Making a will is something not generally thought of by most people; however, it is the most important document you will ever write. It allows you to decide who gets what when you die, but only 46% of Americans have one.
Reasons Why People Avoid Making a Will
People do not have wills for an assortment of reasons. According to Consumer Reports’ study, 25% of respondents thought they did not own enough things to make a will, and another 20% had no idea how they could create one. Yet making a will is a great idea no matter your assets, and it’s not as hard as you think. That’s why we are going to show you a step-by-step guide on how to make a will today.
Steps to Help You Create a Will
1. Simple Will vs Living Trust
First, you need to decide whether you want a Last Will or a Living Trust. A Last Will is simpler and less expensive to create, making it a good option for straightforward estates and those with fewer assets. It allows you to specify asset distribution and guardianship for minor children, but it must go through probate, which can be time-consuming and public. On the other hand, a Living Trust, while more complex and costly to set up, helps avoid probate, provides privacy, and allows for detailed management of your assets, especially in cases of incapacity. Evaluating your estate’s size, complexity, and your personal preferences will help you make the best choice for your situation.
2. Choose Assets to Include
While writing a last testament and the whole process involved drafting one’s property, thus a list has to be made showing what should appear in it. There can be any number of items in this list, but some examples include:
– Your home, including cars and other real properties
– Life saving premiums
– Cash deposits/retirement accounts
– Pets
– Family heirlooms/personal stuff
3. Pick Your Beneficiaries
After deciding what assets should come with your estate once you die, i.e., beneficiaries, you can move on to selecting who these beneficiaries would be. Your choice could range from a single beneficiary to many others.
If you are married and have children, then you may want to leave everything to your partner and kids. However, there are instances where you may wish to pass on your assets to aunts & uncles, friends, or charitable organizations.
**Note: There is no limit as to who can be named as the beneficiaries. However, it is important that you give specific instructions regarding who should receive what. The more details one gives, the better, since these will help speed up probate court upon which everything will be availed smoothly according to your desires for loved ones.
4. Name an Executor
All wills must contain an executor. This person reads your will and follows through with your final wishes, including distributing property among beneficiaries, paying off any debts if they exist, and other necessary administrative duties that need execution before death occurs in order not to leave anything hanging when you die.
The only thing required to name an executor is simply mentioning them in the will. An executor plays a crucial role, and thus you should choose someone with particular attributes who will do your wishes. Some qualities of an executor are:
– Orderly
– Dependable
– Faithful
– Available
– Sympathetic
Once you have made this choice, always remember to inform the appointed person. The chosen executor must agree to perform his/her duties.
5. Choose Guardians for Minor Children
It is advisable for parents with minor children to choose a guardian for them. If one parent dies, the other will typically be granted sole legal guardianship; however, in case both parents pass away, minor children will require guardians.
Therefore, you must appoint somebody who can bring up your child as you would do. You may also think about having an alternative guardian if your first choice of guardian cannot serve.
6. Sign Your Will in Front of the Witnesses
For your will to be legally enforceable, it has to be signed before witnesses and must be handwritten by yourself. The majority of states require two witnesses, while others prohibit certain individuals from being witnesses, including:
– Your trusted executor
– Guardians
– Any beneficiaries under the will
However, friends or neighbors can witness it, even roommates.
7. Safely Store Your Will
When all is said and done, a legally valid and completed will needs a place where it can be safely stored and located easily for accessibility purposes. It’s upon one’s judgment whether to store it in a home fireproof safe, a filing cabinet with probate court, or among several others listed below. Regardless where you store your original copy of a will, make certain you store a duplicate copy in an online storage site.
Online storage is the only secure way for a Last Will to be secure and safe from destruction. The U.S. Will Registry partners with www.sidedrawer.com to offer Free Online Document Storage.
Will Registration
Once your original and duplicate copies of your will are stored, ensure they are registered. The U.S. Will Registry is the only central national will registry in the U.S. Registration is free, making it accessible to everyone. Only those listed in the registration will have access to it. Registration informs your beneficiaries where the will is stored, whether it is with an attorney, a friend or relative, at a financial institution, at home, or in online document storage.
8. Alert Necessary Parties of Where Your Will is and How to Access it
A will may be essential, but it can only serve that purpose if the relevant people know its whereabouts. Your executors and loved ones ought to know where you have placed your will and how they can find it. It is my wish that, when I die, this will not put too much pressure on my friends who need access to my executor.
9. Update as Needed
Even after your will is complete, you still have chances of renewing it. In fact, updating your will every five years or in case of some life events happening is the best approach. The following are a few indications that let you know if you should update your will:
– Marriage or Divorce
– Children or Grandchildren
– Real Property Purchase
– Residence Change (Will requirements differ by state)
– Death of Beneficiary/Executor
Want to locate or register a missing will? At the U.S. Will Registry, we offer the general public an opportunity to record their Wills to ensure they are found at the time when the testator passes away by noting down either where they keep the Wills or who wrote them for them among other things.
An online platform, SideDrawer.com, is our clients’ recommended option because it is public, free, and has tight security. If your will is stored online, you must ensure that it is registered so that it can be easily found, as there are many sites on the internet which provide iCloud-based services.
Making a will is crucial for ensuring your wishes are honored after your death. By following these steps, you can create a will that reflects your desires and provides for your loved ones.
Utilize The U.S. Will Registry for Online Wills
If you decide to make your own will over the internet, the most highly recommended is The U.S. Will Registry. It has the most comprehensive online site that is also easy to use and it’s the only National Will Registry besides offering free online storage which guarantees that your documents are kept safe, and you can find them anytime they are needed.
Making a will is important in order to honor your wishes after death. By taking these steps, you can draft a will that represents what you want and takes care of your loved ones.
