Will Preparation Worksheet

What is a will?

A will, often referred to as a testamentary trust, is a legal document that outlines a person's wishes regarding the distribution of their assets and the handling of their affairs after their death. It is a crucial instrument in estate planning, allowing individuals to specify how their property, possessions, finances, and responsibilities should be managed and distributed among beneficiaries and family members.

What is a Will Preparation Worksheet?

Will preparation involves several essential steps and considerations. Firstly, it requires the individual, the testator, to make decisions about all assets and beneficiaries. This involves taking stock of all properties, investment accounts, financial circumstances, minor children, and any other significant possessions they wish to include in the will.

This worksheet can support individuals who are considering creating a will to identify the important documents and estate planning documents they may need to include.

In the will preparation process, it's crucial to consult legal counsel or a qualified professional to ensure the upcoming will complies with state or territory laws and legal requirements Each jurisdiction may have specific requirements regarding the drafting and executing a will, and adhering to these legal standards is essential to prevent potential challenges or disputes later on. 

Within the will preparation process, it's important to remember that this is not a legally binding document. This worksheet is designed to support clients in collecting required documents in order to progress through estate planning. A will is crucial aspect probate process of estate planning aimed at ensuring that the testator's wishes are carried out and their loved ones are provided for according to their final wishes.

How do you use the Will Preparation Worksheet?

A Will Preparation Worksheet is a helpful tool to gather essential information needed to create a will. Here's a step-by-step guide on how to use it effectively:

Step 1: Download the worksheet 

Access this free and printable Will Preparation Worksheet PDF through the Carepatron app. From here, you can choose how you might want to utilize it. Either as an online version or you may print it out for physical use.

Step 2: Gather personal information

Begin by gathering the client’s personal details, such as full name, address, date of birth, and contact information. Additionally, if relevant, include information about the spouse or partner, and details about any children (including plans for more children if applicable). Clients may also complete this section independently if they’re able to.

Step 3: List assets and liabilities

Help clients identify assets, such as properties, bank accounts, life insurance policies, investments, vehicles and, valuable possessions.

Step 4: Designate beneficiaries

Help clients specify who they wish to inherit their assets by listing each beneficiary’s name and relationship to the client for each asset or category of assets. Encourage clarity in what each beneficiary should receive to avoid confusion.

Step 5: Appoint an executor

Advise clients on selecting a responsible executor, also known as a personal representative. This person will manage their estate, handle any debts, and distribute assets according to final wishes.

Step 6: Provide specific instructions

Assist clients in including any special instructions, such as charitable donations, setting up a trust, or allocating funds for education. This is also an ideal time to collect other estate planning documents to ensure completeness. To accommodate additional details, we've provided extra space at the end of the worksheet.

Remember that this is NOT a legally binding document. It is a worksheet designed to help an individual gather information for creating a will and to simplify the process.

When would you use this Will Preparation Worksheet?

A Will Preparation Worksheet is beneficial in various scenarios, primarily when someone plans or updates their estate plan. Below are a few situations where using a worksheet proves helpful:

Estate planning

A Will Preparation Worksheet helps individuals organize their assets, liabilities, beneficiaries, and other essential information as they begin the estate planning process. This structured framework ensures that all necessary financial details are carefully considered before drafting a will. For legal guidance, consulting an estate planning attorney is recommended.

Life milestones

Significant life events such as marriages, divorces, births, or acquiring substantial assets prompt the need to review and update estate plans. A Will Preparation Worksheet is invaluable during these times to document changes in assets, beneficiaries living wills, or guardianship arrangements.

Retirement planning

As individuals approach retirement, they often reevaluate their financial and estate plans. A Will Preparation Worksheet assists in the estate documents, organizing assets, retirement accounts, and plans for the distribution of wealth, ensuring a smooth transition post-retirement.

Changes in health status

Suppose someone experiences a decline in health or receives a diagnosis that prompts considerations for end-of-life care. In that case, a Will Preparation Worksheet helps outline healthcare directives, appoint healthcare proxies, and adjust beneficiary designations.

Shifts in family dynamics

Shifts in family dynamics, such as estrangements, reconciliations, or changes in relationships with beneficiaries or guardians of personal property, necessitate a review of the existing will. Using a Will Preparation Worksheet aids in reflecting these alterations accurately.

What are the benefits of using this Will Preparation Worksheet?

Here's how this worksheet can be of benefit:

Organization

It helps systematically gather and organize essential information needed to create a living will. This structured approach ensures that crucial details are noticed and remembered. By providing prompts and sections for various aspects, the worksheet helps individuals focus on specific areas, making the process less overwhelming and more manageable.

Comprehensive assessment

It encourages a thorough assessment of one's assets, liabilities, beneficiaries, and preferences for distribution. This comprehensive evaluation ensures that all relevant aspects are considered during estate planning.

Documentation

The worksheet is a documentation tool, allowing individuals to record changes in assets, beneficiaries, or any other critical information over time. This documentation aids in maintaining an updated and accurate will.

Facilitates communication

It can serve as a communication tool among family members or with legal advisors. Sharing the information organized in the worksheet can facilitate discussions and clarity about the individual's wishes. Using a Will Preparation Worksheet provides a sense of control and peace of mind, knowing that one's wishes regarding asset distribution, guardianship, and other important matters are documented and organized.