How to Write a Will: This Is Everything to Include
Wills provide ways forward. Yet 68% of Americans do not have formal wills. This makes it harder for families to figure out how to distribute someone’s assets after they die.
Many people assume that they need to pay an expensive lawyer to draft a will. Yet you can master how to write a will by yourself.
Who should be responsible for carrying out your wishes? How can you break down your various assets? How can you include personal messages in your will?
Answer these questions and you can pave a smooth path forward for your loved ones. Here is your quick guide.
An executor is an individual who will make a formal filing of your will. The
Select an Executor
y will also administer all aspects of your will, helping pay your debts and transfer pieces of property.
You must name an executor toward the top of your will. It is essential that you find a capable and responsible person to act as one. They should be a friend or family member of yours, or they can be a lawyer.
You do not need an executor in a living will. That document describes the medical treatments you want if you are incapacitated. It is a distinct document from a final will.
Designate Your Assets
You should make a long list of all of your assets. Your list should include pieces of physical property, the money you have in the bank, and other financial holdings.
You should give each of these assets to someone. You can divvy up your assets however you like. Google “LLC benificiary” to see how you can allow someone to inherit your business.
Many parents are content to split their money and stocks amongst their children evenly. Yet physical property is harder to split up. Try to give all of your children or family members similar amounts of property.
Include Correct Signatures
You must sign the will with your legal signature. It should not be any different than any other signature you have written.
You also must have witnesses sign your will. It does not matter if you are writing a will by yourself. All types of wills require signatures from people who are not going to inherit anything from you.
Attach a Personal Letter
A will checklist does not leave much room for personal details. You may want to say goodbye to particular people, or you may want to make some personal requests.
The best way to do this is to attach a personal letter to your will. You can address it to anyone you want, and you can talk about whatever you like. Feel free to write a creative document or a lengthy letter.
How to Write a Will
Most people assume that learning how to write a will requires a lot of time. In reality, your will only needs a few major components.
You must name an executor who will fulfill your requests for you. You should figure out where all aspects of your estate will go.
You must end your will with your signature and the signatures of witnesses. If you want to talk to someone directly, you should attach a personal letter to them.
Writing a will is one avenue for estate planning. Figure out additional avenues by following our coverage.