9 Steps to Make Writing Your Will Simple and Easy
When it’s time to start creating an estate plan, most of us turn to a will as the first step. That great! Having a will can give you and your loved ones the peace of mind that only having a plan can create. Let’s look at 9 ways you can take action and get your will done.
1. Choose a Lawyer
The first step of creating a will is to choose a lawyer that will help you. Lawyers can provide useful advice on estate planning and make sure that your will meets your state’s legal requirements.
2. Choose Your Beneficiaries
When choosing your beneficiaries to take the time to think of all the people that depend on you. This could be children, spouses, other family members, or pets. This is the time to consider everyone and make your choices. Also, this is the time to list the organizations and charities you may like to include.
3. Choose The Guardian For Any Minor Children
Choosing a guardian for your children can be a daunting task. It is important to choose a willing person who has the attributes that would make for a good guardian in general and well suited to your specific children.
This should be a person you know well and who shares much of your views of the world as possible. They should also be financially and emotionally capable of taking care of your children. Then your lawyer will help you establish that guardian in writing.
4. Create A Detailed Plan For Dividing Assets
Dividing up assets is complicated. You’ll have to make some tough choices. Will each child get an equal share? Will you set aside the same amount for their education? How much of a share will your spouse or parents receive? Does one child or a family member have a need that superseded the others? This is the time to answer those questions for yourself.
5. Work With Your Lawyer to Write Out Any Additional Wishes
This is the time to thinking what you want for your loved ones, consider anything that wasn’t added in the division of assets but is important to you, and speak to your lawyer about them.
6. Choose Your WIll’s Executor or Personal Representative
Your personal representative will play a key role in the execution of your will and handling of the funeral arrangements. This person will have to be able to do this in the days and weeks following your passing so choose someone who will be emotionally capable of doing so.
This person should be someone you trust. They are often very close family members because these will be the people who would understand your wishes the most completely. This should be a person your age or younger and in relatively good health. You should also check with your lawyer should your personal reparative live in a different state. some states have laws prohibiting that.
7. Create Contingency Plans For Your Beneficiaries
We can only plan so much in life and sometimes our beneficiaries don’t survive us or are incapable of receiving what we have left to them. Make sure you have a backup plan on the occasion that your first beneficiary is unavailable for any reason.
8. Talk With Everyone Who Will Be Affected By Your WIll
Now it is time to talk to everyone. Tell them the plans you’ve made for them. Have an honest and upfront conversation with everyone in your will sooner rather than later. It is a good way to eliminate some conflict at the time of your passing.
9. Review Your WIll and Update it at Regular Intervals With a Lawyer
As life changes for you, you should change your will should change. This cud is marriage or divorce or a new child. It could also be your child becoming an adult and no longer need a guardian, or your family’s relocation. If it can affect your will, make sure to have your lawyer update it.
With over a decade of experience, Attorney Regine Francois is equipped to help you with to prepare for your plan. She is an estate planning and probate attorney located in Prince George’s County, MD, and serving the surrounding counties. To schedule an appointment, please call 301-358-0377.