For most people, a Last Will and Testament serves as the foundation of their estate plan, ensuring that their wishes are honored, and their loved ones are provided for after they pass away. The prospect of creating your Will, however, may seem daunting. To make the process effective and comprehensive, it helps to keep several key considerations in mind. Toward that end, an Indianapolis attorney at Frank & Kraft explains the top seven things to consider when creating your Last Will and Testament.
- Who Will Serve as Your Executor? The Executor of your Will is responsible for administering your estate, which includes gathering assets, paying debts, and distributing property to beneficiaries. Choosing the right person is critical and should be someone who is trustworthy, organized, and capable of managing financial matters. Also, keep in mind that if you appoint a close friend or family member, they will need to be able to focus on their duties as Executor while simultaneously grieving your death.
- Identifying and Including All Assets: To avoid confusion and disputes, make a comprehensive list of all your assets, including real estate, financial accounts, personal property, and digital assets. Clearly specify in your Will how each asset should be distributed. Be sure to account for assets that may pass outside of probate, such as life insurance policies or retirement accounts with named beneficiaries, and update those designations as needed.
- Clearly Identify Your Beneficiaries: It is essential to clearly identify your beneficiaries in your Will because ambiguities or general descriptions, such as “my children,” can lead to disputes during the probate of your estate. Include full names and relationships and consider alternative provisions in case a beneficiary predeceases you. For example, you might specify that a beneficiary’s share should go to their children if they are not alive.
- Providing for Minor Children: If you have minor children, your Will is the place to name a Guardian who will take care of them if you and their other parent pass away. This decision is one of the most important aspects of your Will because it is the only formal opportunity you have to let a judge know who you want to be responsible for your children in your absence. Additionally, consider establishing a trust to manage assets left to your children until they reach a certain age because minor children cannot legally inherit directly from your estate.
- Addressing Debts and Expenses: Your estate will likely need to address debts and expenses before distributing assets to beneficiaries. Clearly state in your Will how you wish these obligations to be handled. For instance, you may want specific assets sold to cover debts or designate certain funds for this purpose. Without clear instructions, your Executor may face challenges in determining how to manage these financial matters.
- Plan for Your Pets: If you have beloved family pets, you will undoubtedly want to ensure their well-being after you are gone. While you can simply designate a trusted friend or family member as their caregiver and include specific instructions for their care, a better option may be to incorporate a pet trust into your comprehensive estate plan. Not only does a trust provide a legal mechanism for enforcing your wishes regarding your pets, but it also lets you appoint a Trustee to oversee the trust and administer the trust terms.
- Consult with an Experienced Estate Planning Attorney: While it is possible to create a simple Will using online templates or software, consulting with an estate planning attorney is highly recommended for several reasons. DIY estate planning forms often include errors, outdated and generic terms and laws, and may fail to fully distribute your entire estate. Moreover, an experienced estate planning attorney can help you navigate complex legal issues, ensure your Will is legally sound, and protect your assets from potential challenges.
Are You Ready to Create Your Last Will and Testament?
For more information, please join us for an upcoming FREE seminar. If you are interested in getting started on your Last Will and Testament, contact an experienced Indianapolis estate planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.Read More!
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