Did you know that only 22.5 percent of adults 35-54 years old actually have estate planning documents?
This number alone might be enough to inspire you to learn how to write a will, but do you know how to go about doing so? If not, we’re here to help you learn.
Read on for a brief guide on how to write a will.
Value Your Estate
The first thing you should do is have your estate valued. This means drawing up a list of assets and debts and learning how much they’re all worth.
Things that might fall into these values include:
- Your home or other properties
- Savings accounts
- Pension funds
- Life insurance
- Investments and other valuables
- Your mortgage
- Credit card balances
- Loans
Having an idea of these numbers is going to help you know what you need to divvy out, and even what you need to begin paying off.
Select Beneficiaries and an Executor
The next step in this process is to select an executor and your beneficiaries. An executor is a person who distributes your assets after you’ve passed. The beneficiaries are the ones receiving your assets.
It’s important to ensure the executor is someone who wants to take on the responsibility. It can take a lot of time and commitment, and you want to make sure the person taking it on is OK with it.
How to Write a Will
To do this, you have a few options. You can choose to hire a lawyer for wills, you can download digital software, or you can just do it yourself. You get will writing pack also these days that you can use.
Usually, the easiest route is going to be hiring a lawyer to help you out. They’ll be able to provide insight and advice along the way. They’ll be able to help you divide your assets up and guide you through all the way to the end at your signing.
Laws are also going to vary by the state you live in, and a lawyer is going to know the local laws the best.
Keep Everything up to Date
Once you’re done with everything, it’s important to keep your will up to date as things change. Your financial situation can change at any given moment, and so can the things that were originally written in your will.
Not only this, but if something happens with a beneficiary or executor and you choose to have them removed from your will, it’s important to have that done as soon as possible.
Ready to Get Started?
Now that we’ve gone over everything you might need to know about how to write a will, it’s time to get started. After you’ve written your will, it’s important to gather any other documents you might need to go alongside it. If you hire an attorney, they’ll help you learn about what you need, or you can find all the necessary resources online.
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