What Information is Needed to Prepare a Will?

Creating a will is a critical step in estate planning, ensuring that your assets are distributed according to your wishes after your passing. Understanding the information needed to prepare a will can seem daunting, but with clear guidance, you can navigate this process with confidence.

Looking for the right estate planning team for your future goals? Call John H. Ruby & Associates at 502-895-2626.

Identifying Your Assets and Liabilities

To start preparing your will, you need to identify all your assets and liabilities. Assets include items like your home, bank accounts, investments, personal belongings such as jewelry, and digital assets like social media accounts. Liabilities are your debts, such as mortgages, loans, and credit card balances. Listing all these clearly ensures your estate planning is accurate and thorough.

Determining Beneficiaries for Your Assets

Once you have a clear understanding of your assets, you need to decide who will inherit them. Beneficiaries can be family members, friends, or even charitable organizations. It’s important to be specific about who gets what to avoid potential conflicts or misunderstandings. For example, instead of simply stating that your car goes to your child, specify the child by name, especially if you have more than one.

Choosing an Executor for Your Will

The executor of your will plays a vital role in ensuring your final wishes are carried out accurately. This individual will handle tasks like managing your estate, paying off any debts, and distributing your assets to the named beneficiaries. Selecting the right executor is crucial for the smooth execution of your will. Ideally, choose someone you trust deeply and who is well-organized, reliable, and responsible. 

This person should have a good understanding of your wishes and be capable of handling the legal and financial responsibilities involved. It’s also important to discuss the role with the person you intend to name as your executor. Make sure they are willing and prepared to take on these duties before officially designating them in your will. This proactive conversation can help avoid any surprises or complications down the line.

Appointing Guardians for Minor Children

If you have minor children, appointing a guardian in your will is essential to ensure their future well-being. A guardian is someone who will take care of your children if you are no longer able to do so. Choose someone who shares your values, has a similar parenting style, and is willing to take on this significant responsibility. It’s also important to have a conversation with the person you are considering to make sure they are prepared and willing to accept this role. Taking the time to discuss your expectations and wishes can help ensure that your children will be cared for in a way that aligns with your values and intentions. When selecting a guardian, consider their ability to provide emotional and financial support, as well as their overall stability.

Including Specific Bequests and Instructions

Specific bequests are unique items or sums of money you want to leave to particular people or organizations. To make sure these wishes are honored, include detailed instructions in your will. For instance, if you want to leave a piece of jewelry to a specific relative, describe the item clearly so there’s no confusion. This part of your will can also cover special requests, like your preferences for your funeral arrangements.

When writing these instructions, think about any specific conditions or instructions you want to include. For example, you might want a particular asset to be used for a certain purpose, like funding a grandchild’s education. Clearly stating your intentions can help prevent misunderstandings and ensure that your bequests are used as you intended. If you want to leave something to a charity, provide the charity’s full name and address to avoid any mix-ups.

Remember to review this section periodically to make sure it still reflects your current wishes and circumstances. Life changes, such as the birth of a new family member or a change in your assets, might require updates to your specific bequests.

Ensuring Legal Compliance and Validity

Ensuring that your will complies with legal standards is crucial for its validity. While you can draft a will on your own, consulting with an estate planning attorney is highly recommended. A Kentucky estate planning attorney can help ensure your will meets all legal requirements in your state and can provide guidance on complex issues.

Plan for the Future and Protect Your Assets with John H. Ruby & Associates

Wherever you may be in your estate planning goals, it’s never too early or too late to reach out to our team. Give us a call at 502-895-2626 or reach out online to set up a consultation now.