Page 29 - Book10E

CHAPTER 3
Wills and Trusts
Deciding Who Gets What
Most people make a will so they can give their money and possessions to people they care for, or institutions they believe in, after they die. In effect, a will becomes the essential document governing how the courts understand your intent and ensures that your wishes are fol- lowed. In general, you can pick the people you want your property to go to and leave it to them in whatever proportions you want, but there are some exceptions. For example, a surviving husband or wife may have the right to a fixed share of the estate regardless of the will. Some states limit how much you can leave to a charity if you have a surviv- ing spouse or children, or if you die soon after making the provision.
The first step in deciding how you want your property distributed is gathering information. You’ll need the following:
1. Names, addresses, and birth dates for you, your spouse, your children, proposed guardians, and executor of your estate.
2. Amounts of all debts, including mortgages, car loans, student loans, business loans, and credit card accounts.
3. Copies of existing wills, trusts, divorce decrees, prenuptial agree- ments and any other legal documents that might affect a will.
4. A list of assets, including detailed information about the following:
• Real estate
• Savings (bank accounts, CDs, money markets)
• Investments (stocks, bonds, mutual funds, CDs)
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