How To Make A Will

If we’re being honest, it makes everyone uncomfortable to think about their own death. But understanding how to make a will is an important part of building a stable financial future. Although it can be distressing to think about your own death, it’s critical to create a plan for the loved ones you leave behind. A will provides a clear way for your family to follow your wishes after your death.

If you want to learn more about protecting your family through the careful drafting of a will, then keep reading to find out more.

Can I Write My Own Will?

Yes, you can write your own will. It’s not required for an attorney to write your will. In fact, writing your own will is the best option in some situations.

If you have a fairly simple estate without any obvious complications, then drafting your own will may be the best option. In this situation, you might be deciding to leave your investments, assets and personal items to your children. With the help of online software, you can draft a simple will from the comfort of your own home.

Although it’s not required to work with an attorney, it may be worth hiring an attorney to help you write a solid will in some situations. If you have a complicated arrangement of assets, then an attorney can help your heirs avoid any legal fees or an unnecessary tax burden. Although it may cost a few thousand dollars to build a solid will with the help of an attorney, it might be in the best interest of your heirs.

What To Include In A Will

A will is a document that will allow your heirs to close your estate according to your intentions. Instead of being left to guess what you would have wanted, they can simply follow the instructions you’ve left behind. With that, it’s important to leave detailed instructions that will protect your wishes and distribute your assets in the way you intended.

Luckily, there’s no specific language required for your will. The goal is simply to reflect your wishes in the clearest manner possible. That way, your heirs will not be forced to squabble over what you’ve left behind.

Let’s take a closer look at what you should include in your will with our simple checklist.

• Consider what property to include in your will. Listing out all of your assets is a good place to start this process. If you’re married, then you should discuss any joint assets before including them in your will.
• Name an executor. The executor of your will is responsible for ensuring that your wishes are carried out. It’s important to choose someone that’s responsible and capable of handling this important responsibility. In some cases, you may choose an attorney. However, that choice typically comes with a fee. In other cases, you may choose a family member or close friend. Although you should still make an effort to compensate your executor for your time, it will likely be more affordable than hiring an attorney. That will leave more of your assets for your heirs.
• Select your beneficiaries. After your death, your beneficiaries will receive your assets and belongings. Although it should be easy to designate beneficiaries, it’s important to keep this part of the document up to date. For example, if your intended beneficiary passes away, make sure to update the document as soon as possible.
• State how to handle debts you’ve left behind. What happens to your debts when you die? It’s an important question to consider as you draft your will.
• Consider tax implications. In addition to debts, you should consider any tax implications for your estate.
• Name guardians for young children. If you have children that are under the age of 18, then you should name guardians that would care for them in the event of your death. In most cases, it makes sense to discuss these plans with the people you intend to leave as guardians.
• Be specific. It’s critical to state your wishes in an exact way. Don’t leave anything open to interpretation. With a clear document to follow, your heirs can simply execute your wishes instead of potentially quarreling over the meaning of your words.

You should also include any provisions for special circumstances. For example, if you have a pet, then make arrangements for them after you’ve passed away. Or, if you have specific items in your home that you’d like to leave to a specific heir, then include that. It’s a good idea to have conversations about your wishes with your heirs prior to your death so that there’s less confusion throughout the process of closing the estate.

Will Preparation

Once you’ve determined what you’d like to include in your will, it’s time to draft the will. At this point, you’ll need to decide whether you want to prepare your will yourself or with the help of an attorney.

If you choose to write it yourself, then consider an affordable software program to help with the wording. These software programs can point out things that you might be missing and create a polished document.

Once you’ve finalized your wishes in writing, you’ll need to sign the document in the presence of at least two witnesses. In some cases, you may even need to have your signature notarized. After the document has been signed, it’s important to store it in a safe place. Have a conversation with your executor about the best place to store it so that it’s easily accessible to them when the time comes.

The Bottom Line

A will is a critical piece of your overall financial picture. It can allow you to pass on the assets that you worked hard to obtain to your children. Want some extra help staying on top of your expenses? You can easily create and track your budget using Rocket Money, now available on mobile app or web. Rocket Money will even scan your expenses for you and negotiate bills to help you save.