Essential Questions to Ask When You Start Your Will

Setting up a will is an important part of your estate planning process and ensures that your wishes for assets are carried out after your death.

A will can mean that your family, partner or other loved ones receive certain assets or are provided for financially following your death. It can help minimize conflict and emotional stress by giving your loved ones a clear plan for distribution of your assets, property and other items.

“Without a will, anyone can petition to be the personal representative of your estate, and your assets will be distributed pursuant to state law,” said COJ Attorney James Ledvina. “That may mean people who you didn’t intend as your beneficiaries can receive your assets and someone you didn’t want will be in charge of your estate.”

A will is particularly important for those who have a complicated estate, such as those who own a business or have a blended family. Working with a lawyer can ensure you have a clear, unambiguous document that covers everything.

In this blog, the Law Firm of Conway, Olejniczak & Jerry, S.C. shares some important questions to consider about starting your will and protecting your assets.

When do I need a will?

While we all anticipate living a long time, sometimes the unexpected can occur. Starting a will is less about reaching a certain age and more about when you have certain factors present in your life.

• When you acquire assets. Whenever you have a positive net worth, such as having property, an inheritance, a growing retirement account or other bank accounts, you want to ensure these assets go to the person or people you designate.

• When you are married. You and your spouse can and should have separate wills to ensure the assets you each own are distributed according to your wishes, and include the secondary beneficiaries of your choice.

• When you have children. If you have kids, a will can ensure your minor children are placed with the guardian you choose. This is particularly important in the event that no other parent is present, or you and the other parent die at the same time. Your will also can designate money to go to the guardian to help care for your children in the event of your death. Without a designated guardian, your children may end up in the foster care system.

• When your risk of death increases. Your risk of death naturally increases as you age, but other factors can influence when it’s a good time to ensure a will is in place, including a new health diagnosis, or if you plan on risky travel or activities, such as mountain climbing or skydiving.

What are the assets and other items you should include?

Your assets encompass the property, accounts and other items you own. That can include your:

• Home or other real estate, such as vacation property.

• Financial assets, such as retirement accounts and bank accounts.

• Vehicles, including recreational vehicles like boats or campers.

• Family heirlooms, such as jewelry or other items that are important to you (whether or not they have significant monetary value).

In your will, you can designate one or more beneficiaries for each of the items in the event of your death.

You also should consider who will receive your pets. Though your pets may be part of your family, they are legally considered property and should be listed along with a designated caretaker.

You also can decide what, if any, gifts you would like to leave to charities of your choice. Your gifts can be drawn from any source you designate, such as a portion of cash, investment earnings or real estate. Your attorney will include all the necessary information about the nonprofit to ensure your gift is distributed according to your wishes.

What are other considerations for making a will?

Your will needs to have a personal representative (sometimes known as an executor) — the probate court will appoint this person to carry out your final wishes and administer your assets pursuant to your will. While you can name anyone, such as a family member, it is important to choose the right person who can handle the administrative process. Keep in mind that a personal representative can hire an attorney to assist with the probate administration. Being a personal representative of an estate includes many responsibilities including distribution of assets, paying debts with money from your estate and navigating sometimes complex family dynamics at a time when everyone is grieving.

You also should update your will regularly, reviewing it at least every few years and updating it when you have a life event that can change the content of the will or your beneficiaries. That might include getting married or divorced, having kids or new grandchildren, purchasing property or the death of one or more of your beneficiaries. You also should update your will if you move to a new state as some laws and requirements may change.

Plan a regular time each year to consider whether updates are needed, such as tax season, to ensure your will stays up-to-date, and contact COJ to help you when changes are needed.   

Let us help you through the process    

Call the COJ office at 920-437-0476 to get started on your will today!

Written By:
Law Firm of Conway, Olejniczak & Jerry, S.C.