List some pointers relating to making a will.

Question

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The Answer is Estate planning attorneys recommend that the following points be kept in mind when making a will.
1. The individual should work closely with the family as the will is written by a professional. That way, family objectives can be met regardless of who dies first.
2. A beneficiary should not be chosen as a witness. If called upon to validate the will, the person may not be able to collect the inheritance.
3. The maker would be well-advised to use in the will percentages and absolute numbers rather than simply dollar amounts. For instance, if $250,000 is left to charity and the remainder to the spouse, nothing would be left for the spouse if the estate shrinks to that level. Of course, these percentages and dollar amounts should be periodically reviewed to avoid such problems as the possibility of making a charitable contribution of a larger dollar amount than anticipated, if in the future the estate value shrinks from the current level.
4. The will should be as flexible as possible. For instance, the heirs may suffer if the will insists on their holding certain stocks for the long term.
5. The will should be altered by a codicil and not by writing on the document itself.
6. The will should be kept up-to-date. Also, it should be reviewed whenever there are significant changes in the family and in the tax laws.
7. All will-related affairs should be kept in order. This includes making an inventory of all assets and purchasing additional life insurance to provide liquidity to compensate for an estate consisting largely of illiquid assets.

List Some Pointers Relating to Making a Will