{"id":1879,"date":"2020-12-01T22:50:11","date_gmt":"2020-12-01T22:50:11","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?p=1879"},"modified":"2024-02-18T20:20:51","modified_gmt":"2024-02-18T20:20:51","slug":"checklist-for-preparing-for-a-will","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/checklist-for-preparing-for-a-will\/","title":{"rendered":"Checklist for Preparing for a Will"},"content":{"rendered":"

Introduction<\/h2>\n

You\u2019ve probably heard that writing a will is one of the most important things you can do to protect your loved ones after you\u2019re no longer around. However, you might not realize that preparing a will can be challenging. Not only should a will account for all your assets and possessions, but it also needs to consider outstanding debts. Moreover, your will should meet all the necessary requirements to hold up in court. Keep reading to learn how to prepare a will checklist so nothing falls through the cracks.<\/p>\n

Identify Assets and Wishes<\/h2>\n

The first step in preparing your will is identifying the assets you have to pass on to your beneficiaries. Along with actual cash in checking and savings accounts, your will checklist should include real estate, cars, jewelry, valuable artwork, stocks, and any intellectual property you control. After determining what assets you have in your possession, you can make it clear how and when you want property distributed to beneficiaries.<\/p>\n

Additionally, your will is a good place to relay final wishes to your loved ones. By spelling out your wants with regard to wakes, funerals, and burial or cremation, you can save your grieving family members from having to make these types of decisions. Moreover, you can ensure that your last wishes are carried out as desired.<\/p>\n

Consider Any Debts<\/h2>\n

Wills allow you to pass on assets to loved ones. However, individuals sometimes forget that they also pass on their debts. When making your will, be sure to consider what debts you have and how they could reduce the value of your loved one\u2019s inheritance. Depending on what you owe, the executor of your estate may have to sell off some of your assets in order to pay down your debt. Assessing assets and debts can also help you determine whether your beneficiaries are likely to be saddled with hefty state or federal estate tax bills down the line.<\/p>\n

Collect Important Documents<\/h2>\n

If you want to ensure your will holds up in court, it\u2019s essential that you collect important documents ahead of time. As a bonus, gathering all these documents in one place will help ensure that your family members have access to them when you\u2019re no longer there. Here are some of the key documents you need to collect when writing a will:<\/p>\n