QUESTION
Do I need to know my net worth to write my will?
Asked on Oct 02nd, 2013 on Estate Planning - California
More details to this question:
Do I need to know my net worth, or at least have a good estimate before I write my will?
17 ANSWERS
3 Awards
No but it is helpful in determining whether a Will and a probate or an interviews trust is a better option. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Oct 03rd, 2013 at 1:59 PM
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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You do not need to know your exact net worth but you should at least know what assets you possess and how the title is currently held or if they have beneficiary designations. The more information you can give to your attorney, the better they can evaluate your situation and make recommendations to achieve your ultimate estate planning goals.
Answered on Oct 03rd, 2013 at 12:03 PM
Divorce Attorney serving Bingham Farms, MI
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Gottlieb & Goren, P.C.
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You need to know whether your estate presently does or may exceed five million dollars. An estate in excess of that approximate amount is subject to federal estate tax. Special planning needs to be done relative to such tax exposure.
Answered on Oct 03rd, 2013 at 9:23 AM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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You certainly do not need to know your net worth to the penny. You do need an estimate to see if you have any tax liabilities, and you need to know what your major assets and liabilities are, so that you can make a plan to handle time. You also need to know if your major assets and liabilities make a trust a more desirable estate-planning document, since the trust might help you avoid probate. A good estate-planning lawyer can help you with all of this.
Answered on Oct 03rd, 2013 at 5:37 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. Your net worth is not really a factor in making a Will. More important is who you want to leave the assets to. You should have a general idea of what you have, however. A better question is whether a Will is the right estate planning tool for you to use, in order to achieve your objectives. You need to meet with an estate planning lawyer in order to answer that question.
Answered on Oct 02nd, 2013 at 8:24 PM
Depends. If you are giving the money to one person or are splitting it equally among several individuals and/or entities, you do not have to know what the exact assets are. If there will be any unequal distribution then you need to know that their is enough money to give everyone the minimum you want to. If you own real estate, it is best to give each property separately to each person as otherwise the administer of your Will will probably have to sell the property so the cash from it can be divided as you want. For tax planning, you need to know what your assets are and approximately how much they are worth. It is better for planning your estate if you know. There are several books on estate planning, especially by Nolo Press, that are written in lay language and are help in understanding what is going to happen and why.
Answered on Oct 02nd, 2013 at 7:01 PM
Yes. But more important you need to know what you own and what you owe. Sometimes the assets and liabilities need special arrangements in estate planning.
Answered on Oct 02nd, 2013 at 6:38 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You should know approximately, so that you can determine whether you should be concerned about Oregon estate tax. Although most people leave the residue of their estate in percentage shares, you may also want to make smaller specific gifts, including charitable bequests, and you will want to know how much your residuary devisees will be receiving after these gifts. I recommend having the assistance of an attorney in preparing your estate plan. I am stunned every day at the amount of bad information out there about probate, estate taxes, taxes in general, and the process of settling an estate. More than likely it's not at all like you think it is, and you're probably getting bad advice from your friends and the internet. Your will is the last thing you will say on Earth, and it cannot be fixed once you're gone. Get it right.
Answered on Oct 02nd, 2013 at 5:42 PM
No, but having an estimate would make it easier for you to determine if a will or a trust would be best in your circumstances. Y
Answered on Oct 02nd, 2013 at 5:23 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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No it is not required.. however one aspect of a proper estate plan is tax planning.. so i0f you want to do tax planning and make an attempt at minimizing estate taxes you need to know your net worth so an estate plan can be properly designed.
Answered on Oct 02nd, 2013 at 5:22 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Usually not, as long as your estate is within the federal estate tax exemption of $5 million.
Answered on Oct 02nd, 2013 at 5:21 PM
Admiralty / Maritime Attorney serving Monrovia, CA
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The Law Office of Nathan Wagner
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You do not need to know your net worth or have an estimate of your net worth in order to write your will. However, you do need to know roughly the types of property that you own.
Answered on Oct 02nd, 2013 at 5:21 PM
Thomas Edward Gates
You do not need to know your net worth before or even after you draft your will. It is the responsibility of the Executor to gather your estate to draft the inventory. That said, if you have a large estate or there are special circumstances, you may want to consider a Trust along with a pour over will.
Answered on Oct 02nd, 2013 at 5:20 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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No, you do not need to know your gross worth or net worth when you write your will.
Answered on Oct 02nd, 2013 at 5:19 PM
2 Awards
No but you should review your assets with an estate attorney.
Answered on Oct 02nd, 2013 at 5:17 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If you are confident that your net worth is less than $5 million, or that it is more, and if so, approximately how much it is, that should be sufficient.
Answered on Oct 02nd, 2013 at 5:02 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Unless your net worth exceeds 5.25 million dollars, not really.
Answered on Oct 02nd, 2013 at 5:02 PM