A will should include:

(a) Distribution of the estate:how the estate should be divided among beneficiaries. This may be a percentage amount of the estate or a dollar amount;

(b) Executor:the person responsible for carrying your wishes as described in the will. The executor will collect any money owed the estate, pay off any debts, and then distribute the remainder of the estate in accordance with the will. The executor is entitled to be paid by the estate for services provided;

(c) Guardian:if there are minor children, the will should name the person who would be responsible for the care of the children and for the management of any estate left to the children. One should also make sure the person selected is willing to be a guardian. The will may specify an amount of money to be distributed to the guardian to care for the children;

(d) Signature:this is needed to validate the will;

(e) Letter of last instructions: describes preferences regarding funeral arrangements and specifies where key financial documents are stored.

Question #1

You and your spouse started a successful mail-order craft kit business out of your home in 1980. It quickly expanded and you were able to move the business out of your home and purchase a warehouse for your business operations. In addition to the warehouse, you also own a 4 unit apartment building which is also on the property. You have 4 children and 2 of them are still minor's. You believe in giving back to the community and have been donating 5% of your after-tax profits to local non-profits for the past 20 years. You estimate your net worth to be 1.1 million dollars.

What would a Will look like with these facts above?