It is critical to make sure that you write an up-to-date and clear will to make sure that your estate is fully planned out after your death. There are a number of different steps that you have to take as part of this process. You should know that a well-written will is essential for the vast majority of people. Here are some of the steps you have to complete in order to write a legally valid will.
Speak With An Estate Planning Attorney
One of the first things that you have to do is to make sure that you have proper legal assistance when writing your will. This legal assistance, like the kind you get with Tully Rinckey, makes the process go much more smoothly. You can use online software programs to help you write your will, but it is often best to go with an experienced estate planning attorney.
That way, you can be sure that you fill out, sign, and notarize all of the documents properly. You might have to spend more money on an estate planning attorney than you would have on a software program designed to help you write a will. However, this extra expense is often worth it, since you can be certain that your documents were prepared properly.
Choose Beneficiaries and The Executor
One mistake that people often make is that they don’t name beneficiaries or they don’t update the list of beneficiaries in their will. This can prove problematic since the beneficiary that is listed for a certain account like a bank account will receive it. As a result, it is important to both choose beneficiaries and update the list of beneficiaries as necessary. This can help ensure that the proper beneficiary receives what you intend for them to receive in your will. This also decreases the chances of conflict about who receives what since the will is clear.
You also have to choose an executor of your will. The executor is the person who is responsible for fulfilling the wishes of your will. In many cases, the executor of your will is a family member, but this is not necessarily the case. It is critical to choose an executor who will pay close attention to the details and an executor that is responsible, as well. In the event that you do not have a family member that you wish to name as the executor of your will, you have other options. One common option, in this case, is to simply name your lawyer as the executor of your will.
Select a Guardian for Your Children
If you have dependent children, you should choose a guardian for them in your will. You are technically not required to ask someone for permission before you name them a guardian in your will. However, it is best to do so anyway. Also, choosing multiple guardians is commonplace, since one of the people you named as a guardian might not be able to accept this responsibility. This is why it is a good idea to come up with a list of people suited to be your children’s guardians and go from there.
Specifically Choose Who Receives What Assets
It can take a lot of time to figure out what assets are part of your will and who receives what. However, a legal team like the Tully Rinckey team will tell you to be as specific as possible. There are multiple reasons for this, but the biggest one is that it prevents a lot of conflict about your will. If it is very clear who receives what, then there is a smaller chance of significant conflict about that issue. This is why you should clarify in great detail who receives which assets in your will.
Properly Sign the Will
If your will is executed incorrectly, then this can mean that it is deemed invalid. You must have witnesses to sign your will and these witnesses are not allowed to be people that will inherit anything in your will in quite a few states. Also, these witnesses have to be at least 18 years of age or older. It is best to choose someone who will likely be living after your death. A witness might have to go to court to testify in case the will is contested. You should also check to see how many witnesses are required in your state.