I’m sure this is the last thing that you want to think about, but it’s pretty important. First, let’s go over what a will even is.
A will is a legal document that declares how your assets will be handled once you pass. Wills basically declare who is to receive your assets and property, appoint a guardian for your minor children, and name an executor to manage your estate.
One thing to be aware of is that each state’s laws may vary for wills. So make sure your will follows your state’s requirements or else it may be held invalid.
Let’s get right to it, here are the seven steps to start your will –
1. Create the Will Document
This part should be easy! It’s always nice to start with something easy to check off the list.
Whether you are typing this document or being old school and handwriting it,
Titled the document as “Last Will and Testament of” then include your full legal name and address.
Next, you will start a declaration paragraph, which will look something like this:
“I/We, [Your Full Legal Name/Spouse’s Full Legal Name], are of legal age and sound mind. This is my/our last will and testament and revokes all previously made wills. I/We are not making this will under duress.”
Or you can create a legal will through Mama Bear Legal Forms.
Mama Bear Legal Forms is partnered with Ramsey Solutions. It is $129 for just you (if you are single) and $198 for you and your spouse. Click here to start your will and get 20% off your will! Apply our discount code, BTY20
If your estate is complex, meaning it’s a decent size or there are family concerns. Then it is best to meet with an attorney.
Meeting with an attorney will allow you to secure your estate, develop a plan to avoid estate taxes, and help you understand your state’s laws.
If you need to meet with an attorney, don’t put it off.
Make it a priority, and get the appointment scheduled!
2. Appoint a Personal Representative
Your personal representative or executor will manage all the assets in your estate. This will need to be someone that you trust and is an honest, reliable person who is also willing to act as your personal representative.
That’s not asking too much, right?
You will also want to have a second person appointed, in the event that the first choice cannot serve as your executor.
3. Appoint a Guardian
If you have children then this step is really important.
If you don’t have kids, then go on to step four.
You will want to appoint a guardian to care for your minor children. If you don’t, the court will appoint someone on your behalf.
If you read my Estate Planning post, then you know that communication is KEY.
Communicate this decision with both your children and potential guardian. Also, consider naming a second guardian, again if the first option cannot serve.
4. Appoint the Beneficiaries
Now time to name the people who will inherit your assets once you pass. When naming your beneficiaries use the full names to leave no doubt about their identity.
Apparently, people have been known to name their pets as a beneficiary. Please don’t do this.
But do designate someone to care for your pet after you pass.
5. Designate Assets
Along with naming your beneficiaries, you can also designate which assets you want certain beneficiaries to inherit.
Having an asset list is a great way to easily designate assets to beneficiaries.
Download the Estate Planning Guide to get a template and start building your asset list!
If you plan on disinheriting a family member, you need to name the person and the reason why. This will help make sure your wishes are fulfilled appropriately.
When disinheriting a spouse, you will want to consult with a lawyer as some state laws the spouse is entitled to take a percentage.
6. Have Witnesses Sign the Will
Once you’re happy with your will, you will need to have two witnesses watch you sign and date your will. Then they will need to sign and date after you.
The witnesses must be over 18 years old and cannot be a beneficiary of your will.
7. Safely Store Your Will
Keep your original copy in a safe place.
This can be a safe, fireproof file cabinet, safe deposit box, etc.
Wherever it is, be sure to let your personal representative know where it is.
Always review your will on a regular basis, at least annually, or whenever there is a major life change.
This will help you always have a current and up-to-date will so that your wishes are what you’d presently want them to be.
A will does no good to you and your family if you write it, then never look at it again for several years.
Having your plan in place is such a great way to secure your legacy and show your family that you love them by leaving them with an organized plan when you are gone.
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