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Before You Make Your Will

QUESTIONS TO ASK BEFORE MAKING A WILL

Before making a will, there are several things you should consider. Perhaps the most important is what will happen if, like 2/3rds of Americans, you die without one, leaving a costly mess. The questions below should guide you in making your Will.

Before creating your will, there are some notes you might want to make and some things you might want to think about (check the end of the document for a link to download as a PDF).

You and Your Family

What is your birthday and what is that of your spouse?

Have you been married before? If so, does your former spouse have any right to your pension, Social Security benefits or other assets?

Do you have children? If so, what are their names and ages? Where do they live? Are they all children of (or adopted by) you and your current spouse? Is your family a blended family, with yours, mine and ours or maybe just yours and mine? Which children are yours by birth or adoption? Are any of them minors?

If you do not have living children, do you have living parents or siblings or grandchildren? Note their names, ages and contact information.

Are any of these people (or their spouse or child) a resident of a state other than Texas? A citizen or resident of another country?

Does someone in your family need your help? Maybe someone who is going to college, or leaving a marriage, or someone who is ill or unemployed and not quite on their feet yet?

Who among your family and friends is good with people? Who is well organized? Who is good at standing up for themselves and saying “no?” Who is curious and good at asking questions? Who is careful with their money?

Your Assets

Bank Accounts [passes per signature card*] $___________

CDs and Money Market Accounts [pass to owner*] $___________

Money Market Funds [pass to named beneficiary*] $___________

Life Insurance [passes to named beneficiary] $___________

Home: approximate market value [passes to owner*] $___________

Other Real Property, if any [same] $___________

Your IRAs [pass to named beneficiary] $___________

Your Spouse’s IRAs [same] $___________

Your 401(k)s, 403(b)s, etc. [same] $___________

Your Spouse’s 401(k)s, 403(b)s, etc. [same] $___________

Roth IRAs and Roth 401(k)s, etc. [same] $___________

Stocks, bonds, mutual funds, ETFs, REITs, etc.[same] $___________

Annuities [same if not a life annuity] $___________

Oil-and-gas or mineral leases $___________

* These should be held “joint with right of survivorship” with your spouse in order for 100% to be available immediately—if this does not interfere with Medicaid planning.

Do you own part or all of a business?

Do you own any automobiles, RVs or watercraft; art, antiques or collectibles?

Do you have a pension plan? What does it pay? Does it pay survivor’s benefits?

Were you in the military? Are you receiving any benefits now?

How much do you expect to receive from Social Security when you retire? (You can check at www.socialsecurity.gov)

 

Download in PDF Form

 

It’s never too early to plan for your future.

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