Episode 14: What To Think About BEFORE You Make A Will

basics of wills for estate planning part 2

Last week, we talked about wills:  why you need one, and why it needs to be good.  This week, Devin and John talk about things you need to think about before you draft your will.  There’s a lot to think about!

Topics covered include:

  • Who you want to include, and who you don’t want to include (and what you should do with them.)
  • Why you should never leave anyone $1, and why you need to specifically disinherit people who you don’t want to receive anything.
  • What happens if…?  Always anticipate that circumstances will change.
  • Questions your attorney needs to be asking.
  • Why you might want to avoid making personal property bequests in your will.
  • What is a residuary clause, and why you want one.
  • Choosing an executor – and what is an executrix?
  • Why probating a will is not a do-it-yourself job.
  • How a bond can be required to probate a will, why this is a problem, and how to fix it.
  • Will your executor be compensated, and things to consider when making this decision.
  • What is a no-contest clause, and whether you want one, and whether you can include one.

Writing a will can be overwhelming, but don’t let that stop you.  This jam-packed episode will help you sort through the details and put together a document that accurately reflects your wishes, in a way that will hold up to changes in your situation.

Resources mentioned in this episode:

Big Picture Retirement Episode 13:  Wills 101 – Part 1