Considerations in Writing a Will

A will is a document that determines how your property and other assets will be divided and managed after your death. Without a will, this process can be held up by parties claiming to have certain rights to your estate. Careful consideration of several issues can help you avoid problems and make the execution of your will a smooth legal process.

Inheritance Tax Determination

• List the value of all your assets to determine your net worth. This will help your beneficiaries estimate their inheritance taxes.

Assest Allocation

• Indicate exactly how your assets will be divided among your beneficiaries. Since the value of some things change over time, consider designating percentages of your assets rather than dollar amounts. This can help ensure each beneficiary receives what you intend.

Choosing Executors

• Consider who will be in charge of seeing that the provisions of your will are met. This can be a family member, a lawyer or a friend. Consider having two executors. One of them can be a beneficiary, but it's a good idea to have another individual who has no stake in the will. This can help keep peace as the will is executed. It will also help ensure the will is read and executed properly.

Storing the Will

• Carefully consider where you will store your will until your death and who has access to it. At least one executor should have access. It's a good idea to store the will in a safe deposit box at the bank.