How to Create a Will

December 29th, 2020 by
How to make a will

Photo by Judit Peter / Pexels

Here are a few things to consider when creating a will.

A will indicates what to do with your possessions after you pass away. “[It] can prevent any disputes among your heirs,” Suze Orman says on her website. “A will can also stipulate who will become the legal guardian of your children in the event that both parents perish.”

Related: How to Find a Financial Advisor

A will is a document that goes into effect when you die and must be validated by a judge in probate, which can take time and money.

Here are a few things to consider when making a will, according to LegalZoom.

Introduction

You will need to introduce yourself and include your full name, address, date of birth, and social security number. Also that you are over 18 years of age and of sound mind. It is also good to state that this will supersedes previous versions.

Executor

Select an executor and an alternate executor. State in your will who these people are. The alternate can serve in case the first choice is unable, for any reason.

Beneficiaries

Identify your beneficiaries in your will. State who will be inheriting your property. If you have anyone, like a child, who you plan to leave out of your will, it is wise to include that information, as well, LegalZoom says.

 Property

Make a list of all the properties that you wish to disperse to your beneficiaries. Real property will be any land and buildings, while personal property is any other items, including bank accounts.

You may also choose to leave percentages of assets. For example, 50% to a spouse and 50% to a child (or divided between children, equally.)

Related: How to Create an Emergency Fund

Guardian

If you have children under the age of 18, it is best to name a guardian for whom should raise your children until they reach the age of 18. It is customary to discuss this choice with your chosen guardian to make sure they are up for the task.

Execution

Sign your will to make it valid. Check your state requirements, too. Some require two witnesses to sign the will also. In some states, the witnesses must be disinterested parties.

Storage

Store your will in a safe place. Your executor and alternate should know where the will is kept, also.

 

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