Inside: How To Write a Will: Simple Steps to Ensure Your Wishes Are Honored. Collaborative post.
People postpone writing a will for different reasons. Some of them are afraid of thinking of the time they will go away, while others are more afraid of the sum they will have to pay a lawyer who will draft this document for them.
For the latter, we’ve got great news: you don’t need an attorney for that. Check out a few simple tips that will help you draft your last will and make sure all your wishes are followed.
When Is It the Best Time to Write a Will?
Opinions on this matter differ. Some people emphasize that life is unpredictable and, therefore, it’s better to write a will as soon as possible. Others, on the contrary, believe that this document is worth drafting when one is mature enough and has some assets. Generally, there are four main life events that make people write a will:
Adulthood
Once you’re 18 years old, you have a legal right to manage your assets and write a will. One may ask, “What assets do 18-year-olds have?” You’ll be surprised to know that some young people do not only have savings but also own cars and even houses they have inherited from relatives. The recent statistics show that, in the age group 18-24,
- 15% have saved $1,000 to $4,999;
- 5% have saved $5,000 to $9,999;
- 13% have saved $10,000 or more.
However, a will is not only about money. Even if a young person has a collection of books and wants it to be given to someone after they pass away, they can also mention it in their will.
Marriage/divorce
Marriage changes your social and financial status. You get one more person who can be responsible for fulfilling your will and will receive a part of your assets if you want it. On the contrary, after a divorce, your ex-partner loses their right to get anything because you’re not legally bound anymore. Therefore, when you enter into a marriage or terminate it, your previous will becomes null, and you need to write another one.
Children
Giving their children the best they can is a natural desire of all parents. Therefore, the moment a new family member is born, you should reconsider your will and decide which part of your assets will be inherited by the kids.
Financial situation change
Have you inherited a house, bought a car, or won a huge sum of money? Add this gain to your will so that you know it goes to the people you think deserve to own it after your death.
What Does a Will Look Like?
Unlike other legal documents, a will does not have a universal structure everyone should follow. It’s up to you what points to include and what assets to distribute. However, there are several common elements you need to consider before you start drafting your will:
- Executors are people appointed to fulfill the will after your death. You may choose your partner, friends, relatives, or even a lawyer — anyone you can trust.
- Guardians are people who will take care of your minor children in case you die. These should be individuals who you can trust completely and know they would be able to educate and raise them in accordance with your will. As a rule, these are spouses, parents, or the closest relatives.
- Distribution of assets enlists all your assets and property and mentions who will inherit them in case you die.
- Debts and funeral expenses are also an important part of your will. Leave a note on who will pay off all your debts if you don’t manage to do it yourself and whether the funeral and all related expenses will be covered by your estate or not.
- Pet care directives should be left if you want your pets to live with a person who will take care of them. There are cases when children or spouses send pets to an animal shelter after the owner dies. Make sure the person you assign as a guardian for your furry friends truly loves animals and can provide conditions in which the latter would feel well.
- Last wishes is a section where you can write anything — the details of the funeral, the photo you want to be in your house during the commemoration, what your relatives should do with your clothes or books, and what tree they should plant in the garden in your memory. The more instructions you leave, the easier it will be for your dear people to fulfill your wishes.
How Can You Write a Last Will Without a Lawyer?
To write a will, you do not necessarily require legal expertise. With careful planning and clear instructions, you can create an effective will, even without a lawyer. Here are some simple steps for you to follow:
- Learn your state’s laws.
Every state has its own set of rules regarding wills. Research these to understand what they require and follow these guidelines to make the document legally binding.
- Use a template.
In order not to miss any important points and not spend days drafting a perfect version of your will, use legal forms available at reliable sources like loio.com — a legal tech platform offering 200+ templates for a variety of legal matters. To fill it out, you’ll spend just a few minutes answering several simple questions.
- Enumerate your assets.
Write down all your assets, including savings, investments, real estate, and personal possessions. Be specific about who inherits what. This clarity will prevent confusion and potential disputes among beneficiaries.
- Choose executors.
Appoint a person who will carry out the terms of your will. Pick someone trustworthy, responsible, and, if possible, with some understanding of financial matters.
- Detail your funeral plans.
Include your final wishes for your body and funeral arrangements. While this isn’t legally binding, they will inform your loved ones about your preferences.
- Sign and witness.
Sign the will in the presence of at least two witnesses. They must be adults not named as beneficiaries in your will. Certain states may require more witnesses, so check your state laws.
- Store it safely.
Keep your will in a secure place and let your executor know its location.
- Update.
Regularly update your will to reflect changes such as births, deaths, marriage, or divorce. Changes in the financial situation, too, might require a revision of the document.
Remember, for complicated estates or if you’re uncertain about any aspect, seek legal advice while creating your will to avoid legal complications in the future.
Wills are not just for wealthy people distributing their cars and yachts between potential heirs. It is a tool with the help of which you can take care of your loved ones even after your death. Instead of making them waste hours discussing how to organize the funeral and who would take your parrot, you can leave them clear instructions that would completely reflect your wishes.
Life has many unexpected twists, and preparing for the worst of them is always a good idea.