Questions to Consider When Preparing a Will: Property Bequests
When you decide to create a final will and testament, you will be asked to consider several questions to aid your attorney in the preparation of your will. You may also find yourself reconsidering these questions if you decide to change your will at a later date. To ensure your estate planning process goes smoothly and your heirs do not run into any issues when probating your estate in the future, work with an experienced Des Plaines estate planning attorney.
Deciding How Your Property Will Be Distributed
When you begin thinking about your assets and to whom you would like to leave them, you will need to consider what real and personal property you own and whether there is anything specific you want to bequeath to a particular person. Some questions to consider are:
- To whom do I want to leave my house?
- Who should get my cars, boats, and other vehicles or watercrafts?
- Do I have any retirement accounts, and if so, do I want to bequeath those funds to a specific person or persons?
- Do I want my entire estate to go to my spouse?
- Do I want my property to go to my children? All of my children? Certain children? Do I want it divided equally? Do I want my grandchildren to receive part of my estate even if all my children are still living?
- Do I want some or all of the funds in my bank accounts or other monetary assets to be used for my children’s or grandchildren’s higher education?
- I have any items or monies I want to give to charity?
- Are there any non-family members to whom I wish to leave part of my estate or a specific asset?
- Do I have any jewelry, art, clothing, furniture, knick-knacks, antiques, family heirlooms or other items I want given to a particular person?
Many married couples set up their wills so that all property goes to the surviving spouse, and if there is no surviving spouse, then to their children. However, that is not always the case. For example, what if you don’t have a spouse or any children? If you are having trouble deciding to whom you would like to bequeath some or all of your property, contact a knowledgeable Des Plaines estate planning lawyer who will be happy to guide you through the will preparation process and help you make those decisions. While we may not like to think about the end of our lives, planning ahead can help ensure our loved ones are adequately provided for after we are gone.