Did you know that more than half of American adults don’t leave a will when they pass away? This can cause untold distress to their loved ones at a time they need comfort the most. To avoid this, you need to know how to create a will for your estate.
Luckily, the process is a lot easier than you may think. Read on as we give our must-know guide on how to write a will.
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The first step is to decide if you will get a lawyer to do the job or do it yourself. If you go it alone, you should learn how to write a will online using a software program. These programs will cover most of the legal issues inherent in writing a will.
It is not advisable to write a will on your own without the assistance of a lawyer or software program. It could have very deep legal ramifications for your family and result in crippling tax on what you leave behind.
The beneficiaries are the people whom your estate will be left to. You may already know who these people will be. It could be one person, or various parts of your estate could be split across a number of persons.
If you decide to create your will online, then on the last page it should ask for details of the beneficiaries. One of the advantages of getting a lawyer to do this is that they can easily adjust and change the will, or beneficiaries, should you wish.
The executor is the person who carries out the execution of the will after you pass away. Not only do they read out the will to the heirs, but they are also tasked with many of the unfinished affairs. This can include paying off debts and closing bank accounts.
An executor should be someone that you trust, who will do the best for those who have been bequeathed to the estate. You can choose more than one executor to relieve some of the burdens. You can find more information here on how this is resolved.
Appointing a guardian is a necessary task if you have dependents under the age of 18. If you have not designated them and you, as the last surviving guardian pass away, then a court will make the decision. This may not always give the more desirable outcome.
You do not have to have a person’s permission to designate them as a guardian. However, it will help to discuss it with them and get their permission beforehand just for peace of mind.
Alternatively, place three guardians in the will in order of preference. If one is unable to take on your child when you pass, then the responsibility will fall to the next person on the list. Many people may want to do the tasks but be unable to because of life, financial or physical commitments.
If you want to know how to write a simple will, then designate all your assets to one person. However, for many people that is not viable. If you have more than one child or beneficiary, your estate may be spread over a wide area.
Being specific helps any problems that may arise from this when you pass. If you wish to bypass your spouse and give items straight to your children, you should consult a lawyer. In some states, the spouse automatically gains the right of election meaning they take half of the estate, regardless of your wishes.
You should also think about who you entrust your money with. You may leave decide to leave it to a sibling, hoping they will pass it to their children. However, they may have other ideas and the people you want to benefit may not.
A will needs to be signed by two witnesses to make it legally binding. They may not be beneficiaries, and they must be over 18 years of age. Many states do not require that your will is notarized.
Your will needs to be safe and secure but kept in a place that it will not be forgotten about. If people can not find your will, then your wishes will not be carried out and a court will decide what happens to your estate.
Keep it with other important information. This could include passwords, property deeds, and other legal documents. Let a trusted person, such as the executor, know where it is, so if something happens they can inform a lawyer.
Once you make a will, you should not just forget about it. Periodically, you should discuss it with a lawyer and update the will.
A good lawyer will let you know about changes to the law and taxes. It may be better to divide your assets in a different way, to benefit those you are leaving behind. In addition, your personal circumstance may change and you might want to adapt your will.
Many lawyers will charge a nominal fee for updating a will. This is another reason you should consider using one instead of online software packages or doing it yourself.
Now you know how to write a will, discuss it. Let your family know what they are being left to avoid disagreements after you pass. Speak with a lawyer to ensure everything is in place.
If you enjoyed our article, we have many more to help. With everything from finance to property management, let us help you get peace of mind this year.
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