Preparing Your Will: Step-by-Step: Difference between revisions
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Preparing Your Will: Step-by-Step (view source)
Revision as of 00:38, 29 January 2016
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Typically, a will has several sections: | Typically, a will has several sections: | ||
* '''Initial matters:''' The first section of the will appoints the '''executor'''. The executor is the person who is responsible for carrying out the instructions in the will. | * '''Initial matters:''' The first section of the will [[Appointing an Executor|appoints the '''executor''']]. The executor is the person who is responsible for carrying out the instructions in the will. | ||
* '''Distribution of the estate:''' The will sets out who receives your possessions and property, also known as your '''assets''', and under what conditions. The people to whom you give things are called '''beneficiaries'''. You can make gifts of specific property or cash gifts. Whatever amount left over after debts and taxes are paid and gifts are distributed is called the '''residue''' of the estate. In the will, you say who receives the residue, and in what portions. | * '''Distribution of the estate:''' The will sets out who receives your possessions and property, also known as your '''assets''', and under what conditions. The people to whom you give things are called '''beneficiaries'''. You can make gifts of specific property or cash gifts. Whatever amount left over after debts and taxes are paid and gifts are distributed is called the '''residue''' of the estate. In the will, you say who receives the residue, and in what portions. | ||
* '''Other details:''' The will can also include other details as you wish. For example, if you have any children under age 19, you should name a '''guardian''' for them in the will. You should also provide for financial assistance for the guardian to cover the costs of raising the children. | * '''Other details:''' The will can also include other details as you wish. For example, if you have any children under age 19, you should name a '''guardian''' for them in the will. You should also provide for financial assistance for the guardian to cover the costs of raising the children. | ||