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Drafting Wills and Trusts and Overview of the Probate Process William J. Lindsey, Jr. Gross & Welch, PC LAO, Omaha August 12, 2015, University of Nebraska College of Law, Lincoln This page intentionally

How to fill out drafting wills and trusts

How to fill out drafting wills and trusts:

1. Research and gather necessary information: Start by understanding the basic components of a will and trust, including the different types and their purposes. Collect all relevant personal and financial information, such as assets, liabilities, beneficiaries, and any specific instructions or wishes.
2. Consult with an attorney or estate planner: It is highly recommended to seek professional guidance when drafting wills and trusts. An attorney or estate planner will have the knowledge and expertise to ensure that your documents are properly executed and legally valid. They can also provide valuable advice on structuring your estate plan to meet your unique needs and goals.
3. Identify your beneficiaries: Determine who will receive your assets and properties after your passing. You can name individuals, organizations, or even charitable causes as beneficiaries. Consider the needs and circumstances of your loved ones, and ensure that you have included contingent beneficiaries as well.
4. Appoint a executor or trustee: Select a trustworthy individual or institution who will be responsible for overseeing the distribution of your assets or managing your trust. This person should be someone who is able to handle administrative tasks, make sound decisions, and act in the best interests of the beneficiaries.
5. Include detailed instructions: Specify how you want your assets to be distributed and managed. This may include dividing your estate among beneficiaries, designating specific assets to certain individuals, creating trusts for minor or disabled beneficiaries, or establishing charitable foundations.
6. Consider tax implications: Take into account the possible tax consequences of your estate plan. An estate planning professional can help you minimize tax liabilities through strategies such as gifting, charitable giving, or establishing certain types of trusts.

Who needs drafting wills and trusts:

1. Individuals with significant assets: If you have substantial wealth or own valuable properties, having a properly drafted will or trust can ensure that your assets are protected and distributed according to your wishes.
2. Parents with minor children: Establishing a trust and naming guardians for your children in your will is crucial to ensure their well-being and financial security in the event of your untimely passing.
3. Business owners: Business succession planning is essential for entrepreneurs who want to ensure a smooth transition for their business after they pass away. A well-drafted will or trust can outline the transfer of ownership and management responsibilities.
4. Individuals with unique circumstances: People with complex family situations, such as blended families, dependents with special needs, or individuals in non-traditional relationships, can greatly benefit from the flexibility and customization offered by wills and trusts.
5. Those looking to minimize probate and protect privacy: A properly drafted trust can help avoid the probate process and maintain the privacy of your estate. This can save both time and money for your loved ones after your passing.

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What is drafting wills and trusts?

Drafting wills and trusts involves creating legal documents that detail how an individual's assets and properties are to be distributed upon their death.

Who is required to file drafting wills and trusts?

Drafting wills and trusts is typically done by attorneys, estate planners, or individuals who want to ensure their assets are distributed according to their wishes.

How to fill out drafting wills and trusts?

Drafting wills and trusts requires careful consideration of assets, beneficiaries, and any specific conditions or instructions that need to be included in the documents.

What is the purpose of drafting wills and trusts?

The purpose of drafting wills and trusts is to ensure that an individual's assets are distributed according to their wishes and to potentially minimize estate taxes and avoid probate.

What information must be reported on drafting wills and trusts?

Drafting wills and trusts typically include details about assets, beneficiaries, guardians for minors, and any specific conditions or instructions for distribution.