Create a Will

Delays or errors in the execution of your will can incur significant costs, up to 5% of the value of your assets as it goes through the probate process.

The right planning around a will can create tax benefits in the present, and prevent legal fees and loss of assets for yourself and your beneficiaries.

What you need to do

Key steps to consider, what to watch out for, and ways advisers can help when creating a will.

  • Determine Your Goals

    A will controls the transfer of assets, but can also specify funeral instructions; the preservation of family heirlooms; or a guardian for minor children. What are your goals for your estate planning?

  • Identify Your Beneficiaries

    By identifying who you wish to transfer your assets to in advance, you can avoid creating legal or financial challenges for the recipients.

  • Inventory Your Assets

    Take a full inventory of the assets that you wish to dispose of in your will. This will reduce costs associated with tracking down missing assets after your death.

  • Legal & Tax Implications

    Depending on the complexity of your estate, you may need to name an executor, set up a living or testamentary trust, set up an estate plan, and account for estate debts/taxes and tax exemptions.

Common Mistakes

  • Minors unable to manage assets
  • Lengthy and costly probate process
  • No will in place, or existing will deemed invalid

How can advisers help?

Find Your Adviser
  • Certified Public Accountant (CPA)

    Tax Exclusions

    Capture annual gift tax exclusions and exclusions for gifts made during your lifetime.

    Estate Tax Liability

    Create a trust or family LLC to facilitate the transfer of wealth with minimal taxes.

  • Financial Adviser

    Asset Protection

    Maximize and protect the assets you are able to pass on by ensuring you have sufficient and appropriate insurance coverage.

    Legacy Planning

    Manage retirement accounts and take additional steps to grow your wealth for future generations, starting now.

  • Trust & Estate Attorney

    Complex Estates

    Set up a trust for children from a previous marriage or other non-traditional family situations.

    High Value Estates

    Plan for state and federal estate taxes, avoid the probate process, receive tax benefits for substantial gifts and charitable donations during your lifetime.

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