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Home >> Questions to Consider When Creating Your Will

Questions to Consider When Creating Your Will

December 7, 2020 by Robert Kulas.

Vero Beach estate planning attorney

For the average person, a Last Will and Testament is the first estate planning document they create. If you are planning to execute a Will for the first time, you should spend some time thinking about what terms you want to include in your Will. To help you, the Vero Beach estate planning attorneys at Kulas Law Group offer some common questions you may wish to consider when creating your Will.

What Is a Will?

At its most basic, a Last Will and Testament is a legal document that communicates a person’s final wishes pertaining to possessions and dependents. Your Will allows you to make both specific and general gifts. For example, you might make specific gifts of your home and $100,000 to an adult child. You could also gift a percentage of your estate to a beneficiary. For example, you could gift 50 percent of your entire estate to each of your two adult children. In addition, when you create your Will you appoint someone as your Executor to oversee the administration of your estate.  A Will also offers you the only official opportunity you will have to nominate a Guardian for your minor children in the event one is ever needed.

Questions to Consider

  1. What type of Will do I need?  Not all Wills are the same. Depending on your circumstances, you may need a specialized Will instead of a simple Will. For example, if you own assets in another country, you may need to execute an International Will or a second Will in the country where your assets are located. Likewise, if you plan to use a trust as your primary distribution vehicle for your assets, you may need to create a Pour-Over Will to catch any assets inadvertently left out of the trust.
  2. What assets do I own? You probably have a good idea what you own and what your net worth is; however, when it comes time to create your Will, you should have a detailed list of your assets and what the current value of each is.
  3. Are all my assets probate assets?  Only assets that are considered probate assets need to be distributed using your Will. Non-probate assets bypass the probate process, meaning they can typically be transferred or distributed to the beneficiary shortly after your death. Common examples of non-probate assets include trust assets, proceeds of a life insurance policy, and certain types of jointly held property.
  4. Who do I want to provide for in my absence?  Most of your beneficiaries are probably obvious choices; however, take some time to make a list to be sure you have not forgotten anyone. Do not overlook charities, religious organizations, or other less obvious beneficiaries.
  5. Are any of my beneficiaries minors? If you plan to leave any of your assets to minor children, you should consider using a trust to do so. A minor cannot inherit directly from your estate. As such, assets left to a minor using your Will must be managed by an adult. Using a trust allows you to decide who that adult will be.
  6. Who do I want to administer my estate?  One of the decisions you will make when you create your Will is who to appoint as the Executor of your estate. Given the importance of the position, care should be taken when deciding who to appoint. Not only will your Executor be responsible for probating your estate, but if you appoint someone close to you, he/she may also be grieving your loss.

Contact a Vero Beach Estate Planning Attorney

To learn more, please join us for an upcoming FREE seminar. If you have additional questions or concerns about creating your Will, or you are ready to get started on yours, please contact an experienced Vero Beach estate planning attorney at Kulas Law Group by calling (772) 398-0720 to schedule a consultation.

Filed Under: Wills and Trusts

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We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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~L.G.K
~Joan C
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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~Joan C
~Mildred W
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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~Mildred W
~Leo C
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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~Leo C
~Krissy L
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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~Krissy L
~Janice M
Client Review
August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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~Janice M
Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

default image
Janice M
Krissy L.
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Leo C.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Mildred W.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Joan C.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
L.G.K.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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