7 Tips You Should Know When Writing a Will

Are you interested in writing a will? Creating a legally valid will is one of the most critical steps you can take to secure your loved one’s futures. A will helps your heirs avoid hassles after your death and gives peace of mind knowing your lifetime of possessions will end up in the right hands.

If you aren’t familiar with laws governing wills from state to state, you should seek help from a living will attorney. But before you do, consider these seven tips you should know when writing a will.

Decide Who Will Manage Your Estate

When you write your will, you’ll select an executor who will be responsible for managing your estate (homes, cars, expensive items, and small items with sentimental value) after you die. This may be your spouse, adult child, or a trusted friend or relative. You may also name joint executors. 

One of the most important things your will can do is empower your executor to deal with debt collectors and pay your bills. Make sure the language in your will allows for this and gives access to take care of related issues not specifically outlined in the will.

Designate Items for Your Heirs

If you wish to leave personal property to heirs, indicate these items in your will. You may also create a letter of instruction to be kept with your will.

The letter of instruction is an informal document and not legally binding in most states. In this letter, you can go into detail about which items go to whom. You may also include account numbers, passwords, and burial instructions to help your executor settle your estate.

Without a Will, Your State Decides Who Gets What

Without a legally valid will, you’ll become intestate. This means your estate will be settled based on the laws in your state.

If a will is deemed invalid and no executor was named, a judge will appoint an administrator. This person is typically not known by your family and may make decisions that don’t agree with your wishes or your heirs.

Separate Wills Make Better Sense for Spouses

Estate planners almost always advise against joint wills. Chances are you and your spouse won’t die at the same time. Separate wills make more sense even though they may look similar.

Each spouse should address issues related to exes and children from previous relationships. This includes property obtained in a previous marriage.

Keep Your Will in a Safe Place

Your original will must be accessible to process your estate, so keep it in a safe location. If you put your will in a safe deposit box, your family may need a court order to access it. A fireproof and waterproof safe in your house may be a good alternative.

You can also leave signed copies of your will with your living will attorney or someone you trust in case the original is destroyed. These can help establish your intentions, but missing the original copy can still complicate matters.

Update Your Will as Life Changes

Just like you update your beneficiaries on Life insurance policies, you should also update your will as life changes. Consider pivotal moments such as marriage, divorce, the birth of a child, death of a beneficiary, or a significant purchase, etc. When your kids are grown, they may no longer need guardians. Review your will every two to three years to make sure it’s up-to-date.

Need help writing a will? At FamilyWise, you can create legally valid wills online. Sign up today to get started.