[DE] Do I need to include assets with named beneficiaries in a will, and what witness or notarization requirements apply?

DE Estate Planning

Liz

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With the will, it would just be for those things not already containing a beneficiary. You also would not need a probate if it's only personal property usually.

You can also list beneficiaries for the bank accounts, to avoid probate of those as well.

You do usually need two unrelated witnesses (12 DE Code § 202 (a)(2)), and you can have things notarized at your bank.

It's often good to have more than one copy of the will, but with a simple will, you should be able to avoid probate if all larger assets have a beneficiary already named such as with the bank accounts.

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I'm traveling to Italy in 2 weeks and need a will. I have life insurance and two investment accounts. My children are all beneficiaries of those accounts. Do I need to make any direction about those monies in the will? Also, what formalities are required for witnesses, etc.? Thanks

Lexi, Chatbot

I understand that preparing a will can be a bit overwhelming, especially with your upcoming travel plans. Have you already drafted a will, or are you starting from scratch?

I don't know

Lexi, Chatbot

Are there any specific assets or personal belongings you want to ensure are addressed in the will beyond your life insurance and investment accounts?

No specific assets that need to be listed in the will. My will expired many years ago.

Liz

Hi there! My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your legal concerns. So I can best help, are the insurance and accounts your only assets?

I have some furniture and a car. The jewelry and musical instruments will be passed outside of the will.

Liz

Do you own a home?

No. I am also a Delaware attorney. For me, 43 years. I do corporate law. I have made all arrangements for burial, etc. I'm pulling all of it together and then will give copies to the children. I will make arrangements for my will so that it can be found easily without going through a bank vault. I do have bank accounts in my name. I pay all my bills monthly so no debt.

I just need a very simple will. How do I get to that? Does Delaware require any other formalities besides 2 witnesses and a notary?

Liz

With the will, it would just be for those things not already containing a beneficiary. You also would not need a probate if it's only personal property usually.

You can also list beneficiaries for the bank accounts, to avoid probate of those as well.

You do usually need two unrelated witnesses (12 DE Code § 202 (a)(2)), and you can have things notarized at your bank.

Yes, all the money, with the exception of my bank accounts, have beneficiaries. Do I need to designate the car?

Probably not. It's old and will likely be replaced soon.

Liz

You could designate the car with the DMV, or list it in the will. It doesn't usually need probate unless of significant value.

Liz

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