Planned Gifts: Making a will that works
If you are considering doing your will yourself, you might reconsider and think about getting professional, credible assistance in developing your will. There are any number of reasons a court might find a will invalid, but with some planning and preparation, you can avoid the costly emotional and financial challenges an invalid will or having no will at all can create. The standards for estates vary from state to state so it is important to seek the advice of a lawyer familiar with estate law in your state of residence.
Follow these steps to make a workable will:
List your property including life insurance, real estate, securities, works of art, etc. (everything).
List the people you want to provide for, along with their ages, addresses and relationships to you.
Summarize your wishes for your heirs and your property.
Name your executor and alternate executor.
Suggest a guardian for minor children or others you have guardianship for, if there are any, as well as an alternate guardian.
List the charitable bequests you would like to make and/or the organizations you would like others to consider giving to in your memory.
Then, take these notes to your attorney and ask him or her to put your wishes in legal form.
Sign one copy of your will, and deposit it in a safe place. Keep an unsigned copy of the will for periodic review and updating.
Review your completed will periodically to allow for changes in property, heirs, marital status, financial status and charitable interests.
Here are some legal terms it might be important for you to understand in the process of planning your will:
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Executor/Executrix is the person you name in your will to pay your debts and distribute your property according to the terms of your will.
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Administrator is appointed by the court when an executor is not named or is unable to serve.
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Personal representative is used in some states to refer to both functions of executor or administrator.
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Testator/Testatrix is a person having a will drawn up.
Again, after you have chronicled your property and resources and have given some thought to your wishes for the distribution of that property, it is important to have a lawyer formally draw up those wishes to betterensure they are honored by state laws and courts.
The Michigan 4-H Foundation, a public foundation headquartered in East Lansing, Michigan, USA, receives charitable contributions and special grants for the development and support of 4-H youth programs in Michigan. The foundation is licensed to solicit charitable gifts by the state of Michigan. (MICS 2751)