Estate Planning

Is Your Will a "Turkey"? 6 Ways to Tell

By Gregory Herman-Giddens

Thanksgiving is less than a week away, but many people currently have turkeys of a different kind - poorly drafted Wills.

If your Will is missing one or more of these features, it's time for an update:

• Waiver of bond for the executor
• At least one successor executor (in case the first named executor can't serve)
• Trust provisions for minor beneficiaries
• Comprehensive powers for the executor and/or incorporation of statutory powers
• Contingent beneficiaries (in case the primary beneficiaries are deceased)
• Self-proving affidavit (witnessed and notarized)

Having these provisions can save a lot of time, money and aggravation in the administration of your estate.  And these are just the simplest, most obvious things.  Any number of other provisions may be advisable depending on your situation.

Full post as published by North Carolina Estate Planning Blog on November 21, 2009 (boomark / email).