A will is an important document for family planning. You want to make sure your assets are given out according to your wishes and that your family is taken care of when you pass away. Many people don’t have wills because they find it intimidating or don’t know how to get one done. Today, we’ll explore why it’s so important to have a will and give you tips on how to create one.
💡Fun Facts:
| 1) 46% of American adults have a will (Gallup) |
| 2) The first will ever found was in a tomb in Egypt in 2500 BC |
A will is a document that conveys your wishes after you have died. It is most important in making sure any of your assets are distributed to the people that you identify. If you don’t have a will, they will be distributed according to state law and may create friction and disputes within your family.
There are several elements to a will that must be included. You must name an executor, who is responsible for managing your estate after you die and makes sure that the will is carried out to your wishes. Beneficiaries are the people or organizations that inherit your things. You need to be very specific about who is receiving your assets and what they should receive. Guardianship is if you have children and you need to name a caregiver to raise your children if there is no surviving spouse. Your debts should also be included in the will and instructions on how they should be paid off including loans, mortgages and credit cards. Finally, if you have specific desires regarding your funeral and burial, you can include instructions on what you would like.
Creating a will is not very complicated, but you must follow certain steps. First, figure out what your assets are, including real estate, bank accounts, investments and personal property. Next, you need to choose an executor that you can trust to carry out the will according to your wishes. Figure out who your beneficiaries will be and what they will receive. To actually write up the will, there are lots of templates available that you can use and update, or you can also go to an attorney that specializes in wills. Then you need to sign the will in the presence of witnesses. The requirements for witnesses vary by state so make sure you follow your state’s laws. Finally, you’ll want to store your will in a safe and secure place, like a lock box or safety deposit box. You should review your will periodically as your financial or personal situation changes, and make updates as needed.
There are some problems to look out for when crafting your will. Make sure it is properly executed according to the laws of your state. Another common problem is not considering the taxes and fees associated with inheriting property and assets. Look into estate taxes, which can affect certain inheritances over a certain dollar value. You should research how these potential costs will impact your heirs. Finally, it’s important to communicate your wishes to your loved ones and friends prior to your death. Let them know about your will and what your plans are.
The cost of preparing a will can vary depending on how you do it. Using a template from the internet can be free or very low cost, depending on where you get it from. You can buy a do-it-yourself will kit, which costs between $15-50. Paid online will providers can cost between $50-200. And hiring an attorney can cost $300-1,500+.
Many people don’t consider what happens after they pass away. Creating a will is a way to make sure there is no conflict with regards to your assets and that they go to the people that you want to receive them. Make sure your wishes are followed and ease the burden on those that are left behind.
OPINION
If you have a family, you definitely want to make a will. Even if you don’t, a will is useful so that you know where your assets will go after you pass away. Without a will, all your possessions will eventually go to the state government. It’s not difficult to create a basic will using online tools and templates. If your situation is more complicated, you can hire an attorney to help, but that is more costly. Make sure your will is valid by signing it in front of witnesses. Otherwise, if may be declared invalid after you pass away.
