Chapter 6Preparation to Draft a Will

Preparation to Draft a Will

o Information gatheringo Checklist

o Intent of the cliento Family datao Estate planningo Assets, liabilitieso How are assets titledo Real vs. Personal property

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Preparation (con’t)

o Insuranceo Inter vivos documents or

agreementso Taxeso Children and heirs are to be

identifiedo Conditions to gifts: Precedent or

subsequent

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Guidelines for Preparation of a Will

o Avoid Preprinted Will Formso May not fill special needs of testator

o Use the same software and typeface

o Make sure intent is clearo Avoid ambiguous language

o Use simple languageo Sign the will according to state

statuteso Include a residuary clauseo Choose witnesses carefully

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Guidelines for Preparation of a Will (con’d)

o Explain to witnesses what might be expected of them

o Don’t make changes after executiono Draft a new will for all changeso Avoid erasures and correctionso Word conditions to avoid ambiguity

o Condition Precedento Event must occur before the interest passes to

the named beneficiaryo Issue must obtain college degree prior to

gaining access to $20,000

o Condition Subsequento Nonhappening of an event or violation of a

condition will terminate an estate that has already vested

o Issue must remain clean and sober to continue to receive interest payments from investments.

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Guidelines for Preparation of a Will (con’d)

o Include full data on beneficiarieso Names, address and relationship

o Give the client a rough draft

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