We have talked about why you need a will here, so now let’s take a look at how to actually put one together. It is important to understand that a will must meet the criteria of your state to be considered valid. If you do not ensure that you follow those guidelines, your estate will end up in probate and be assigned an administrator to act as executor of your estate, even if you had other intentions written out. That is why it is important that you do it the right way. So what do you need to do?
Choose a method to create your will.
There are several methods of writing a will. You can do it yourself, use an online will writing software, or consult a lawyer. Working directly with a lawyer will give you the most security and flexibility because you’ll be working face to face with someone. However, you will pay for that convenience. If you have a substantial estate, this may be worth doing.
Many people will benefit from a software like WillMaker. It allows you to create a will by way of an easy to follow interview format. You can create a will, power of attorney, write letters to survivors, handle final arrangements, create a living trust, and provide a health care directive. These can be done for a fraction of the cost of working directly with a lawyer. For many, this will be an ideal option as middle ground rather than simply doing it yourself, which is inadvisable.
Select your beneficiaries.
This is relatively straight forward. Who do you want to receive your stuff when you are gone? Your beneficiary or beneficiaries are the ones who will get your money, home, and other belongings when you die. This will be reviewed by an attorney if you use one, and will be a part of any form you fill out if you use a software or other means.
Name an executor.
The person who you name as the executor of your estate is important. They’ll be the one making sure your wishes are followed. That means choosing someone who is responsible and organized. You also want to avoid choosing a person who will be difficult for your beneficiaries to get along with. For example, choosing one of your children who does not get along with another of your children is a recipe for problems. That would be the kind of situation that might warrant the selection of a neutral party in the role. Some people elect to pay a lawyer or a bank to execute their will to avoid this entirely.
You will also need to decide on compensation if you elect to name a family member as executor. If you hire a bank or lawyer this will be for a fee of between 2 to 4 percent of your estate’s assets. If you choose to name a family member, be clear on if they will be paid and how much. Don’t be vague about how they will be paid if they will be at all.
Selecting a guardian for your children.
This one is a big one. Who will care for your children should you pass away before they are adults? It is a tough question that requires a lot of thought. Obviously it also requires discussing with the individuals who are listed as the guardians as well. You’ll have lots to consider, including your selection’s maturity, stability, and fitness to raise your child in the way you would want them to be raised.
Getting into specifics.
Your will is the place to go into detail about who gets what. This is where it helps to talk with your family about your will. You may have a child who has expressed the strong desire to have a certain possession of yours. Including it in your will and specifically leaving it to them can help alleviate conflict after you are gone.
Keep in mind that by specifically designating items to some and not others, or not doing so openly and honestly with your family ahead of time can be fuel for disagreement and bitterness if family members do not feel fairly represented. Remember that while your intentions may be good in what you give, you must be mindful of the impact those gifts could have and how they could impact familial relationships.
Think about including a letter.
A will gives you the opportunity to say anything else you might want to say to your family. You can do this as one letter to everyone, or to individual family members. This is an opportunity to speak directly to your family and tell them anything you want them to know. It is definitely worth including.
Can I get a witness (or two)?
In order to make a will legal you need to have witnesses to it. These should be third parties typically, because they may be called upon to testify in the event that your will is contested. You may need as many as three witnesses, and your will needs to be notarized.
Additionally, you need to store it somewhere safe or have multiple copies of it. That place needs to be somewhere that is known to the person who will need to ensure it is executed. If it were to be burned up in a fire, and no other copies were known, you are right back to square one with no will.
Making sure your will stays up to date.
Possibly the most important thing you can do with regard to your will is to keep it updated. This is not a one and done type of document. Your life will change as you go through it. Those around you will change as well. You may add wealth, add family members, or lose them.
You might have selected your brother and sister-in-law to care for your kids in the first iteration of your will. But what happens if one of them were to die prematurely or perhaps get a divorce? Perhaps a family member who you previously had left a large portion of your estate to due to their limited financial means has a windfall and no longer has need of it. There are endless numbers of possibilities that could cause updates that need to be made to your will. You should attempt to do it at least every five years, or more often if more pressing changes like the guardianship of your children are involved.
