Are you in the beginning of your estate planning process? If so, here is an essential checklist to guide you through the process of creating a Last Will and Testament.

Enumerate Your Belongings

The first step of the estate planning process is to list your estate holdings. When you list your assets you will also assess your estate tax liability. As you list your belongings, your attorney can advise which items, such as Real Estate, can be left to heirs via your Will and which items should be left in a different manner. For example, you cannot use your Will to change a beneficiary on a retirement or other payable on death account.

Designate Beneficiaries

Next you must list your beneficiaries. Decide who will receive what and be sure to name back-up beneficiaries in the event that an heir passes away before you or with you. If you intend to disinherit a spouse or child, speak with your attorney to determine what legal claim that family member may have.

Name Your Executor

Don’t forget to name an executor. Your executor will make sure your debts and taxes are paid and then pass your property to your heirs. It is a good idea to let your planned executor know you have named him or her to avoid a blind side.

Chose a Guardian for Your Children

All parents with minor children should use their Last Will and Testament to name an estate executor. If you don’t name a guardian, a judge will choose one for you after you have passed away. You can also name someone to care for your child’s inheritance until that child reaches adulthood. That will avoid the necessity of a court overseeing their inheritance in a guardianship, and the costs associated with that oversight.

Sign Before Witnesses

It is important to sign your Will before two witnesses who can attest that you and they knew you were signing a Will and that you were of sound mind. Using an attorney to create a Will is best to ensure a legally signed document and reduce the likelihood of a challenge by an heir.

Keep Document Safe

Once your Will is signed, you must keep it safe from natural disasters and other unfortunate circumstances that may lead to a loss or destruction of the document. Common storage options include home safes, safe deposit boxes and electronic document storage.

Tags: Creating a Will, Wills