For many people, the Last Will and Testament is the first cornerstone of a comprehensive estate plan. A Will dictates what will happen to your property and responsibilities after death, ensuring that your wishes are respected and your family has guidance. If this is your initial experience with estate planning, the process may seem overwhelming. The good news is that by approaching it in well-defined stages, the task of estate planning becomes more manageable. To help you get started, the Essex Junction attorneys at Unsworth LaPlante, PLLC outline ten important steps to take when preparing and finalizing your Vermont Last Will and Testament.
- Define Your Goals and Review Property. Start by clarifying your priorities. Think about what you want your estate plan to accomplish, such as providing for loved ones, supporting a charitable cause, or preserving family heirlooms. Then take inventory of your assets, including real estate, bank accounts, retirement savings, insurance policies, and personal belongings. Liabilities, such as mortgages or loans, must also be considered because they will reduce what passes to beneficiaries.
- Choose an Executor. An Executor is the person responsible for carrying out the terms of your Will. This includes navigating the probate process, paying outstanding debts and taxes, and ensuring that distributions are made as directed. Select someone you trust who has the organizational skills and integrity to handle the role. Always speak with your chosen candidate before naming them in your Will to confirm their willingness to serve.
- Identify Your Beneficiaries. Decide who will inherit your assets. Beneficiaries may be individuals, such as children, relatives, or friends, or organizations such as religious institutions or charities. When minor children are involved, a trust may be needed to manage their inheritance until adulthood. Blended families or complicated relationships may require careful thought to avoid conflicts or unintentional exclusions.
- Make Specific Bequests and Plan for the Residuary Estate. Some people wish to pass down sentimental items, such as jewelry, artwork, or furniture, to specific recipients. These are called specific bequests. Once those are addressed, the rest of your property becomes part of your residuary estate. Clear instructions about how this remainder should be divided are crucial to avoid confusion or disputes among heirs.
- Nominate a Guardian for Minor Children. If you are a parent with young children, you need to designate a guardian who would assume responsibility for them if you were no longer able to do so. Carefully evaluate potential guardians based on their values, stability, and financial capacity, and have an honest conversation with them before naming them in your Will.
- Consider Alternate Beneficiaries and Fiduciaries. Life is unpredictable, and people you name in your Will may predecease you, decline to serve, or be legally disqualified. To prepare for these possibilities, you should designate alternate beneficiaries and successor fiduciaries (Executors, Trustees, or guardians). Naming backups provides continuity and prevents the court from making these decisions on your behalf.
- Address Digital Assets and Online Accounts. In todayâs world, digital property is an important consideration. Think about email accounts, social media profiles, online financial platforms, and digital photo libraries. Specify how you want these accounts handled and authorize someone to access and manage them. Without clear instructions, your Executor may face significant hurdles dealing with online assets.
- Consult a Vermont Estate Planning Attorney. Although do-it-yourself templates and internet forms are easily found, they often fail to meet Vermontâs legal requirements and rarely address individual circumstances. Working with a qualified estate planning attorney ensures your Will is properly drafted, compliant with state law, and tailored to your goals. An attorney can also help coordinate related documents such as trusts, Powers of Attorney, and advance healthcare directives.
- Execute Your Will Properly. Vermont law requires that a Will be signed by the testator and witnessed by at least two individuals who are not beneficiaries. These witnesses attest that you are mentally competent and signing of your own free will. Proper execution is critical; without it, your Will may be invalid and your estate distributed according to state intestacy laws.
- Store, Share, and Update Your Will. After your Will has been finalized, it should be kept in a secure but accessible place. Avoid safe deposit boxes that may be sealed after death. Instead, store the original in a fireproof home safe or with your attorney, and provide a copy to your Executor. Revisit your Will periodically, particularly after major life events such as marriage, divorce, the birth of a child, or significant financial changes. Regular updates ensure your Will reflects your current wishes and complies with Vermont law.
Can We Help You with the Steps Involved in Creating Your Vermont Will?
For more information, please attend one of our upcoming FREE webinars. If you would like assistance with the steps involved in creating your Vermont Last Will and Testament, contact an experienced Essex Junction estate planning attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is licensed in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance Read More!
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