Regardless of the size of your
estate
or the complexity of your situation, here are the basic things to do when you start constructing your
will:
Take stock. Assessing what you have and what you owe is an important first step. If the tangle of
assets
and
liabilities
seems overwhelming, a lawyer or accountant with estate planning experience can help you unravel it.
Consider goals and values. Think about what you want to accomplish and what values you want to pass on. There may be charitable gifts you want to make or conditions you want to place on certain bequests.
Name heirs. You may be content to leave everything to your family, or the list may include friends and organizations. There may be personal items, too, that you’d like to leave to specific people.
Choose executors and guardians. Unless you’re comfortable with a court-appointed administrator, you should name an executor to manage your estate. Likewise, if you have children, you should name personal guardians to care for them.
You can’t
legally disinherit your spouse in any state unless
your spouse agrees to it.
If you have children Minor
children can inherit, but an adult will have to manage the assets until
the children reach the age of majority. You can set this up in your
will, by naming a
custodian
or a guardian for the assets — either the same person you name as their
personal guardian or someone different. Or, you can create a
trust.
If you have children whom you’d rather not enrich, you may want to make
their disinheritance explicit, so that your intent isn’t misinterpreted
as a forgetful slip. Most states have laws preventing accidental
disinheritance of children. Furthermore, your ability to disinherit a
minor child may be restricted by some state laws, and in Louisiana,
children are legally entitled to an inheritance.
