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10 Key Considerations When Making a Will: A Guide
Philippe Richer
November 21, 2023
This is a Last Will and Testament. It is an Estate Planning Document.

When it comes to estate planning, creating a will is a fundamental step in ensuring that your assets are distributed according to your wishes. However, the process can be complex and requires careful consideration of various factors. Here are 8 to 10 key points to consider when making a will:

Consult a Lawyer: The first and most crucial step in making a will is to consult a lawyer. While there are online resources and templates available, a lawyer can provide personalized advice and ensure that your will complies with legal requirements. They can also help you navigate complex family dynamics and potential legal challenges.

List Your Assets: Before you can decide how to distribute your assets, you need to know what you have. Make a comprehensive list of your assets, including real estate, bank accounts, investments, and personal property. This will help you determine how to divide your estate and identify any potential tax implications.

Choose Your Beneficiaries: Clearly outline who you want to inherit your assets. This can include family members, friends, charities, or other organizations. Be specific in your instructions to avoid any confusion or disputes among beneficiaries.

Appoint an Executor: The executor is responsible for carrying out the instructions in your will. Choose someone you trust and who is capable of handling the responsibilities. You can also appoint an alternate executor in case the first one is unable or unwilling to serve.

Consider the Needs of Minor Children: If you have minor children, you need to consider their needs and appoint a guardian to care for them if you pass away. You should also outline any financial provisions for their upbringing and education.

Plan for Taxes: Consider the potential tax implications of your estate and how they may affect your beneficiaries. Your lawyer can advise you on the potential tax burden.  While avoiding taxes should not be your sole consideration, it will impact your legacy.

Address Any Special Circumstances: If you have any special circumstances, such as a blended family, children with disabilities, or specific bequests (gifts), make sure to address them in your will. You should also communicate those wishes to your family and other beneficiaries. This can help prevent misunderstandings and ensure that your wishes are respected.

Review and Update Regularly: Once you have created your will, it's important to review and update it regularly, especially after significant life events such as marriage, divorce, or the birth of a child. This ensures that your will remains accurate and reflects your current wishes.

Consider the Impact on Relationships: When making a will, consider the potential impact on relationships among family members and beneficiaries. Be mindful of how your decisions may affect them and when appropriate strive to be fair and equitable in your distribution of assets.  However, every family has its issues.  If you are distributing unevenly, open communication with all those impacted will mitigate any hard feelings.  Litigation usually happens when expectations are not met.

Leave a Legacy: Finally, consider how you want to be remembered and what legacy you want to leave behind. This can include charitable donations, personal messages to loved ones, or other meaningful gestures that reflect your values and beliefs.

In conclusion, making a will is a crucial step in ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after you pass away. By carefully considering these key points and consulting with a lawyer, you can create a comprehensive and legally sound will that reflects your values and provides peace of mind for you and your family.

Disclaimer - Legalese

This article is presented for informational purposes only. The content does not constitute legal advice or solicitation and does not create a solicitor-client relationship (this means that I am not your lawyer until we both agree that I am). If you are seeking advice on specific matters, please contact Philippe Richer TLR law at 204.925.1900. We cannot consider any unsolicited information sent to the author as solicitor-client privileged (this means confidential).