How To Write a Will–and Why You Need One
Thinking about death may be uncomfortable, but creating a plan for what happens to your belongings and the people who depend on you can give you and your loved ones peace of mind. You’ll be able to decide where everything goes, and your friends and family will be able to grieve without the added pressure of dealing with probate.
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One of the critical things you can do is to write a will. It doesn’t need to be complicated, and you may be able to do it yourself. Here’s what you need to know.
What Is a Will?
A will is the cornerstone of your estate plan. This legal document specifies what will happen to your belongings after you die. If you have children, your will names a guardian who will be responsible for them if you die before they reach adulthood. It also designates your executor, the person who will be responsible for carrying out your wishes.
What Happens if You Die Without a Will?
Each state has its own laws describing what happens to your estate if you die without a will. In one state, your domestic partner may inherit your belongings, while another gives the property to a blood relative instead. Depending on where you live, the following may be true:
If you are married and live in a community property state, your property will go to your spouse. Otherwise, the state may give it to the children you shared with another partner, your parents, or your siblings instead of your spouse.
If you have children but no spouse, your property will likely go to your children.
If you are single without children or a spouse and your parents are still living, your property will likely go to them.
Your beneficiaries may have to wait an extended period of time and may need to hire a lawyer as your assets work through the probate process in the court system.
If there are multiple marriages or strained relationships, things can get sticky pretty quickly. For this reason, it’s best to have a will so you can make your wishes known.
What Are the Main Rules of Writing a Will?
The most important rule of writing a will is to follow your state’s requirements so you create a valid document. Find out what information needs to be included, the number of witnesses you need, and whether you need a notary.
Questions To Ask Yourself
After you understand the legal requirements for a valid will, you need to make a few decisions. Start by answering the following questions:
What are your assets? This includes bank accounts, furniture, clothing, pets, collectibles, investments, family heirlooms and other property.
Who do I want to get my money and assets after I die? You can choose more than one person, and you can specify who gets what.
If that person dies before I do, who can take their place?
Who do I want to care for my children if I die before they are adults?
Are there any special circumstances, such as an heir who should not be entrusted with a lump sum of money, or someone who would need help handling their own affairs?
Who do I trust to follow my wishes and serve as the executor of my estate?
Once you’ve made these decisions, you can start writing your will.
How Do You Write a Simple Will at Home?
Here’s a guide on what to consider when creating your will.
1. Title the Document.
Begin the process of writing your will by titling it “Last Will and Testament” followed by your name and address to establish your identity. In the first paragraph say that you are of sound mind and of legal age and are expressing your final wishes. Add a statement that this will revokes all previously made wills, and that you are not making it under duress.
2. Choose Who Will Inherit Your Assets.
Name your beneficiaries along with the assets you want them to inherit. This can be as simple as naming your spouse as your sole beneficiary, or as detailed as who gets that mantel clock you inherited from your grandfather. Consider factors like your beneficiaries’ ages, financial positions, and interests. For example, you may want to leave that mantel clock to your sibling who shares your memories of the clock in your grandparents’ house instead of your step-daughter who never met them.
Be sure to specify who gets what if the first person you name dies before you do. Your assets could be equally divided between the rest of your beneficiaries, or that person’s share could go to their spouse or children.
3. Name an Executor.
In the second paragraph, name the executor, who will distribute your assets according to the will after you die. You can choose a friend or family member, or a professional such as a lawyer or financial advisor. To be safe, you can choose an alternate if the first named executor is not available at the time they are needed.
4. Name a Guardian For Minor Children.
If you have minor children, name a guardian who will be responsible for them until they turn 18. It should be someone who shares your values and philosophy around raising children, and, of course, someone that you trust. Since this is a big responsibility, you should ask their permission before appointing anyone as a guardian so they can decide whether they feel they have the skills and financial resources to accept the role.
How To Make Your Will Legal
To make your will legal, sign and date it in the presence of witnesses who are not beneficiaries. Have the two witnesses sign and date it as well. You may need to have a the signatures notarized if your state law requires it.
Keep your will in a safe place, like a safe deposit box at the bank or a fireproof safe in your home. You also may store the will with your lawyer or with the probate court if your state allows that. Make a few copies of the will, and be sure your executor knows where it is.
Review your will periodically, or whenever you have a life-changing event, like the birth of a child, a divorce or death. If you move, you may want to update your will if your new state of residence has different requirements. If you find your will no longer reflects your wishes, you can always write a new one, which will supersede the existing document.
Is There a Template for Writing a Will?
If the thought of writing your own will is daunting, you can use a template for writing the will. A number of websites will let you download a template to complete and print out, and many of them do not charge you for a simple will. If you choose this option, look for a template designed for your state.
In a handful of states, the legislature has created and added to the law a simple will form for any resident to use. This is called a statutory will, and it’s an affordable, easy option for someone who does not have a complex estate. All you have to do is fill in your personal information and follow the directions for signing the document in front of witnesses.
Final Take: What Is the Best Way to Write a Simple Will?
The best way to write a simple will is the one that works best for you. You may prefer the ease of filling in a form provided by an online will-creation service, or you may feel comfortable writing your own will if you understand the probate laws in your state. If you have a more complex estate, working a lawyer who can give you tailored advice may be a better option. What’s important is creating a will now so you have a say in what happens to your assets.
Karen Doyle contributed to the reporting for this article.
This article originally appeared on GOBankingRates.com: How To Write a Will–and Why You Need One
