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Will Drafting Checklist - Gathering Information and Guidelines

This chapter provides a checklist for preparing and drafting a will, including information gathering, estate planning, asset consideration, insurance, and tax implications. It also gives guidelines for avoiding ambiguous language and ensuring the intent is clear, as well as tips for choosing witnesses and including conditions to gifts.

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Will Drafting Checklist - Gathering Information and Guidelines

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  1. Chapter 6 Preparation to Draft a Will

  2. Preparation to Draft a Will • Information gathering • Checklist • Intent of the client • Family data • Estate planning • Assets, liabilities • How are assets titled • Real vs. Personal property

  3. Preparation (con’t) • Insurance • Inter vivos documents or agreements • Taxes • Children and heirs are to be identified • Conditions to gifts: Precedent or subsequent

  4. Guidelines for Preparation of a Will • Avoid Preprinted Will Forms • May not fill special needs of testator • Use the same software and typeface • Make sure intent is clear • Avoid ambiguous language • Use simple language • Sign the will according to state statutes • Include a residuary clause • Choose witnesses carefully

  5. Guidelines for Preparation of a Will (con’d) • Explain to witnesses what might be expected of them • Don’t make changes after execution • Draft a new will for all changes • Avoid erasures and corrections • Word conditions to avoid ambiguity • Condition Precedent • Event must occur before the interest passes to the named beneficiary • Issue must obtain college degree prior to gaining access to $20,000 • Condition Subsequent • Nonhappening of an event or violation of a condition will terminate an estate that has already vested • Issue must remain clean and sober to continue to receive interest payments from investments.

  6. Guidelines for Preparation of a Will (con’d) • Include full data on beneficiaries • Names, address and relationship • Give the client a rough draft

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