Will Information
A Last Will and Testament (also known as a Will) is a legal document that allows you to say exactly what you want to happen to your assets and minor children after death. It also allows you to nominate an executor who will manage your estate, pay your debts, expenses, and taxes, and distribute your estate according to your wishes. This legal document allows you to make decisions on how your estate should be handled after your death; otherwise, the state will have to get involved and your wishes may not align with the decisions made by the state.
- Distribution Information
Do you have any specific bequests? * A specific bequest is a gift or specific item or asset you want to leave to a specific person or entity. For example, you can provide that your Rolex is to go to your son John Smith, that your house is left to the Red Cross, or that each of your three nieces receives $10,000.00.
If you select "yes" describe the bequest in the first column, the name of the recipient (person or entity) in the second column, and the person's relationship to you (if applicable) in the third column below. Using the example above, put "Rolex" in the first column, "John Smith" in the second column, and "my son" in the third column. You can have as many specific bequests as you like.
Additional rows can be added by clicking the + sign.
How do you want the remainder of your estate to be divided? * The remainder of your estate is all of your assets, excluding any assets listed as a specific bequest above, if applicable. You need to make a selection below. Information regarding the selections is listed below.
If you choose option 1, "everything to my spouse, then to my descendants (children and grandchildren)," your Will distributes everything to your spouse first. If your spouse predeceases you, then your assets pass to your descendants in equal shares based on your children. For example, if you have three children and one is deceased, but the deceased child has children, the child/ren of your deceased child will split the deceased child's 1/3 portion of your estate.
If you choose option 2, "everything to my spouse, then to my descendants (children and grandchildren), then to others," your Will distributes the remainder of your estate like the preceding option; however, if neither your spouse nor any descendants survive you, you can name person(s) or entities to leave your estate to. You will be asked to provide additional information below about how you would like to divide your property.
If you choose option 3, "everything to my spouse, then to others," your Will distributes everything to your spouse first. If your spouse predeceases you, you can name person(s) or entities to leave your estate to. You will be asked to provide additional information below about how you would like to divide your property.
If you choose option 4, "other (specify below)," you will be asked to tell us below how you would like to divide your estate.
If you choose option 1, everything to my descendants (children and grandchildren), your Will distributes everything to your descendants in equal shares based on your children. For example, if you have three children and one is deceased but the deceased child has children, those grandchildren will split the deceased child's 1/3 portion of your estate.
If you choose option 2, your Will distributes the remainder of your estate like the preceding option; however, if you none of your descendants survive you, you can name person(s) or entities to leave your estate to. You will be asked to provide additional information below about how you would like to divide your property.
If you choose option 3, everything to others, then to others, you will be asked to tell us how you would like to divide your estate. You will be asked to provide additional information below about how you would like to divide your property.
Do you have a stepchild you have not legally adopted that you want to treat as an adopted child in your Will? * Select "yes" if you have a stepchild that you would like to have treated as a biological or adopted child, even if you have not legally adopted this person.
If you select "yes," list the stepchild's name, date of birth, and whether this stepchild is living (if the stepchild Is deceased, his/her heirs would take their portion if listed) below. You can list more than one person.
Additional rows can be added by clicking the + sign.
Do any of your beneficiaries have a learning disability, or special educational, medical or physical needs? If yes, please identify the beneficiary, the relationship of the beneficiary to you and the nature of the special need.
Is there anyone you want to disinherit? * Select "yes" if you would like to prevent someone from inheriting your property. For example, an estranged son. If you select "yes," list the person's name and relation to you below. You can list more than one person.
Additional names can be added by clicking the + sign.
- Executor Information
Executor Information. * You must name an executor (or executrix). The executor is the person(s) responsible for probating your will, filing the estate tax return, if necessary, and distributing assets to your beneficiaries. Being an executor is a big responsibility, and you should name someone who is responsible and will honor your wishes.
The executor can be almost anyone but is usually a lawyer, accountant, or family member. The only restriction is that they must be over 18 and have no prior felony convictions. Your spouse can act as your executor. The executor can also be a corporation (corporations normally charge fees). It is generally best to pick a local executor.
You can name more than one executor. If more than one person is listed, each will be a co-executor. If you want co-executors, make sure the co-executors can work together. Successor executor(s) can be listed in the next section.
To complete, list the executor's name, phone number, relation to you (e.x. spouse, sister), and address.
Executor Information. * You must name an executor (or executrix). The executor is the person(s) responsible for probating your will, filing the estate tax return, if necessary, and distributing assets to your beneficiaries. Being an executor is a big responsibility, and you should name someone who is responsible and will honor your wishes.
The executor can be almost anyone but is usually a lawyer, accountant, or family member. The only restriction is that they must be over 18 and have no prior felony convictions. The executor can also be a corporation (corporations normally charge fees). It is generally best to pick a local executor.
You can name more than one executor. If more than one person is listed, each will be a co-executor. If you want co-executors, make sure the co-executors can work together. Successor executor(s) can be listed in the next section.
To complete, list the executor's name, phone number, relation to you (e.x. son, sister), and address.
Additional rows can be added by clicking the + sign
Do you want to name a successor executor? * You can name a successor executor/executrix. The successor executor is an individual that will take the place of the executor if the executor cannot act as the executor of your estate or refuses to act as the executor. You do not have to have a successor executor, although it is recommended, especially if you did not name a co-executor.
If you want to name a successor executor/executrix, answer "yes" and list the successor executor's full name, phone number, address, relation to you (e.x. niece, brother-in-law), and address below. You can name more than one successor executor/executrix.
Additional rows can be added by clicking the + sign
Do you want your executor or successor executor to be compensated? * You can select whether your executor or successor executor is compensated. If you select "May receive customary fees" below, the executor is entitled to receive a 5-percent commission on the amounts they obtain and disburse in cash (this generally excludes a commission on the money you had on hand at the time of death; money held in a checking, savings, or money market account; life insurance proceeds; and bequest payments made to beneficiaries). If you select "Serve without commission," the executor will not receive a commission but will be reimbursed for any expenses incurred.
- Minor Child / Grandchild Information
Do you want to name a guardian for a minor child?* A guardian is someone who you name be the caregiver to a minor child or children in the event you are the last surviving parent or guardian. You can name a single person or a couple. If you name a couple, they will act as co-guardians. You can also appoint a successor guardian or guardians in the event that the appointed guardian(s) are unable or refuse to serve. If you answer yes, list the guardian's name in the first field (more than one name listed in the first field will act as co-gurdians). You can list successor guardian(s) in the second field.
Do you want to include a contingent trust for a minor beneficiary? * A contingent trust is a trust which designates an age or ages that a minor beneficiary will be able to receive their portion of your estate. The contingent trust protects the assets you set aside for the minor beneficiary from the appointed guardian's creditors and allows the trustee to use the money for customary expenses. The remainder will be distributed at a certain age or ages (preferably after the child has matured enough to handle the inheritance).
Who do you want to name as a trustee for the contingent trust? * The trustee will manage and distribute assets used for the comfort, care, and education of your minor beneficiaries until they have attained a specified age. You can name more than one trustee. If you have named a guardian for your minor children, the trustee can be the named guardian(s). List the trustee's name, address, phone number and relationship to you below.
Do you want to name a successor trustee? * You can also appoint a successor trustee or trustees in the event that the appointed trustee(s) are unable or refuse to serve. It is a good idea to name at least one successor trustee. To name a successor trustee, list the trustee's name, address, phone number, and relationship to you below.
Additional trustees can be added by clicking the + sign
- Additional Information
Do you want a no-contest clause? * A no-contest clause is a provision in the will that prohibits a beneficiary from taking any portion of your estate if the beneficiary contests the will (unless a court determines the contest was made for just cause and in good faith).
