Wills / Last Will & Testament

A will is simply put a set of written instructions to be followed after we leave the earth. Whether handwritten on a napkin, the back of a chest of drawers (a real case), or a sixty page treatise of small print, the core functions are to 1) specify who gets your property and 2) who will be in charge to see that the distributions are made according to your wishes.

Other features of most wills include:

  • Some family tree information, at least the names of one's spouse and children.
  • A request for independent admistration and no bond, to make probate as easy and inexpensive as possible.
  • Directions for paying taxes and debts.
  • Provision for the creation of a trust in the event a beneficiary is a minor or is otherwise incapacited.

Importance of a Will

Almost everyone really should make a will and update it with life's changes. Without a will, state laws of intestacy will determine who your beneficiaries are, and the process required to settle your estate will be more complicated and costly than necessary. In other words, you can pay a little now, or your loved ones can pay a lot more later.

If an estate includes real property, such as a house, an heirship determination in probate court will likely be a necessity. Another feature lacking in the default terms of the state law will is the ability to name those who will take care of minor aged children if they lose both parents.

Drafting a Will

The process for creating a will is not onerous. Your attorney will need to collect information regarding your family structure and marital history, basic financial data, and answers to questions about your particular goals. If tax planning clearly is not needed, a basic will package can be prepared for an individual (each spouse, if married) and the documents can be signed with all the property formalities within a few days of the initial consultation. At a minimum, the basic estate plan prepared by Peterson & Peterson will include:

  • Last Will & Testament
  • Durable Powers of Attorney
  • Directive to Physician
  • Declaration of Guardian
  • HIPAA (medical records) Release
  • It is never too early to start an estate plan, but it may be too late...