Filling Out a Will Information Worksheet

Educational Video

In this video, experienced Buffalo estate planning attorney Robert Friedman outlines filling out a Will Information Worksheet.

  • Have you completed the Will Information Worksheet that we sent you?
  • Yes, here it is
  • How many children do you have?
  • Four, but I don’t want to leave anything to my son, Joe, because I haven’t seen him in 20 years. Can he contest the will if I leave him nothing?
  • No, as long as the will is properly executed and you have testamentary capacity.
  • What is “testamentary capacity”?
  • Testamentary capacity means that you understand what a will does, heirs, and property owned.
  • What does it mean that the “will must be properly executed?
  • This means it is signed before two witnesses whom we provide. There is a presumption if proper execution if an attorney is present.
  • How much does a basic will cost?
  • $79 per will. Who do you want as a trustee and guardian appointed for your 12 year old daughter Jane?
  • Why does Jane need a guardian and trustee?
  • If you and your husband die, she needs a legal guardian until she turns 18. We recommend that a trustee be appointed until the ages of 22-25.
  • Do you want us to hold your original will in safekeeping?
  • What are my options for safekeeping and what do most of your clients do?
  • Most with clients allow us to safekeep their will. Other options include surrogate safekeeping or storing it somewhere at home.
  • Who are the beneficiaries and contingent beneficiaries in your life insurance policy?
  • My husband and I have no contingent beneficiaries. Can I change beneficiaries in my will?
  • We recommend you contact your insurance company. If no beneficiaries, life insurance will be payable to estate, instead of directly to beneficiary. This is an example of a non-probate asset.
  • I own our lake cottage jointly with my brothers. What happens to the cottage when I die?
  • Probate if TIC. Nonprobate if JTWRS, life estate deed or living trust
  • Does my Will have to go through probate when I die?
  • Probate- assets/ process
  • Do you want your husband as executor and one of your children as executor?
  • Yes- my husband. Can I name Jim in Seattle and Mary in Buffalo as alternate co-executors?
  • Yes you can- but inconvenient with Jim being on the West cost.
  • What does an executor do?
  • Debts, Assets,
  • Can I name you as my alternate executor?
  • Yes- attys can and often serve as executor
  • Does my estate have to pay taxes when I die?
  • NO ET, but IT
  • Do you and your husband have a poa?
  • Why do I need a poa?
  • Incapacity- financial
  • Do you and your husband have health care proxies and living wills?
  • I’m in great health . Aren’t I too young to need a health care proxy and living will?
  • All ages. Famous cases women in 20’s/30’s Schiavo & Quinlan.
  • Do I need a second appointment to finalize my Will?
  • Yes- drafts in a few weeks and call us with corrections and ????

 

 

Contact our experienced Buffalo estate planning attorneys for any questions or further guidance.  Let our experience work for you.