Last week, we talked about wills: why you need one, and why it needs to be good. This week, Devin and John talk about things you need to think about before you draft your will. There’s a lot to think about!
Topics covered include:
- Who you want to include, and who you don’t want to include (and what you should do with them.)
- Why you should never leave anyone $1, and why you need to specifically disinherit people who you don’t want to receive anything.
- What happens if…? Always anticipate that circumstances will change.
- Questions your attorney needs to be asking.
- Why you might want to avoid making personal property bequests in your will.
- What is a residuary clause, and why you want one.
- Choosing an executor – and what is an executrix?
- Why probating a will is not a do-it-yourself job.
- How a bond can be required to probate a will, why this is a problem, and how to fix it.
- Will your executor be compensated, and things to consider when making this decision.
- What is a no-contest clause, and whether you want one, and whether you can include one.
Writing a will can be overwhelming, but don’t let that stop you. This jam-packed episode will help you sort through the details and put together a document that accurately reflects your wishes, in a way that will hold up to changes in your situation.
Resources mentioned in this episode:
Big Picture Retirement Episode 13: Wills 101 – Part 1