Prepare Your Own Will Table of Contents
INTRODUCTION 9
CHAPTER 1: Why Do You Need a Will? 13
Reasons for Having a Will 14
To Avoid Having the State Decide Who Will Receive Your Property 14
To Appoint an Executor Who Will Administer Your Property 17
To Appoint a Guardian for Your Minor Children 18
To Appoint a Guardian or Trustee to Administer Property for a Minor Child 18
To Disinherit a Child or Other Relative 19
To Accomplish Other Results 19
CHAPTER 2: Planning Your Will 21
Qualifications for Having a Will 21
Other Estate Planning Tools 22
Avoiding Probate 22
Joint Tenancy with Right of Survivorship 23
Living or Revocable Trusts 23
Life Insurance 23
Payable-on-death Bank Accounts 24
Reducing Taxes 24
Healthcare Concerns 24
Living Will 24
Health Care Power of Attorney 25
Steps in Preparing Your Will 25
CHAPTER 3: Property Questionnaire 29
What Property May You Dispose of with Your Will? 29
Community Property States 30
Common-Law Property States 31
Federal Estate Taxes and State Inheritance and Estate Taxes 33
Property Questionnaire Instructions 34
Property Questionnaire 36
What Are Your Assets? 36
What Are Your Liabilities? 46
Net Worth of Your Estate 50
CHAPTER 4: Beneficiary Questionnaire 51
Who May Be a Beneficiary? 51
What Types of Gifts May You Make? 52
Beneficiary Questionnaire 56
Who Will Receive Which of Your Assets? 56
Are There Any Other Relatives, Friends, Or Organizations to Whom You Wish to Leave Gifts? 62
Are There Any Persons Whom You Wish to Specifically Leave Out of Your Will? 64
CHAPTER 5: Information for the Executor 65
Overview of a Typical Probate Proceeding 65
Choosing an Executor 66
Executor Duties Checklist Instructions 67
Executor Duties Checklist 68
Immediate Executor Duties 68
Executor Duties within First Month 69
Executor Financial Duties 70
Executor Information Checklist Instructions 71
Executor Information Checklist 72
Location of Records 72
Funeral or Cremation Arrangements 73
Persons, Businesses, and Organizations to Contact 74
Relatives to Contact 78
Friends to Contact 79
Newspaper Obituary Information 80
CHAPTER 6: Will Clauses 83
Instructions 83
Title Clause 84
Identification Clause 85
Marital Status Clauses 85
Children Identification Clause 86
Grandchildren Identification Clause 86
Entire Estate Gift Clause 86
Specific Gifts Clause 87
Residuary Clause 89
Debt Forgiveness Clause 90
Survivorship Clause 90
Disinheritance Clause 91
Executor Clause 92
Guardianship Clause 93
Children’s Trust Fund Clause 94
Organ Donation Clause 96
Funeral Arrangements Clause 96
Cremation Arrangements Clause 97
Signature, Witness, and Notary Clauses 97
CHAPTER 7: Pre-Assembled Wills 101
Instructions 101
Instructions for Will for Married Person with Children (Using Children’s Trust) 108
Will for Married Person with Children (Using Children’s Trust) 111
Instructions for Will for Single Person with Children (Using Children’s Trust) 116
Will for Single Person with Children (Using Children’s Trust) 119
Instructions for Will for Married Person with No Children 124
Will for Married Person with No Children 126
Instructions for Will for Single Person with No Children 130
Will for Single Person with No Children 132
CHAPTER 8: Sample Will 137
Last Will and Testament of Mary Ellen Smith 138
CHAPTER 9: Preparing Your Will 143
Instructions for Preparing Your Will 143
CHAPTER 10: Signing Your Will 145
Instructions for Signing Your Will 145
Safeguarding Your Will 146
CHAPTER 11: Changing Your Will 149
Instructions for Changing Your Will 150
Codicil 153
CHAPTER 12: Preparing a Living Will 157
Instructions for Preparing and Signing a Living Will 158
Living Will 161
Revoking Your Living Will 165
Revocation of Living Will 166
CHAPTER 13: Preparing a Health Care Power of Attorney 167
Health Care Power of Attorney 170
Instructions for Revocation of Health Care Power of Attorney 175
Revocation of Health Care Power of Attorney 176
APPENDIX: State Laws Relating to Wills and Living Wills 177
GLOSSARY OF LEGAL TERMS 232
INDEX 240
