Does one have to itemize assets and liabilities in the will?
by David M. Israel
This is not necessary. The will may be prepared well in
advance of an individual’s death and the estate composition
may change from day to day. Therefore, it would be
counterproductive to try and list assets and liabilities
in order to facilitate the administration of the estate.
Most people indicate their preferences when it comes to
distribution of an estate by indicating what portion or percentage
of the estate should go to whom. This is a good method
since it avoids the need to mention any specific assets. It
may be best to use a separate record, other than the will,
for letting the executors know of existing assets and incurred
liabilities. Some people wish to specify that a particular
asset should go to a particular beneficiary and these intentions
should be spelled out in the will.
To contact the author, please email disrael@smhilaw.com
The information contained in this message is general
and should not substitute for the advice and counsel of
a licensed lawyer.
|
