Making a Will: Being Your Biggest Grown-Up
Making a Will: Being Your Biggest Grown-Up
No one wants to face their mortality. It’s why so many people put off creating a will. However, it’s a task that every adult needs to do. Once you’ve set up an appointment with an attorney, it can be daunting to decide what to bring with you. This guide may make that easier.
Have Up to Date Contact Information
Your attorney will want to have the names, ages and addresses of all the people you want to gift money or possessions. Check everyone’s current address, phone number and other vital information. Otherwise, contact them before your meeting to get that information updated. You will need to have the Social Security numbers for your children if you want to set up certain trusts as well.
Know Your Assets
The lawyer will need to have the name of each asset you have, the type of asset it is, and the approximate balance. Account numbers are not necessary, but if you bring the latest copy of each statement, it will probably accelerate the process. Typical documents to bring in this area are:
- Mortgage statement / Deed
- Auto Loans / Vehicle titles
- Bank account statements
- Investment account statements
- Retirement or pension fund account statements
- Appraisals for jewelry or other expensive personal property
Resolve Tough Decisions
There are difficult decisions that you need to make regarding if you, your spouse, or both of you have passed away. Decide before you meet with the lawyer. Trying to make those decisions in the office of your attorney can be costly. More importantly, making those choices deserve your attention and care. Here are some things to consider before your meeting:
- Custody of your children should both parents die
- How your assets should pass to your children if they are minors upon your death
- Where and how you want to be buried
- Payment of funeral services
- Whether you want a living will
Managing the Will
While you’ve now done the hard part of setting up the will, someone else will need to oversee its execution – the Executor. Before your meeting with the lawyer, decide who you would like that to be. It’s best to speak to that person to ask if their permission. Then have their information ready to provide to your estate litigation lawyer in Memphis, TN.
Sometimes people are tempted to create their own will. However, you only have one chance to get this right, and you are ensuring that your loved ones are taken care of appropriately. Now is the time to find a qualified professional to help you with the process.
Thanks to Patterson Bray for their insight into estate planning and making a will.