Things To Consider When Writing A Will

Although most people know they should have an estate plan for loved ones to follow in the event of death or incapacity, the need for such a plan can often feel like a distant possibility until the plan is actually needed––by which time it will be too late. A Last Will and Testament is an extremely important foundation of any estate plan, but creating a will that is effectively customized to address an individual’s unique concerns and circumstances requires careful planning. Putting together a comprehensive estate plan, including establishing a will, can be a detail-intensive exercise because of the critical function that this document serves. This is why it can be helpful to meet with a professional who can offer guidance and counsel regarding the creation of a will. Harrison Law, PLLC has Arizona estate planning attorneys who work with clients to create estate planning documents that reflect their individual needs and concerns. To learn more, call (480) 320-2310 to speak with a member of our experienced team today.

Planning for Will-Writing

Without a will in place, the state will take over and determine how an estate will be distributed. Intestate succession proceeds according to a tightly regimented series of requirements, none of which will take the decedent’s preferences into account. Since anything can happen that can leave one incapacitated or can take life, the importance of having a will in place sooner rather than later cannot be understated.

The first step towards writing a will is becoming determined to get started. From there, the answers to two key questions will help a testator (the person who makes out a will) determine how to proceed.

Quantify Your Assets – What Do You Have?

How much is the estate worth? To figure out what an estate will actually have to distribute to beneficiaries, it is essential to identify and accurately value all your assets. These could include any of the following:

• Jewelry, vehicles, and other valuable physical property.
• Real estate.
• Financial assets like bonds or bank accounts.
• Royalties and any payments due from other parties or entities.
• Pension benefits
• Insurance policies.

Quantify Your Debt – What Do You Owe?

Some debts will need to be paid by the estate before beneficiaries can receive their inheritance. During the Arizona probate process, creditors will receive their share before any bequests are made in accordance with the terms of the will. As a consequence, confirming where debts and liabilities exist is essential.

Writing Your Will

There are a number of crucial technical requirements to keep in mind when writing a will. Due to the sometimes highly complex nature of will-writing, to ensure that one’s final wishes are documented according to Title XVI of the Arizona Revised Statutes, and so the document is as sound as possible, it can be incredibly helpful to work with a trained professional. The decision is always yours, and if you would like to discuss your goals with a lawyer at Harrison Law, PLLC, you are welcome to call and set up a consultation.

The Will’s Language

Keeping the language in a will unambiguous is generally recommended. For others to truly understand one’s final wishes, instructions and guidelines should be clear and easy to comprehend. This is not the time for open and varied interpretation of what a will’s terms mean.

Beneficiaries

A will should describe exactly how an estate will be apportioned up and distributed. Careful estate planners can use their wills to provide highly specific, detailed instructions regarding who gets what and when. For example, one may write a will so that a spouse would inherit money that would then be passed onto children after their death.

Often a testator will wish to name more than one beneficiary. When this is the case, it is vital to specify which beneficiaries will inherit which assets and who will inherit what percentage of the estate. To ensure that all loved ones who are intended to inherit a portion of an estate are not missed, it can be helpful to make a list of beneficiaries.

Naming An Executor

An executor has an important role to fulfill. This individual will manage the administration of the estate in accordance with the terms of the will, while also ensuring that tax considerations have been taken care of and creditors paid. Acting as the executor of an estate can be a time-consuming, detailed, and even costly undertaking. Naming a person with credibility, who can be trusted, and who has the capability to handle the demands of the role is necessary. Naming an initial executor and a backup may also be a good idea.

Witnesses

Even after a will has been written, it does not become a formally recognized legal document until it has been witnessed. Arizona Revised Statutes §§ 14-2505 indicate the requirements and definitions of who can be a witness.

Determine Where To Store a Will

Once a will has been written and properly witnessed, the testator will want to make sure that the document is stored in a secure location, but one in which those who will need it can easily access the document when the time comes. The executor, in particular, should be advised of the location and apprised of any information needed to obtain access. A personal safe may work, it could be possible for a bank to hold it, or there are services that offer secure document storage for a fee. No matter what method is chosen, it is best to keep a will unaltered, so refrain from punching holes in the document or stapling the paperwork.

Speak With an Arizona Will and Probate Attorney Today

Getting one’s affairs in order is a vital undertaking. While one is in good health and of sound mind is the best time to put together a comprehensive estate plan. Writing a will involves many considerations, but with a bit of pre-planning and the help of an experienced estate planning attorney, the process of drafting a will that accurately reflects your wishes and serves as an effective cornerstone for your total estate plan need not be stressful. Connect with an Arizona probate lawyer who understands the will and probate process by calling Harrison Law, PLLC at (480) 320-2310 today to schedule your personalized estate planning consultation.