Before reading further, it may be useful to take a few minutes to consider the "Four P's" of estate planning. List the following:

• Persons. Who are the people and charitable interests for whom you would like to provide?
• Property. List all of your property, in whatever form, along with its cost and today's value.
• Plans. Consider how you would like to "match" your property with the persons in your life.
• Planners. List all professional advisers who would assist you in making you plans a reality.

Your will is just one part of an effective estate plan - but a vitally important part. Read on for answers to 36 questions that may be helpful as you plan to make a will that works for you and your loved ones.

1. Is it true that most people don't have wills?
   Yes there have been published reports that as many as 60% of the more than two million Americans who die each year do not have valid wills.
2. Why don't more people have wills?
   Because they don't realize how important a will is. Some think they don't own enough property to need one. Some believe that life insurance or joint ownership arrangements are sufficient. Some think their spouse inherits everything automatically. But apparently most simply procrastinate.
3. What happens when people die without wills?
   Their state's laws of "descent and distribution" come into play. They amount to a "state-written will" of those who haven't made their own. The laws vary from state to state.
4. Aren't state laws adequate for most situations?
   No, because they're impersonal. They don't make exceptions. They may deplete your estate unnecessarily by, for example, requiring the court-appointed administrator to be bonded.
   The laws also are written to predict your desires concerning who should be your administrator or who should be guardian of your surviving minor children. They cannot make bequests to charities and friends; only a personal will can do that.
5. How does "bonding" work?
   Many states require that estate administrators be bonded to ensure that they handle the estate honestly. It is a form of insurance. The nonrefundable premium is subtracted from the estate.
6. Does everyone have an estate?
   Yes, if they own anything at all. The term applies not just to real estate but cash, all property, investments, retirement plans, life insurance, and other forms of assets.
7. Doesn't joint ownership make a will unnecessary?
   No. that's a common misconception. Joint ownership may create unnecessary estate taxes and may even cause the incurrence of gift taxes. It may also deny you complete control over your property while you're still living. Joint ownership is a poor substitute for a will but can often work well in conjunction with one.
8. Do persons without children need wills?
   Yes. A will can sometimes cut probate costs and can waive the bonding requirement. It can name heirs in case both husband and wife die in a common accident. Estate taxes can also be reduced through plans in wills and other estate planning tools.
9. Should both husband and wife have wills?
   Yes. It's important that each has a will, even when the two wills may be essentially the same. The wills should complement each other and take into account any special bequests to other family members.
10. What is the "unlimited marital deduction"?
    a husband or wife may leave all property to his or her spouse and pay no federal estate taxes on the estate of the first to die. In your will, you can take advantage of the marital deduction and eliminate taxes in this manner. (Be sure to talk with your advisors, however, about ways to minimize taxes on the estate of the surviving spouse.)
11. Do I need a will if my estate is small?
    Yes, the smaller the estate, the more important that it be settled quickly; delays usually mean more expense. Besides, your estate may be larger than you realize. Don't make the mistake of thinking of your property in terms of what it cost originally. In many cases, its value may have increased substantially.
12. Can't I write my own will without hiring an attorney?
    You can, but it's not advisable. Many "homemade" wills are declared invalid by the courts. There is no substitute for the professional expertise of a competent attorney.
13. How much does it cost to have an attorney write my will?
    That depends on how simple or complicated the will is. But wills generally cost less than most people expect and undoubtedly less than the emotional and financial cost of not having one. Ask your attorney in advance about the fee. It's a question answered routinely.
14. Can I do anything to reduce attorney fees?
    Yes. Attorneys charge for their time and knowledge, so the more time you can save them, the less the cost should be.
    Take along all the basic information that will be needed. Make the lists described at the top of this page. Remember to include your Social Security and Veteran's Administration numbers and recent income tax records. Don't forget pension and profit-sharing information. Be prepared to discuss who you would like to be appointed to settle your estate and/or to be guardian for minor children, if any.
15. Can I name my spouse as executor?
    You can. Or a close relative, friend, or the trust department of a bank or other professional fiduciary may be named. Ask your attorney for advice.
16. Must I get permission for the executor before naming him or her in my will?
    You should. It's not a legal requirement but a courtesy. The content of your will may dictate the qualifications necessary in your executor and affect his or her willingness to serve.
17. Should my will direct what compensation my executor is to receive for serving?
    A schedule of fees based on the size of the estate will be used a s a guideline. The probate court will approve the executor's or administrator's fee. So, it's not necessary to specify fees in the will.
    If the executor is not a corporate entity but your spouse, a close relative, friend, or beneficiary, he or she may choose to waive such compensation.
18. After agreeing to serve, can an executor later refuse?
    Yes, and this does occur for reasons of ill health, travel, or the press of other business. That's one reason it's wise to name and alternate executor.
19. What happens if my executor dies before I do?
    The court appoints an administrator, who may not be the one you would choose. Naming an alternate executor, preferably younger than you are, is a good idea. The trust department of your bank may be a good choice to act as executor, as it should always be able to serve.
20. What does the executor do?
    · Obtains the death certificate and provides copies to your insurance company, the Social Security office, and others.
    · Notifies banks where you have accounts or safe-deposit boxes.
    · Arranges for appraisal of your property, if required.
    · Safeguards your property.
    · Presents your will to the probate court.
    · Defends your will if challenged.
    · Locates witnesses to your will, if necessary.
    · Collects debts due your estate.
    · Advertises for any just claims against your estate and pays them in order of priority.
    · Provides interim management for business interests, if necessary.
    · Inspects and maintains your real estate.
    · Collects rents if and when due.
    · Complete and files state and federal estate and income tax returns, as required by law, and in time to avoid penalties.
    · Defends you state against improper tax assessments.
    · Establishes any trusts created by your will.
    · Secures any payments due such trusts.
    · Disposes of your property according to your instructions.
    · Prepares final accounting and obtains receipts and releases from heirs, if appropriate.
21. Should I include funeral instructions in my will?
    It's usually better to leave separate instructions and tell your relatives or close friends where to find them.
22. Is my will confidential or can anyone read it?
    A will becomes a public document at death, available to anyone who wishes to see it.
23. How much detail should a will contain regarding the disposition of particular items of property?
    Enough to prevent misunderstandings among heirs but not in such detail that any sale of property before your death would upset the distribution. It may be best to treat your property as a whole and divide it by percentages. Of course, your decision will depend on what you are distributing.
24. Should a trust be created in a will?
    You may be able to reduce (or practically eliminate) taxes on both husband's and wife's estates through the use of trusts created in your will. Other types of trusts can relieve a surviving spouse of the problems of managing investments. Another type can enable you to make an ultimate charitable gift while providing your survivors with a life income. Your attorney can give you more information about trusts.
25. Aren't charitable bequests made mainly by people who have no close relatives or whose estates are so large there is plenty left over?
    Not always. Even modest estates today are larger than the average estates of past generations, and more people are finding it desirable and possible to make charitable bequests after providing adequately for the needs of loved ones.
26. How do people usually make such bequests?
    Many simply designate a percentage of the cash and/or other property in their estate to go to the charitable organization of their choice. Others name specific property or a specific dollar amount. Still others name the charity as final beneficiary to receive whatever remains in the estate after other heirs are provided for.
27. Is there a limit to how much I can give to charitable interests in my will?
    There are limits in some states. Ask your attorney about local rules.
28. Should I notify a charitable institution that I have included it in my will?
    This can be a good idea. It can affect long-range planning, often in vital ways. We are always grateful to learn of a bequest which has been planned and can sometimes assist the person making the gift by providing information about ways to give more effectively and assure that property will be used as intended.
29. Is there any danger that my bequest may not be received as planned?
    Yes, it sometimes happens due to using an incorrect or unofficial name in your will, for example, especially since many institutions have similar names. Be sure to obtain and use the correct legal name and address.
30. Who can be a witness to a will?
    A person must be competent to be a witness. It is helpful if the witnesses are about the same age as or younger that the person making the will.
31. Must the witnesses read the will and know its contents?
    No. They merely attest that you have said it is your will and have signed it in their presence.
32. Is it legal for a witness to also be a beneficiary of the will?
    Yes, but in some states, such a witness may not receive property left to him or her unless there are enough other witnesses to prove the will is authentic.
33. Once I have a will, should I ever have to change it?
    You should review your will periodically, because even the best wills become outdated. Changes may be needed if your marital status, financial status, or interests change. If you have more children, if your designated executors or guardians can't serve, or if you acquire property in another state, revisions may also be in order. Updating your will may require nothing more than a simple codicil (amendment).
34. Am I required to change my will when moving to another state?
    Most states will recognize a will drafted in a state where you previously resided (if the will was properly executed in that state). But it is always a good idea to have your will reviewed by an attorney in the state of your new residence.
35. Once my will is completed, where should I keep it?
    Sign one copy and keep it in your office, home, or bank safe-deposit box, or ask you attorney to keep it. Retain an unsigned duplicate so you can check it periodically to see if it needs updating.
    (Before storing your will in a safe-deposit box, check to see if it will be readily accessible to your executor. In some states, safe-deposit boxes are sealed for a time upon the renters' death.)
36. Is there anything else I need to know about wills?
    A booklet like this can cover only a few basic points. Each person's circumstances and wishes are different - another reason you should consult with an attorney about your will.

For more information, please contact us or your professional advisor(s) at your convenience.

Neither the author, publisher, nor this organization is engaged in rendering legal or tax advisory service. For advice or assistance in specific cases, the services of an attorney or other professional advisor should be obtained. The purpose of this article is to provide accurate and authoritative information of a general character only. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.