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Three things to keep in mind when writing a will


Many Kent area residents will have a will created for them or at least consider the creation of a will. Wills are important pieces of estate planning. There are a few things a person should keep in mind as they consider writing a will.

Writing a will is a smart plan for most people. Although a will is an important piece of an estate plan, it does not cover all of a person's assets to distribute to heirs. If a person has accounts that have beneficiaries attached, such as an IRA or life insurance, the beneficiary will inherit the account regardless of what the will provides. Therefore, when a will is written, it is important to make sure the will and the beneficiary designations match.

The person who is chosen to be the executor of the estate is also important. This person should be chosen wisely. The executor will be in charge of distributing assets, paying the estate's taxes and bills, maintaining the estate's property and showing up in court. A spouse, adult child, trusted friend or even an attorney can all be good options. It is also possible to name two executors in a joint fashion.

If there are young children in the picture, special care should be taken when drafting the will. A tiered pay-out of assets may be smart because kids, even though they may be 18, may not spend money wisely. It is also a good idea to appoint a property guardian for the kids or the court will appoint one. This person should be trustworthy and capable of the distribution of property to the children as intended.

Source: foxbusiness.com, "3 things you should know before writing your will", Matthew Frankel, Dan Caplinger and Todd Campbell, Accessed on Aug. 10, 2015

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