Chapter 6 Preparation to Draft a Will

o Information gathering o Checklist o Intent of the client o Family data o Estate planning o Assets, liabilities o How are assets titled o Real vs. Personal property 2

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

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

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

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