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How to write your own will
Death is both natural and, by its nature, unpredictable. Thus, it is never too early to start thinking about drafting your own will. A will is a legal document that indicates what should happen to your property once you pass away. In most states, you gain the ability to draft your own will once you are 18 years old. You may decide to hire an attorney to construct your will, or you may choose to do it on your own. If you have decided to pursue the latter option, below is a guide to help you throughout the process.
What is a will?
Before you start drafting a will, you must understand what a will is, why you need it, and what it should contain. A will is a document allowing you to outline your wishes for your estate and specify your children’s legal guardians upon your death. If you have specific desires for how things should work after you pass away, you should consider creating a will.
A will can contain information about your assets and those to whome they will be distributed. It can outline who the guardians of your children will be once you pass away. It can also contain charitable donations, as well as instructions on how you want your funeral to be conducted. These are just some basic items to keep in mind, so know that your own will could be far more specific than this.
What happens if I die without a will?
This is called dying intestate. Your state’s laws will determine your children’s guardians and decide how your property will be distributed. Payable on death accounts are not affected by the existence of wills, so they will immediately be owned by the people specified in the accounts. For other assets, the courts will identify your heirs and try to distribute your assets through a process called probate.
During probate, you would not be able to cut out certain relatives from attempting to access your estate. Furthermore, because the probate procedure is restricted to families only, you would not be able to give anything to your friends or others dear to you who are not your relatives.
One last thing you need to know is that a will could work alongside a living trust or as an alternative to it. Therefore, it is important to learn the differences between a will and a trust to determine which is right for you; find out more about all the different types of trusts by clicking here.
Key terms
To start off, here are some basic terms you need to know to create a will.
Testator (for men) or Testatrix (for women): the person making the will
Executor: the person you appoint to carry out the instructions in the will
Beneficiary: the people who will receive your assets
Witness: Someone who is eligible to sign your will and can verify its authenticity.
Assets: property, money, and other valuables
Guardian: the person who will look after your children, elders, and/or pets, in the case that your spouse is also deceased
Steps to creating a will
1. Before you sit down to write your will, you will need to figure out whether you are eligible to create a will.
Age restrictions: As previously mentioned, you need to be at least 18 years old in most states. However, there are exceptions: in Georgia, you need to be at least 14 years old. Furthermore, if you are younger than 18 but are married or in the military, you could be granted eligibility in certain circumstances.
Mental capability: You need to be of “sound mind” when you are creating your will. This means that you understand what a will means before you sign it. You also need to know the people included in your will and your relationship with them. You need to be aware of what your assets are, how much of them you have, and the types you possess.
2. Learn the legal requirements in your state.
It is crucial to make sure the will is legal so that it is not contested during the probate process. If it does not comply with certain legal requirements, it could potentially cause unforeseen hardships for your family. The easiest way to avoid these complications is to make sure that the will meets your state’s laws.
What constitutes a valid will is different from state to state: for example, a will that is entirely handwritten and signed by the testator is valid in Texas but not in Florida.
Property laws may vary as well: for example, there are common law and community property states. In a common law state, a spouse’s property is considered individually, while a community property state treats them as shared property. This may influence the distribution of your property.
3. Determine how you will write the will
Here are some questions to help you determine how you will format the will. Again, keep in mind that the format needs to be consistent with your state laws.
Is the will going to be handwritten?
Where are you going to get the will format from?
Are you going to simply fill out an online will form?
If so, which website are you going to use?
Is the website trustworthy?
This is a good stopping point if you are having a difficult time trying to format your will. You may want to get help from an expert to guide you through the process instead of struggling through it alone.
4. Select an executor
An executor will carry out the instructions in your will during probate. Being an executor is not an easy job - it is time-consuming and tiresome, especially since probates can last a very long time.
You may choose an individual that you know and trust, or an organization like a bank to be your executor. If you choose an individual, you may want to compensate your executor for their hard work. If you choose an organization, it can cost you between 2 to 4 percent of your assets.
5. List your assets
You need to make sure you know what your assets are before you start distributing them to your beneficiaries. Here are some types of assets you should consider adding to your will:
Real estate assets
Bank accounts
Stocks and bonds
Intellectual property
Business ownership
Personal valuables, such as jewelry, cars, or costly antique collections
6. Select your beneficiaries
Once you have listed all your assets, you should determine who you want to give what property.
If your beneficiaries change over time, you can add or remove them after you have created the will through a codicil. A codicil is a document that updates an existing will.
If your property is to be divided by several beneficiaries, it will likely have to be sold to be distributed evenly. Therefore, if you know that certain beneficiaries want a specific asset and not its monetary value, you should specify that the asset goes to them instead of being sold.
7. Select your guardians
If you have a child or dependent who is relying on you as their primary source of income, you should search for a guardian who will take care of them once you pass away. Although you do not have a legal obligation to notify the guardians, it is a good idea to do so anyway.
You also have the option to name alternate guardians, since your first or second choice guardians are unable to assume the role.
8. Get witness signatures
After you have completed drafting the will, you need at least two witnesses to sign the document. Some states require three. These witnesses must be over the age of 18, and cannot be one of the beneficiaries in the will. It is more advantageous to choose someone relatively young so that they will be around to testify in court if the will is contested.
9. Maintain your will
Congratulations on creating your will! Keep your will safe and let your loved ones know where it can be found. Also, make sure to keep updating your will so that it closely mirrors your current circumstances and desires.
A small warning
While creating your own will is less costly compared to using a professional service, there are significant risks involved. Your estate may get unnecessarily taxed, and you may end up losing more than you saved. For example, Warren Burger, a Supreme Court justice, ended up losing more than $450,000 in taxes and legal fees because he made mistakes in writing his own will.
If you still decide to create your own will and require any assistance, feel free to make use of the concierge service here at Peacefully. We assist with referrals to trusted professionals, offer case-specific advice, recommendations, and coordination for you. For more about our concierge service or to schedule a free consultation, click here.
