How To Write Your Will In 10 Easy Steps

Is writing your will something on your task list that you continue to push off week after week, month after month, year after YEAR? Have you been wondering how to write your will?

You know if you finish this, you will feel so relieved and it won’t even take long to do, yet you continue to move it to the next month’s list. This could be for a number of reasons.

It can be because we feel invincible or don’t want to think about the end of our lives. After all, I’ve been talking about our lifespan being longer now and that we should celebrate this time of our lives. “Why do I even need to do this, I’ll be around for years?” But having a will in place will give you peace of mind for the future of our loved ones no matter what age you are.
Writing your will just doesn’t seem like a very fun task. I’d rather be at the pool or out to lunch…..or maybe even the dentist.
Or it could be that we just don’t know how to go about it. So here it is, How to write your will in 10 easy steps.

Why a Will is Important

Did you know that 57% of American adults don’t have a will in place? If you don’t have a will when you pass, either in old age or an unanticipated accident, your wishes may go unanswered. Having a will doesn’t have anything to do with your net worth, but rather taking care of the people you love and avoids problems amongst loved ones.

If you pass intestate (dying without a will) it makes your heirs’ lives difficult. Without a will, the government will figure out how to deal with your property. The courts will try and identify your heirs and distribute your assets accordingly. Without a will in place, your estate will have to pay for the cost of hiring an administrator, which is the intestate version of an executor. This leaves less for your heirs.

By having a well crafted will in place, it makes the management of your assets clear.

1. How Do I Begin

First you will want to gather your information to easily access and make filling out the forms easy.

ASSETS: Gather bank account balances, real estate documents, investments, retirement plans, life insurance policies and other item you will be leaving behind.

DEBTS: Debts to take into consideration at the time of your departure will include your mortgage, any outstanding debts, probate costs and funeral expenses. While you do not know the amount these items will cost you, it is a good idea to have the account information available to make settling your estate easier.

Next you will want to decide if you want to get help or use a do it yourself software program.

Prepare Yourself– Most people will be able to complete this process with a do it yourself software program. Once complete, you will have a notary public notarize your will complete with witnesses. More of that below.

There are a few reputable software programs available for crafting your will:

Quicken Willmaker and Trust- For about $100, you can have a legal and thorough will. See the reviews here

Fabric Wills-Reviews are posted here

Legal Zoom-one more affordable choice to create your will

Attorney-It will usually cost a few thousand dollars to go this route, but you will have a well prepared document that will miss any loopholes. You will need something more than a simple will if:

You own your own business
The things you own will be heavily taxed
There is a need for a special needs trust for a child with a disability
You want to set up a trust so that your children receive money at a certain age
You have a large estate and want to put it in a trust
There are some pending tax issues or legal fees
There are assets in another country

2. Select Your beneficiaries

When you pass away, someone is going to receive your house, assets, and other belongings. You will want to identify who those heirs should be.

Be sure to keep your beneficiaries listed up to date. Life events such as birth of a child, divorce, remarriage, or your personal wishes will cause you to update accordingly.

3. Choose An Executor For Your Will

An executor is a person that makes sure that your wishes for your will are carried out. Choosing an executor is an important task to consider.

Make sure this person is responsible and can stand up to strong-willed members of the family to ensure your wishes are granted. Most people will choose a spouse, a friend, or family member to act as the executor of their will.

You can also choose your bank or an attorney to be the executor of your estate. Just keep in mind that they will typically charge 2-4% of your estate’s assets as their fee.

Tasks that the executor will perform include:

Filing your will with the probate court. The probate court is in charge of ensuring that wills comply with legal requirements.
Managing your assets until they have been distributed to your heirs.
Supervising the distribution of property as per your will.
Terminating your accounts and credit cards, as well as notifying banks and government agencies of your death.
Setting up as estate bank account to accept payments that are owed to you and to pay expenses such as the mortgage while the estate is being settled.
Pay the taxes of your estate.

4. Pick A Guardian For Your Children

If you have children at home, you will most certainly want to have a voice on who will be the guardian of them if the unthinkable were to happen. Legally, you do not need to ask permission first, but it is a good idea!

I suggest that you name three guardians in order of preference as not everyone will be in a good position to take on that responsibility at the time the need arises.

5. Be Specific About Who Gets What

Don’t assume that people know how you want to divide your assets or personal belongings. Multiple children, step children, and a new spouse makes it important to be sure your will is well crafted to have clarity of who gets or takes care of what.

You might leave your estate to your second husband and hope that when he passes, your children will inherit your money. If you aren’t clear in both of your wills, he could choose to leave those assets to HIS kids when he passes and it would be his legal right. You can fashion your will to take care of him AND have your children taken care of.

Have a talk with your heirs about your assets and decide ahead of time to avoid conflict later. Take into account that you can’t divide a car, jewelry, or home into multiple people. For some items you may want to agree they are to be sold and the proceeds divided equally. Be sure to consider the dog, collections, and family heirlooms in your will as well.

6. Attach Letter To Will

Although it is not required, leaving a letter in your will is a nice touch. It can be a personal note to make your wishes clear or it can be a heartfelt letter of your legacy. These letters are often cherished by your loved ones and friends.

7. Add Your Autograph To The Will

Once your will is written you will need need to sign the will and have witnesses sign the will as well with a notary public.

You will need two witnesses and in the state of Vermont you will need three. The witnesses need to be over the age of 18 and they can’t be heirs in your estate.

You should also draft a self proving affidavit which is a notarized document that confirms your witnesses swear under oath that they have signed and witnessed the last will saw you sign the will. This acts as their testimony so they don’t have to appear in court.

8. Find A Place For Safe Keeping

Find someplace secure like a fireproof safe to store your will and documents. You may also want a second copy of your will put in a safety deposit box at the bank in the event that the safe is destroyed.

Then be sure to tell someone you trust as to where to locate your will as well as other important papers and passwords. If you have a copy in a safety deposit box, be sure to leave them the key.

9. Also Include

There are a few more items and documents you will want to gather and have stored with your will. It makes it so much easier to have everything in one place.

Real Estate- Gather paperwork for your home and any other real estate you own.

Tax Returns- Have a copy of the previous year’s tax return easily available.

Life Insurance Policies- Have copies of any life insurance policies, bank accounts, and retirement accounts.

Passwords- Include all passwords so that your loved ones can access any documents.

Living Will– A living will is an advanced medical directive that states your wishes about health care when you cannot make your own decisions.

Power of Attorney- A power of attorney is a legal document that gives someone of your choosing the power to act in your place.

Durable Power of Attorney- You will want to name durable powers of attorney for both finances and medical care should you become mentally incapacitated.

10. Review And Update Your Will

Every few years it is important to review your will and update. Your will should reflect any updates and changes to personal belongings and assets.

Be sure to update your will with any major life event such as marriage, divorce, or birth of children.

Final Steps In How To Write Your Will

As you can see by just following these steps to write your will, it doesn’t have to be difficult. You can choose to do it in one sitting or if it still seems overwhelming break it down into the above steps. Commit to doing one step at a time with and end date for completion.

Other posts you may enjoy about preparing for retirement include: