Basic Will Preparation Guide - Meredith College

Basic Will Preparation Guide

Basic
Will Preparation
Guide
Your Last Will and Testament
Writing a will should be as normal as planning an
insurance program or a savings schedule. Because death
is a normal part of life, preparing for it should not
create anxiety.
Your will is one of the most important documents you
will ever sign. It alone speaks with authority after your
death. It is a final expression of your love for family.
What is a Will?
A will is a written document in which a person states
how possessions and property are to be distributed after
death. It also names the person who will manage your
estate. It should accomplish two things:
• Distribute property according to your wishes.
• Distribute property as economically as possible.
A will takes effect only upon death. As long as you live,
it does not transfer or give to others any rights to your
property.
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All of us have goals for ourselves and our family. Do you want to
leave them to chance or circumstance? Of course not.
We can make plans now which can affect the goals that we have
and how they are realized during our lifetime and beyond. The
basic component for our planning is a will. Unfortunately, many
people die without a will. This leaves reaching our goals in the
hands of the individual states in which we reside.
Will preparation does not have to be complicated. Information
in this brochure will assist you in meeting with your attorney in
order to keep your goals a reality.
Who May Make A Will?
Almost every adult may, and should, make a will. Most
states require that the testator:
• Be old enough. Eighteen is the minimum age.
• Be rational enough to realize what one is doing,
to know what one owns and to have some plan for
its distribution.

Why Should You Have A Will?
Your property will go to those you want to have it.
There is no other way for you to have this assurance.
Friction and arguments will be lessened.
The potential for large legal fees and court costs can
be minimized. The bulk of the estate will then go to
the heirs.
The estate will probably be settled more promptly.
You can name an executor/executrix to manage your
estate. It will then be someone in whom you have
confidence. Choose someone who possesses the ability
to manage financial affairs. This may be your spouse,
but whoever you name can be made familiar with your
wishes before death. Don’t ever “surprise” someone by
naming them Executor without their knowledge.
Persons with children can name a guardian to care
for their children and to manage their affairs in case
they die simultaneously. Often couples will make
this a reciprocal agreement, naming another couple
with whom they are friends and who also have minor
children.
Executors can be named without bond. Bonds for
court-appointed administrators can be costly, depleting
the estate of funds needed for care of loved ones or for
bequests made in the will.
A will is the best way for you to remember your
college, church or any charitable cause with a gift
after your death.
What Happens If There Is No Will?
If there is no will, property will be disposed of
according to the laws of your state. Someone will
be appointed by the court to administer your estate.
Someone will be appointed guardian of minor children.
A bond will be required. It is possible that your wishes
for the distribution of your property will be negated.
A properly drawn will is the best way to ensure your
desires will be satisfied.
Who Should Prepare A Will?
You may legally draw your own will. A handwritten
will (holographic) is legal, but it may be costly and
unwise. An attorney who is experienced in wills and
estate planning can advise you properly and can put the
will in language that says what you intend. After your
death you cannot explain your intent. The attorney will
be familiar with the laws of your state. An attorney’s
assistance is of vital importance.
Discuss the fee with your attorney. Cost will be
determined by the time and effort required. The
complexity of the will is also a factor. You can save
time and may save money if you have all the necessary
information available when you meet with the attorney.
When Should A Will Be Changed?
Your will should be changed when any circumstances of
life change. When you marry or have children – when
there is a death of a relative – or when there is a divorce,
you should examine your will to see if it meets your
new circumstances.
When your legal residence changes to another state
– when your financial situation changes greatly – and
when tax laws are revised, your will probably requires
some changes.
Your will should be reviewed periodically and then
changed to reflect the current situation. It may be
accomplished by having a new will drawn or by the
addition of a codicil. Never write in changes or scratch
out words of an existing will.
Basic Will Preparation Guide Meredith College 3

What Happens
If One Dies
Without a Will?
Situations That Matter When
You Have No Will
Guardianship
Situation: Both parents of minor children die
simultaneously. What assurance do they have that the
court will appoint a guardian that they would want?
None. Generally the court will appoint next-of-kin, but
it is not required. If there are two sets of grandparents,
that raises an issue for an impersonal clerk of the court
to resolve.
Personal Representative
(Administratrix/Administrator)
When there is no will, the court appoints a personal
representative, who you do not know, to manage your
estate.
Expenses of Probate
A will does not increase probate expenses. Rather, it
frequently reduces expenses. The court must determine
who the legal heirs are if there is no will and must rule
on the will if there is one. So, your heirs must go to
court in either case. Without a will, the court’s decision
may be delayed. Red tape may be cut more readily if
one has a will.
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It may surprise you, but you do have a will. The state has written
a will for all who neglect or refuse to make their own. When you
die without a will (or die “intestate”, as the law calls it), all your
property will be distributed according to the laws of your state.
You do not determine who gets your property – the inheritance
statute does.
The “State’s will” may not fit your wishes. It may even deny them.
The law was written to do the most good for the most people. It
may cause hardship for your loved ones. The law provides a rigid
formula for distribution. It knows nothing about the personal needs
and circumstances of your survivors. There will be lots of red tape
and expense, and the state necessarily moves slowly. It doesn’t
trust anyone and the law applies to everyone alike – good or bad,
honest or deceitful. The law must anticipate and provide against
every possible kind of human deceit.
Expenses of Bonding
Whoever is named by the court administratrix/
administrator, (even your spouse) may be required to
file an annual bond. Amount of bond is determined
by a formula applied to the value of personal property.
With a will you could specify they serve without bond.
Estate Too Small To Require A Will
If you own any property at all – car, furniture, equity in
a house, savings – you would do well to have a will. The
less you have, the better care you should take of it.
Common Disaster
Situation: In our mobile society, it is possible for a
family to die in a common accident. A couple with no
children is killed in an auto accident. They have no will.
What happens to their estate?
Solution: Intestate laws will govern each of the estates
(husband and wife). The interaction of these two estates
can be very complex. A will helps with the complexities
of the estates.
Surviving Spouse And Her/His Absolute
Right To Net Estate
There is no such absolute right. The laws of the state
will prevail.

The following chart is according to North Carolina laws of Intestacy Succession. Please check the laws of your state to
determine if there is a difference in the distribution of property.
Distribution of Property According to
North Carolina Laws of Intestacy Succession
Survivor(s) Distribution of Property
Spouse and one child They will each receive a one-half undivided interest
in real estate. Spouse receives first $30,000 of
personal property; the balance will be shared equally.
Spouse and two or more children Spouse receives one-third undivided interest in all real
estate, children receive equal undivided interests in the
remaining two thirds. Spouse receives first $30,000 of
personal property; balance is divided one-third to spouse and
two-thirds equally among the children.
Spouse and parents of the Spouse receives one-half undivided interest in real
decedent no children estate; parents receive one-half undivided interest.
Spouse receives first $50,000 of personal property;
balance is divided one-half to spouse and one-half
to parents.
Spouse and sisters and brothers of All of net estate to spouse.
decedent – no children or parents
Children, parents, sisters and Net estate divided evenly among children.
brothers – no spouse
Parents, sisters and brothers – no spouse Net estate to parents of decedent.
Sisters and brothers – no spouse Net estate divided equally among sisters and brothers
and/or the lineal descendants of deceased sisters and
brothers.
No heirs Estate passes to the state of North Carolina to aid
certain students enrolled in public institutions of
higher learning in North Carolina.
Basic Will Preparation Guide Meredith College 5

Preparing
for Making
a Will
What to do before you see your lawyer
Making a will is not a do-it-yourself project. To obtain a will, custom-made for you, consult your
attorney. In the privacy of your home, determine your own desires for distribution of your estate.
Write down your wishes. Then take these notes to your attorney and tell her or him what you want
to do. Give her or him details of your estate, of your family situation and the causes you wish to
remember in your will.
This task is to make your personal wishes legal. Attorneys charge for their time and knowledge.
The more time you can save your attorney, the less the cost should be. Take along all the basic
information that will be needed, in written form, so you may spend less time in her or his office.
But, inquire in advance about legal fees. It is a routine question you are expected to ask. The fee
will certainly be less than the cost of not having a will.
The following outline will help you gather the needed information. Write it out. Inventory your estate. And then don’t delay.
Put it in the hands of an attorney who is competent in the field of wills and estate planning.
Information Needed
1. Full name and address of testatrix/testator (person making the will, female/male)
2. Date of birth and marital status
3. Name of spouse, if married
4. Names of living relatives to be named in the will. Give birth dates of minor children. An attorney will need to
know names of all children, even if a child is to be omitted from the will. The attorney will advise you of
precautions needed in such an event. Specify relationship of relatives and give current address for each person
named as a beneficiary.
5. Provide names and addresses of others to be included in the will.
6. List specific bequests to be made to each of those persons listed above. Describe the gift, the amount of money
or percentage of the estate to each recipient.
7. The will provides an opportunity to make a final gift to your favorite cause which will probably be substantially
larger than that which is possible in life. If desired, an institution or cause can be named as recipient of all or
a portion of that which you designate. In such an event, the full legal name and address of the organization should
be available.
8. Name the institution or cause(s) you wish to include in your will. Designate the amount or percentage of the
estate or describe the gift.
9. If all of your estate is not specifically designated in the above manner, then a residual beneficiary should be
decided upon. Frequently, the largest portion of one’s estate will be distributed under this section of the will.
Normally the distribution will be expressed in percentages. The cause(s) named in (7) above could well be the
residual beneficiary.
10. If minor children are living at the time of making a will, you should name a guardian for their care. If husband and
wife wish the other to be guardian of their children, they should specifically name each other in the will. An
alternate guardian should also be named.
11. Appoint your executrix/executor. Husband and wife often name each other. Specify if they will serve without
being bonded in administering your estate. Again an alternate should be named.
12. Because there is always the possibility of a common disaster in which you, your spouse and your children could
be killed simultaneously, a paragraph in the will can provide for the trust to be established with the proceeds
of your estate, and the income can benefit:
a) Immediately, an institution or cause(s) of your choice.
b) Your parents or other family members for their lifetime, and then the institution or cause(s) in perpetuity.
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A Bequest Planning Guide
Meredith College gratefully accepts gifts for the benefit of the College whether made by cash, trust or bequest. Below you will
find sample language to use when creating a bequest for Meredith. We hope these examples will be helpful to your attorney.
Specific endowment agreements may be established at the same time the will is completed. Please contact the Office of Gift
Planning for assistance.
Scholarship or Endowment Fund:
A gift through which you can honor the memory of someone you admire:
I give, devise and bequeath to Meredith College, an educational institution incorporated under the laws of the state of North
Carolina, located at 3800 Hillsborough Street, Raleigh, North Carolina 27607, [the sum of $_________/property equal in
value to _________ percent of my residuary estate/real estate located at ___________________________ and more fully
described on Exhibit A attached hereto/ _________ shares of ___________________ stock] to constitute a fund known as
the __________________________ Scholarship. This fund will be invested by the Board of Trustees of Meredith College
and the annual revenue thereof used to support the general educational purposes of the College in such a manner as the
Trustees thereof may direct.
Designated Bequest:
A gift to be used for a specific purpose: (Please consult the College to be sure the designated bequest can be honored).
I give, devise and bequeath to Meredith College, an educational institution incorporated under the laws of the state of North
Carolina, located at 3800 Hillsborough Street, Raleigh, North Carolina 27607, [the sum of $_________/property equal in
value to _________ percent of my residuary estate /real estate located at ____________________________and more fully
described on Exhibit A attached hereto/ _________ shares of _________________ stock] to support the program at the
College in such a manner as the Trustees thereof may direct.
General Bequest:
A sum of money, property, stocks or a percentage of your estate for unrestricted use:
I give, devise and bequeath to Meredith College, an educational institution incorporated under the laws of the state of North
Carolina, located at 3800 Hillsborough Street, Raleigh, North Carolina 27607, [the sum of $_________/property equal
in value to _______ percent of my residuary estate /real estate located at ____________________________and more
fully described on Exhibit A attached hereto/ _________ shares of _________________ stock] for its general educational
purposes.
Contingency Bequest:
A gift to an alternate beneficiary in case your designated heirs have died:
I give, devise and bequeath all the rest, residue and remainder of my property, wherever situated and of whatever nature
(including any lapsed devises or bequests or other gifts made by this will which fail for any reason), collectively referred to
herein as my residuary estate, to _________________if she/he survives me. If __________________________ does not
survive me, I give, devise and bequeath my residuary estate to Meredith College, an educational institution incorporated
under the laws of the state of North Carolina, located at 3800 Hillsborough Street, Raleigh, North Carolina 27607, for its
general educational purposes.
Residuary Bequest:
Money or property left over after specific bequests have been made:
All the rest, residue and remainder of my property, wherever situated and whatever nature (including any lapsed devises or
bequests or other gifts made by this will which fail for any reason), I give, devise and bequeath to Meredith College, an educational
institution incorporated under the laws of the state of North Carolina located at 3800 Hillsborough Street,
Raleigh, North Carolina 27607, for its general educational purposes.

Thank you for considering Meredith College in your will.
For more information, please contact:
Harold L. West, CFRE, FLMI
Senior Director of Gift Planning
Meredith College
3800 Hillsborough Street
Raleigh, North Carolina 27607-5298
(919) 760-8372
westh@meredith.edu
www.meredith.edu
Neither the author nor the publisher of this publication is engaged in rendering legal or tax advisory service. For advice and assistance in specific cases, the
services of an attorney or other professional should be obtained. The purpose of this publication is to provide accurate and authoritative information of a
general character only.
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