The basic components of a will are: appointing an Executor, designating your Beneficiaries, making Specific Gifts (to specific Beneficiaries) and providing instructions about what you want done with everything else, which is gathered together into what is called the Residue of your estate.

• Designate a family member who is the most capable of handling the estate work or hire a non-family member to be your Executor. It eases the burden on those already grieving and avoids tension in the family. Consider naming an alternate in case the person is not available or can’t do it.
• Clearly identify your beneficiaries by full names, where they live and birth dates. Banks and other institutions now require birth dates, so put them right in the will.
• Leave special things, whether of great value or sentimental value, to the special people in your life. They’ll appreciate the thoughtfulness.
• The “everything else” of an estate is called the “residue”. It’s the accumulation of bank accounts, proceeds from the sale of property and possessions, and so on, usually in a bank account designated by the bank as an “estate account.”
• From there, the Executor will pay the expenses of the estate, which include the final income tax return, estate tax, bills that have been paid since the deceased passed away, the costs of administering the estate and so on.
• Following that, the Executor will give the beneficiaries what they are due according to the WIll, usually, but not always, in equal shares. Make sure you provide for alternative beneficiaries in case a beneficiary pre-deceased you. You don’t want to leave the Executor unsure what to do with a left over share.