Use this will preparation checklist to prepare for a successful estate plan.
Are you ready to create your Will and declare your wishes for your estate after your passing? It’s time to make your ultimate Will Preparation Checklist and partner with The Millman Law Group for the best results. If you’re an adult age 18 or over, it’s never the wrong time to start crafting your Will. You can get started by following the checklist included here.
List Your Assets and Consider Your Wishes
First, gather a list of all your assets and consider what your final wishes are for these assets. Your list of assets can include:
- Real estate
- Intangible property like a business or stocks
- Intellectual property such as copyrights, royalties, and patents
- Cash in savings or checking accounts
- Valuables like cars, jewelry, artwork, and family heirlooms
Once you identify these assets, make your intentions as detailed as possible. Use both the name of your asset and the specific name of the person you want to receive it. You can also use your Will to detail how you want your funeral or memorial service to be, which can relieve a huge burden on your friends and family.
Partner with an Estate Planning Lawyer
Partner with an experienced estate planning lawyer at The Millman Law Group to prepare your Will and estate without issue. A skilled attorney can help you learn what documents you need, whether trusts are advisable, and when you should update or adjust your Will.
Consider Digital Assets
Digital estate planning is becoming more popular and necessary. Digital assets range from email accounts to social media accounts, photo sites, and online bank accounts. Note that the money inside a bank account is a traditional asset, while online access to banking is a digital asset.
Your Will Preparation Checklist should include the creation of your digital asset inventory and appointing a “Digital Executor” who will manage these assets (most likely closing these accounts) after your passing.
Gather Documents Needed
Preparing your Will can be easier when you gather essential documents in one place before you start estate planning. Critical documents you will need include:
- Birth or death certificates
- Marriage licenses or divorce certificates
- Deed(s) to property
- Mortgage(s)
- Insurance policy information
- List of bank accounts with institutions and account numbers
- Funeral plans and burial plot information
- Investment portfolio and account numbers
- The contact information for your lawyer, insurance agent, accountant, banker, or financial advisor
Choose Your Beneficiaries and Personal Representative
The personal representative, or executor, settles your estate after your death. Choose someone trustworthy and capable of handling all obligations of the job.
The beneficiaries you name are people who benefit from your estate. They inherit money, property, valuables, and other belongings according to your Will.
Nominate Guardians
You can use your Will Preparation Checklist to appoint guardians for minor children, adult dependents, or pets. Knowing who will take care of your loved ones after your death can help ease your anxiety about the future.
Sign Your Will
You must finalize your Will with the correct number of signatures that your state mandates. You may need two witnesses and a notary. Additionally, communicating with anyone named in your Will as a beneficiary or other crucial role is always a good idea.
Store Your Will
Your Will Preparation Checklist is incomplete without considering where you can store your Will to keep it safe and secure. Consider the following:
- Safety deposit box
- Fireproof safe
- Legacy Drawer
Update and Amend Your Will
Every Will requires occasional updates as factors or relationships change. We recommend reviewing or updating your Will every three to five years or after any significant life event. These major events include adding or losing family members, purchasing or selling property, or planning an extended vacation. Contact The Millman Law Group today if you’re ready to create or update your Will!
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.