10 Tips to Optimize Your Will
Is your will optimized? Review the following tips and see for yourself.
10. Don’t direct the distribution of your tangible personal property in the will itself. Rather, dispose of your tangible personal property in a document attached to, and referenced in, your will. When you change your mind about the disposition several years later (as many do!), you won’t have to execute a new will or codicil; simply make, date and sign the new directing document, and attach it to your will.
9. Use carefully-crafted language to limit your estate’s exposure. By using broad, boilerplate language (e.g., authorizing your personal representative to pay “just debts of any nature or kind”), you might inadvertently obligate your representative to pay claims that would not otherwise be legally enforceable. See, In re Pfaff's Estate, 163 N.W.2d 140, 41 Wis.2d 159 (Wis., 1968). Use language to limit your estate’s exposure to only allowable claims.
8. Sign every page of the will, not just the signature page. By signing every page, you can eliminate the future allegation that a modified page was substituted in place of one of the originals.
7. Don’t use only an attestation clause; make the will self-proved. The traditional attestation clause only provides for the granting of probate without testimony or evidence. Self-proving the will can help defend against future challenges, because it establishes that the will was properly executed.
6. If you must disinherit someone, don’t o it by leaving them $1.00 in your will. While it sounds like a nice way to express your disdain for someone, it may also serve to complicate the probate process.
5. Make your will tax efficient. Using a survivorship requirement can decrease the possibility of double taxes and double probate fees. Also, use language to make your distributions gifts so that the beneficiary isn’t stuck with income tax liability.
4. You may appoint a guardian for adult children with, where appropriate. Parents often appoint a guardian for minor children in a will. But did you know that a will can also be used to appoint a guardian for adult children who have a developmental disability or a significant mental illness?
3. You needn’t use Old English Text font and superfluous language for the will to be valid. Why say “gift, bequeath and devise” when “gift” alone will do? A will that reads like a King James Bible has no advantage over a will that is written with clear and concise language. Thou keepest thine will compendious.
2. You can make an anatomical gift in your will, but don’t let it be the only way you communicate your desire to do so. Often, the Will is not read until days or weeks after death, when it’s too late to put the decedent’s organs to use in other bodies or for research. You can make anatomical gifts by other means, including a donor card, driver’s license or identification card, and in your power of attorney for health care. You can even authorize your power of attorney to make an anatomical gift of all or a part of the principal's body.
1. Consider making a charitable bequest in your will. Typically, people leave 100% of their assets to their loved ones and family members, which is a perfectly valid choice. But another perfectly valid choice is to also leave a financial gift for a worthy cause or organization. Your estate plan marks your last chance to give such gifts.