What do I need to know before I see an Attorney
to write my Will?

The first thing you should become familiar with are a few key terms that you need to understand before your will is created.

• The Testator: The person who has made the will (you).
• Beneficiary: One of the individuals named in the Will who will receive a part of the Testator's estate.
• Legacy: A piece of property left to a beneficiary.
• Executor (aka Personal Representative): A person named in the will by the testator who is responsible for carrying out the deceased's wishes.

Now you need to decide who you wish to receive which assets (or what percentage of your assets). Keep in mind your current relationships as you make these decisions. You may want to make a list of everyone to whom you want to make a gift, then decide what or how much each will receive. This is also the time to note any charitable donations you want to have made in your will.

It is helpful but not required to make a list of your assets and debts. This can be extremely helpful when you are no longer around to provide such information (some investments or debts may be long term and may simply not be found). Make sure that your executor/personal representative or other family members know where to find the list. Include your bank accounts, safe deposit boxes, stocks and bonds, real estate, and other assets on the list. Also, list the names and addresses of anyone to whom you owe money.

Make a list of your professional advisors (attorney, CPA, banker, bookkeeper, etc.). Letting your family members and professional advisors know the other professionals with whom you work goes a long way towards ensuring that the proper people are contacted in the event of your death, sickness or incompetence.

Whether your estate is large or small, you probably need an estate plan. For more information on estate planning, call us at 206-782-0722.

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