Your Last Will and Testament

Every adult should write and execute a valid last will and testament. Without one, you give up the right to decide how your property will be distributed when you die. And Although there are other ways to distribute what you own, such as joint tenancy with right of survivorship, living trusts, and tenancy by the entirety, experience shows us that none of these methods ever covers all of a person's property.

For example, suppose you are killed in an airplane accident. You've put your bank accounts in joint tenancy with right of survivorship, your house and car are titled the same way, and your life insurance policy names a beneficiary. However, when you charged your airplane ticket to your credit card, you automatically received $100,000 in accidental death coverage. The proceeds of that insurance protection belong to your estate, since you didn't have the opportunity to name a beneficiary on the policy. That money will be distributed according to state law, and it may not be done in the way you would have preferred.

Reasons to Create

Designate the persons or organizations that will receive your property after your death.
* Own property to be distributed after your death.
* Designate the person or organization who will carry out the terms of the Will.
* Designate who will have the responsibility for the minor children if the other parent is unable to serve as the natural guardian.

Before you Begin

Information you may need.
* Name and address of the person who is creating the will.
* Names and addresses of the Beneficiaries, the persons and/or organizations who will receive the property.
* Name and address of the Executor, the person or organization who will carry out the terms of the will.
* If the person creating the Will has children, the names and addresses of the children.
* If the person creating the Will has minor children, the name and address of the person who will have the responsibility for the minor children, if the other parent is unable to serve as the natural guardian.
* If a trust will be created for the benefit of the minor children, the name and address of the person or organization who will have the responsibility for managing the trusts assets.
* A list of "bequests," that is specific gifts, that will be distributed first, and the names and addresses of the persons and/or organizations who will receive them.
* Information regarding the value of your estate, including the value of all assets plus life insurance proceeds.

Reasons to Update

A change in marital status.
* The birth or adoption of children. A new will with provisions for minor children should be created.
* A move to another state.
* A significant change in financial status.
* A significant change in tax laws.
* The death of a beneficiary. For example, your spouse or your child.
* A desire to add or change beneficiaries.
* The death or incapacity of a named executor, guardian, or trustee.

Single	PDF*	MS Word
Married Without Children	PDF*	MS Word
Parent with Minor Children	PDF*	MS Word
Parent with Adult Children	PDF*	MS Word
Remarried with Minor Children	PDF*	MS Word
Remarried with Adult Children	PDF*	MS Word
Grandparent with Grandchildren's Trust	PDF*	MS Word

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