According to a survey, 67% of Americans do not have an estate plan.
Without a will or estate plan, figuring out what happens to your belongings can be incredibly difficult. For this reason, figures like your spouse, children, and other relatives might not get what you intended.
It can be especially tricky to write a will if you have a lot of property. So, how do you write a will for yourself?
Keep reading for everything you need to know about how to write a will!
Table of Contents
Choose Your Executor for Your Will
Choose qualified people as your executor and trustee to ensure that assets are distributed as intended. The executor should be someone you trust to be honest and capable, such as a family member or close friend.
After passing away, you should also provide instructions on what you would like them to do with your assets and property. The content and language of your will should be unambiguous to avoid any misunderstandings or legal challenges.
Map Out the Distribution of Your Assets
When formulating your will, you should map out the distribution of your assets, including tangible items such as real estate, vehicles, bank accounts, and investments.
You must also include intangible items such as valuable collections, family heirlooms, or sentimental keepsakes. It is essential to be comprehensive and detailed when mapping out the distribution of your assets.
Deciding how you want to divide your assets amongst your heirs is essential. Ensure the instructions in the last will and testament are sufficiently clear.
Determining the Details for Your Beneficiaries
When determining the details of your beneficiaries, include their name, address, contact information, the assets to be given, and the percentage or amount of the inheritance. You may want to appoint a guardian for minor children.
You must also provide for other dependents, such as elderly, disabled, or unmarried family members. Document your detailed wishes regarding your assets, including the beneficiary’s name, the percentage of inheritance, and account numbers.
State whether the beneficiary should receive a lump sum or periodic payments. Include specific instructions concerning the age and how you should use the assets.
Execute Your Will with a Lawyer or Notary
Executing a will with a lawyer or notary is essential to ensure that the document is legally binding and valid. To do this, the testator must sign the paperwork before two witnesses and a notary.
If done with a lawyer, they will typically attend and help walk through the process. To guarantee that the will is legally valid and enforceable in the event of the testator’s death, finding the right estate attorney is necessary.
The process may require an additional fee, but it is well worth the assurance that one’s wishes will be followed and respected. It can also help you avoid potential issues arising from the lack of legal counsel while creating a Will.
Tips on How to Write a Will
Writing a will is an integral part of probate law. Follow the steps outlined in this article on how to write a will to ensure you create a legally valid Will that meets your needs.
Ensure you include all the essential details, get it notarized, and store it in a secure, safe place. For peace of mind, prepare your will today!
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