It’s never too early to start writing your will. It is important that you do it the right way, so you can make sure that everything is in order before you go. Here are 6 tips on writing your will the right way!
Get A Template
It’s only natural t3hat you do not know how to write a will and what should be included. It’s even harder if you’ve already seen one from your parents, and you’re a single person without a family. Well, there are templates for anyone, so you can write a simple will for single person purposes without any problems. It will include all the necessary information and will be properly formatted so your writing looks professional. If you want to write a more complex one, it’s a good idea as well to find templates online that can help you with writing the testamentary instrument correctly.
Templates will contain everything a testament should have. You’ll never worry about writing your will in the wrong way because there’s no writing involved. Just add the information, and it will be done perfectly well.
Make A List Of All Beneficiaries
You’ll have to include a list of all beneficiaries and their contact information. Beneficiaries can be your relatives, friends, or organizations that you want to receive the portions of your estate (after taxes and debts are paid out).
It is important to note that writing a will doesn’t automatically revoke any previous wills, codicils, or other testamentary documents you have written in the past, so it’s essential to review them as well!
While writing a will isn’t difficult, making sure everything is done properly certainly takes time. Hiring an attorney skilled at writing up Wills & Trusts for this task would help ensure accuracy and legal compliance with local laws.
List All Your Assets
You’ll need to list your assets in order to write a will properly. For example, writing “all my money and possessions go to the person I leave them to” may not be enough if you don’t specify exactly who that is. Make sure your executor has all the information they need so there aren’t any awkward surprises when it’s time for the distribution of property or payment of debts after you pass away. If writing down what belongs to whom sounds like too much work, then writing an actual list can help ensure everything goes according to plan post-mortem.
Your assets may include the following:
- cash
- investments and retirement accounts (401k, IRA – including any inherited IRAs)
- debts you owe
- unpaid salary or commissions to yourself or an employee
- life insurance policies
- knickknacks, keepsakes, and other valuable items you own
List All Your Liabilities
You’ll also have to make a list of all of your liabilities in order to write a will properly. This is because you have the right to distribute some of your assets among family members or friends while writing up an estate plan, which might lead to complications if there are outstanding debts that must be paid off before any other distribution can take place.
For example, say that you have $100k worth of debt after writing your will and it’s distributed between three different people ($30k each). Now imagine that one person dies, who gets what? The remaining $70k would go straight into their estate without having been resolved first. If another person were to die later on as well with unresolved debts, this could result in further complications for everyone involved, especially combined with court proceedings over property disputes.
Name An Executor
It’s necessary for you to name an executor when writing your will. This individual is essential in ensuring that the property you have bequeathed to others is distributed according to what was stated in your last wishes. You can choose a person who might not inherit anything from you, but would still willingly take up this task and ensure all recipients receive their due share of inheritance without any issues.
Just make sure the person is trustworthy and won’t take advantage of the situation. The grantor is responsible for writing a will in order to distribute property and assets after their death, so naming an executor ensures that your wishes are carried out when you’re no longer able to do it yourself.
Don’t Forget To Sign It, Date It, And Notarize It
You’ll have to sign, ad date, and notarize your will in order for it to be considered valid. Notarizing your will means that a notary public has verified the testator’s signature on it, either by witnessing that person signing or by asking questions to confirm their identity.
Writing a will may be complicated, but it’s not as hard as it seems. Get a template to start out with and make sure to list all the beneficiaries, your assets, as well as your liabilities. You’ll also need a trustworthy executor and never forget to add your signature, date and get the paper notarized. These will all ensure your testament is correctly written and everyone gets what they’re entitled to!
