Writing a will—also known as a last will and testament—and estate planning may seem like things you don’t have to worry about until later on in life. In fact, only 1 in 3 individuals over the age of 18 has a will, and only 50% of individuals over the age of 55 have one. However, they are both incredibly important, and shouldn’t be put off until later. In this article, we’ll explain how to write a will and share other estate planning tips.
How To Write a Will
A will is only one part of your overall estate plan—a plan for what to do with all of your assets after you have passed. But a will is one of the most critical aspects of your estate plan, and should therefore be created as early as possible. Here are the steps for writing a will:
- Name an Executor – The executor of your will is the individual who will be carrying out all of your wishes listed in your will.
- Identify Beneficiaries – Specify the beneficiaries who will receive your assets—who gets what? These individuals can be your family members, friends, or even charities. You can divide your assets amongst your beneficiaries any way you’d like.
- Choose a Guardian – For individuals who have children under the age of 18, specify a guardian to care for them when you are gone.
- Include Any Other Wishes – Include any other wishes that aren’t associated with your financial assets, such as any instructions for your funeral, deciding who will take care of any pets you may have, and any other desires.
- Sign It – Your will is only valid if your signature is present.
- Get Witnesses To Sign It – You must have two witnesses to sign your will. These individuals cannot be listed in your will.
- Get It Notarized – You should get your will notarized to ensure its validity and that it will hold up in court.
It’s important to write a will because if you happen to die without one—also known as intestate—there can be unwanted consequences, such as the state becoming the executor of your estate, leaving your family and loved ones with no say in the distribution of your assets. Since a will is just one part of your estate, you should also look into other estate planning options to ensure you have everything covered.
Estate Planning Tips
In addition to writing a last will and testament, other important actions for your estate plan include:
- Itemize all of your assets, including physical property—such as your home, jewelry, collectibles, and anything else of value—and non-physical assets—such as bank accounts, insurance policies, IRAs, 401(k)s, and more.
- Make a list of all your debts, including open credit card accounts, loans, mortgages, and any other debts you may have. Include your account numbers, contact information for the companies holding the debt, and the location of all your signed agreements.
- Make a list of all organizations you are a member of—like AARP, alumni associations, and other groups—as well as listing any charitable organizations you support.
- Make copies of all your lists in case something happens to one of them. Make sure to sign and date each copy.
- Review your retirement accounts, and ensure that they have the proper beneficiaries listed.
- Update all life insurance policies to ensure that they also have the proper beneficiaries listed.
You can also find additional estate planning tips here. While it’s not always easy to think about passing on, it is incredibly important to think about what you want, and take the necessary steps to guarantee that your loved ones are cared for after you are gone.
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