Everything You Need To Know About Writing A Will
Writing a Will is never easy. Just thinking about the idea of your death or the death of a loved one is painful. Trying to imagine what the world would be like after your death is an uncomfortable thought at best and makes this process hard and full of mixed emotions.
For this reason, most people do not even consider making a Will until they are very old or going through severe medical problems. However, this is probably the worst time to create one as you may be too frail to make hard decisions or even be dependent on someone else to make the Will for you which can lead to misunderstandings.
The best time to create a Will is when you are in the prime of your life so, keep reading to find out everything you need to know about writing the document.
Materials Needed
As you start to make your Will, you are going to quickly realize that there are several things you need before you can even start the project. Additionally, there are several requirements you need to fulfill to make the document legally binding.
You will need to gather 2-3 witnesses depending on what State you are in, that can be present in the room with you when you sign this document. You will also need to get the document notarized to assert its validity.
Furthermore, you will need to create 3-4 lists based on your family and estate size. One of these lists will be a list of beneficiaries, another will be a list of guardians, a list of executors, and then a list of your assets. You should ask your accountant and your lawyer about your assets and how to deal with them depending on estate tax laws.
Ways To Write
There are many types of Wills and many ways to write them. You can choose the right way based on what is most cost-effective to you and how time-consuming it is. However, the main deciding factor for most people is the complexity of their assets.
If your assets are pretty straightforward then you can choose to go the online route by using Will preparation software available for a nominal fee. However, this software is not designed for people that have any complexities such as international accounts, self-owned businesses, or even properties in multiple States/countries.
If you have any such complexities, your Estate Planning process requires a lawyer that specializes in this area. A lawyer can help you give customized solutions that online software just cannot provide. Additionally, if you choose to go with a local lawyer, you can have in-person visits to deal with this long process instead of having to rely on a computer that does not know the specific issues you are dealing with. Estate Planning lawyers are also very experienced so they often can predict the kind of problems you will encounter.
Types Of Wills
Depending on the State you reside in, there can be many different types of Wills that are accepted according to State laws. The most commonly accepted ones are holographic, attested, and statutory Wills.
Holographic Wills, as the name suggests, are handwritten Wills created solely by the Will creator. There is no lawyer or notary involved in this process, thus proving their legitimacy in court does become harder. Most courts Will require handwriting samples to assure authenticity.
Attested Wills are Wills created with the help of an attorney and those that require witnesses. These witnesses need to be present when the Will is being signed by the Will creator. Moreover, these witnesses need to meet certain requirements based on State law such as many States declaring that anyone who is a beneficiary of the Will cannot be a witness.
Statutory Wills are usually created using State-provided forms and are often used for people that are unable to make their own Will or are used by those that have straightforward assets.
Appointing People
The hardest part about writing a Will is trying to choose which people you will appoint for each task. While choosing beneficiaries may be easy for you if you have a good relationship with all of them, that is rarely ever the case. Unstable family dynamics can often create tension during this process.
If you are aware of such family dynamics and predict a property dispute then choosing an executor might be the most important task. Your chosen executor will be the one to enforce your Will and ensure that your last wishes are being fulfilled exactly how you intended in your Will. When it comes to appointing an executor for your Will, it’s crucial to choose someone you trust completely, as they will be responsible for carrying out your final wishes. In addition to being an executor, you may also need to consider appointing guardians for your minor children. Some individuals establish godparent status through verbal agreements to ensure their children are cared for by trusted individuals in case of need.
You need to appoint someone you can, quite literally, trust with your life. Due to family problems, many people choose a neutral third party as an executor such as a long-time business partner or trusted friend that has no entitlement to the property.
In addition to appointing an executor, you will need to appoint guardians for any of your children that are considered minors under State law. Depending on how much you trust someone to be a guardian, you can even appoint multiple guardians. This is to ensure that if someone declines, the next guardian on the list is contacted to take care of the kids. Many people often enter verbal contracts with friends or family to establish godparent status that essentially serves this purpose.
Conclusion
As mentioned above, creating a Will can be a tiresome and emotional process that involves a lot of self-reflection. It also makes you question relationships and make hard decisions.
These reasons are exactly why you should try to make a Will pretty early in your life and then update it every so often. Many people choose to do it every time they go through a major life event that changes their assets for example buying a house or starting a family.
There is nothing worse than putting your family through an asset war while they grieve your loss so, secure the future of both your assets and your family by creating a Will today.
