another in a safe deposit box.
What to Include
Will Background
Specify where the original is held for safekeeping: the trust company; your attorney; your safe deposit box. Also include information on the attorney involved, your trustee, and any trust you may have set up in your will.
Asset List
You'll leave no gaps for your executor concerning your assets if you include:
Securities
Identify any securities you own, trusts, brokerage accounts (including names, ID numbers, amounts - shares or units, and whether there are any other owners), and where all the important documents can be located.
Retirement Assets
Identify any IRA's, Keogh, 401(k), or other employer-sponsored retirement plans, any military or corporate pensions you are eligible for, and any other retirement assets you have. Also include the names of your beneficiaries.
Cash Accounts (CDs, money market, checking, savings)
List the account numbers and addresses for each and where you keep their records. If applicable, provide joint-owner information.
Real Estate
List the location of your home's deed, your sales contract, mortgage information, and other owners, if applicable. If you have real estate investments, list the same information.
Business
Describe any business ownership interest and any buy-sell agreement.
Miscellaneous Assets
Include on a descriptive list everything of value- cars, jewelry, boats, collectibles, etc.
Insurance Policies
Include policy numbers, issuers, and the location of your policies.
Funeral Instructions
Be as specific in these instructions as you feel is necessary: type of service, burial details, and accompanying records.
Outstanding Debts
Describe how much you owe and to whom, significant dates, account numbers, and circumstances. Do this for the sake of your beneficiaries. Usually, all debts must be paid before estate settlement can occur.
Legal & Financial Info
Summarize any lawsuits you may be involved in or other current legal work. Include the location of your file of tax returns and any information about an outside preparer.
Personal Information
Identify the location of your Social Security card and include any other important personal information that your executor should know.
Trust Documents
List all trust documents, including the names and addresses of your trustees and beneficiaries and the location of the trust documents.
Remember to update your "map" when significant events occur: births, marriages, 21st birthdays, even deaths. The more detailed your map, the more secure you can feel about your family's financial future.
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Sponsored by James J. Eccleston. This Web site contains material of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment adviser when building and protecting your wealth.
All content Copyright © 2010 Advocate Compliance Partners, Inc. except where noted. All rights reserved.
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Telephone 312-332-0000 | Fax 312-332-0003
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