Top 7 things to consider when creating your Last Will and Testament

For many people, their Last Will and Testament is the foundation of their estate planning. It ensures that their wishes are respected and their loved ones will be provided for when they die. It can be daunting to create a Will. It is important to keep in mind several key factors when creating your Last Will and Testament. Toward that end, an Indianapolis attorney at Frank & Kraft explains the top seven things to consider when creating your Last Will and Testament.

1. Who Will Serve as Your Executor? The Executor is responsible for administering the estate, including gathering assets, paying off debts, and distributing your property to beneficiaries. It is important to choose someone who is organized, trustworthy, and capable of handling financial matters. Also, keep in mind that if you appoint a close friend or family member, they will need to be able to focus on their duties as Executor while simultaneously grieving your death.
2. Identifying and Including All Assets: To avoid confusion and disputes, make a comprehensive list of all your assets, including real estate, financial accounts, personal property, and digital assets. In your Will, specify how each asset is to be distributed. Be sure to account for assets that may pass outside of probate, such as life insurance policies or retirement accounts with named beneficiaries, and update those designations as needed.
3. Clearly Identify Your Beneficiaries: It is essential to clearly identify your beneficiaries in your Will because ambiguities or general descriptions, such as “my children,” can lead to disputes during the probate of your estate. Include the full names of beneficiaries and their relationships. Also, consider alternative provisions if a beneficiary dies before you. For example, you might specify that a beneficiary’s share should go to their children if they are not alive.
4. Providing for Minor Children: If you have minor children, your Will is the place to name a Guardian who will take care of them if you and their other parent pass away. This is a very important part of your Will, as it is the only way to tell a judge who you want to take care of your children if you are not around. Additionally, consider establishing a trust to manage assets left to your children until they reach a certain age because minor children cannot legally inherit directly from your estate.
5. Addressing Debts and Expenses: Your estate will likely need to address debts and expenses before distributing assets to beneficiaries. In your Will, you should clearly state how you want these obligations to handled. Your Executor may have difficulty managing these financial matters without clear instructions. Plan for Your Pets :
6. If your family pets are dear to you, you will want to ensure that they are well taken care of after you die. You can designate a family member or trusted friend to care for your pets and provide specific instructions, but a pet trust could be a better solution. Not only does a trust provide a legal mechanism for enforcing your wishes regarding your pets, but it also lets you appoint a Trustee to oversee the trust and administer the trust terms.Consult with an Experienced Estate Planning Attorney:
7. While it is possible to create a simple Will using online templates or software, consulting with an estate planning attorney is highly recommended for several reasons. DIY estate planning forms can contain errors, outdated laws and terms, and they may not distribute your entire estate. Moreover, an experienced estate planning attorney can help you navigate complex legal issues, ensure your Will is legally sound, and protect your assets from potential challenges.Are You Ready to Create Your Last Will and Testament?

For more information, please join us for an upcoming FREE seminar. Contact an Indianapolis estate planning lawyer at

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