When you make your will with WillMaker, one of the key decisions you make will be how to leave your property. In this part of the interview, you specify who gets what after your death. As a single person, your beneficiaries will probably be your loved ones or friends. You can divide your property as you see fit, whether that means leaving it all to one beneficiary or giving specific items to specific people or organizations. Or, you may prefer to combine these approaches, leaving most of your assets to one or more beneficiaries and a few unique items to others. In any case, you'll have the opportunity to choose alternate beneficiaries as well.
Before you continue, you may find it helpful to take an inventory of your property. You can make a simple list by hand or on your computer, or you can use our Property Worksheet to help jog your memory. You can type onto it and save it, or print it out and fill it in by hand.
We provide this worksheet as an aide -- to help you think through what property you own. It will not, and should not, be included with your final will document.
If you choose to leave all the property you own as a whole, you won't need to list each item separately when making your will. You can name any combination of people to receive your entire estate--one person or a group of people (or organizations). After your death, your entire estate will go to the beneficiaries you name, in the shares that you determine.
This does not include, of course, property that passes outside your will -- for example, property in a living trust or owned in joint tenancy. (See "Not All Property Passes by Will," below.)
This option may suit you best if you have just one person or a group of special people to whom want to leave your property.
If you have any specific items, you want someone else to have, choose one of the other two options.
If you want to leave the bulk of the property you own to one or more people or organizations but have specific items that you want other beneficiaries to get, choose this option.
Later in the interview, you will need to specifically list only the items you leave to other people or organizations; everything else will pass to your main beneficiaries.
You may divide up your property and leave it to beneficiaries item by item or leave a group of items to a certain beneficiary. Each gift you make this way is called a specific bequest. Before you list those specific bequests, you will name a beneficiary or beneficiaries to get "everything else" in your estate-- that is, all of the property that is left over after the specific gifts are distributed. This beneficiary is called your "residuary" beneficiary.
You may want to leave property to a charity or a public or private organization—for example, the American Red Cross, the Greenview Battered Women's Shelter or the University of Illinois at Champaign-Urbana.
The organization you name need not be set up as a nonprofit, unless you wish your estate to qualify for a charitable estate tax deduction. It can be any organization you consider worthy of your bequest. The only limitation is that the organization must not be set up for some illicit or illegal purpose.
The organization you name will receive your gift with no strings attached. You cannot use your will to describe how the property should be used. If you want to do that—for example, if you want a gift to your alma mater to be used as a scholarship for a student who gets above a 3.5 grade point average—see an experienced estate planning attorney for advice.
When naming an organization, be sure to enter its complete name, which may be different from the truncated version by which it is commonly known. Several different organizations may use similar names—and you want to be sure your bequest goes to the one you have in mind. Someone at the organization will be more than happy to help you get it straight.
You can name a trust as a beneficiary of your will. Some people do this to create a "pour-over" will that puts any property that would go through the will into a trust. Other people want to name a special needs trust as a beneficiary of their will to avoid the problems that might occur if a beneficiary with special needs receives a gift outright. Read more about Naming a Trust as Beneficiary of Your Will.
Some types of property will pass through your will, but not others. Types of property that commonly pass through a will include real estate such as a house or land, vehicles, bank accounts, and personal items such as household items, family heirlooms, art, jewelry or antiques. However, these types of property will only pass through your will if you have not made other arrangements for them.
Any property for which you have made other arrangements will not pass through your will. For example, these types of property will not pass through your will:
To avoid confusion, do not use your will to name beneficiaries for property that will pass outside of your will.