Setting up a will should be a simple process for most people. The laws may vary from state to state, but there are lots of places where you can learn to write your own will or gain access to programs that generate a will for you automatically, such as Fabric.
However, before you jump right in and start creating your own will, here are five things you should consider.
1. It’s the Little Things That Matter
You don’t usually need a will for the much larger assets. Any joint assets you own typically automatically go to the joint partner in the event you die without a will.
Documents like your life insurance policies and retirement accounts typically already have named beneficiaries.
Also, a will specifies what specific items of property go to which beneficiary. That way, you get to eliminate many conflicts before they even begin.
2. You Should Name a Guardian
If you have any children who are minors, you should name a guardian that will raise them until they attain legal adulthood. Not having a will means the kids will be appointed a guardian by the state.
That may not be the best thing for your children as it might not be the person you would want to leave them to in the event of your death. Admittedly, choosing a guardian is a difficult task, due to the enormous responsibility you would be placing on the shoulders of this person.
However, make sure you go for someone who shares your values and would raise your kids in the way you would raise them yourself.
3. You Should Name an Executor
An executor is a person who follows the instructions in your will according to your wishes. This is the person who pays off any taxes and debts you owe from your estate.
The executor then divides the remaining assets among your heirs according to the terms of the will. You should pick someone who is trustworthy, organized and firm.
Make sure you ask the person before you choose him or her to find out if he or she is willing to serve as your executor beforehand as it is an enormous responsibility to place on anyone’s shoulders.
4. You Can Always Prepare the Will Yourself
In the absence of complicated situations, such as tax issues, many assets or remarriage, it is straightforward to prepare your own will, and you don’t need a lawyer. You can fill out an online form and pay a minimal fee that is typically less than $100.
The will can then be printed and sent to you in the mail for signing.
5. Update Your Will Regularly
If any of your beneficiaries die, you get divorced or remarried, or your attitudes to any of your heirs change, it is an excellent time to update your will to reflect these changing circumstances. You should also update your will if you move to a different state with different laws.
Divorce and remarriage restructure families. Stepparents move in with their new spouses and stepchildren, and new households are formed.
While these new familial relationships are undoubtedly strong, they may not be legally significant for purposes of estate planning. Unless there’s law to the contrary in your jurisdiction, stepchildren often do not have a de-facto claim to their stepparents’ estates.
Learn about estate planning for blended families and if you live in the UK get estate planning guidance for the UK blended family.
