How to Make a Will

Key steps to create a will

• Write your will: Clearly state how you want your assets distributed after death when writing your own will. Include specific bequests, name an executor, and designate guardians for minor children if applicable

• Sign and witness: Sign your will in the presence of at least two witnesses who are not beneficiaries. This helps ensure the validity of your last will and testament

• Consider notarization: While not always required when making a will, notarizing your document can add an extra layer of authenticity in some states

• Name beneficiaries: When creating a last will and testament, designate specific beneficiaries for assets like retirement accounts, life insurance policies, and bank accounts to avoid probate

• Review and update regularly: Update your will annually or after major life events like marriage, divorce, or the birth of a child to ensure your last will and testament remains current

Important considerations when making a will

State-specific laws

• Estate planning laws vary by state. Ensure your will complies with your state's specific requirements for creating a last will and testament

• In community property states (AZ, CA, ID, LA, NM, TX, WA, WI), marital property is typically divided equally upon death

• Common law states offer more individual control over asset distribution but may require more detailed planning when writing your own will

Beneficiary designations

• Beneficiary designations override will instructions for certain assets like retirement accounts and life insurance policies when making a will

• Consider naming both primary and secondary beneficiaries to account for potential changes in circumstances

• Regularly review and update beneficiary designations to reflect your current wishes in your last will and testament

Will vs. living will

• A will deals with asset distribution after death, while a living will addresses medical treatment preferences if you become incapacitated

• Consider creating both documents for comprehensive estate planning when making a will

Avoiding challenges to your will

• Ensure you're of sound mind when creating the will and writing your own will

• Use clear, unambiguous language to express your wishes in your last will and testament

• Consider including a no-contest clause to discourage potential challenges when making a will

• Keep your will in a secure location and inform your executor of its whereabouts to ensure proper execution of your last will and testament

FAQ

How do I start writing my own will?

Begin by listing your assets and deciding how you want them distributed. Write down your wishes clearly, including specific bequests and naming an executor. Ensure you comply with your state's laws for creating a last will and testament.

Do I need a lawyer to make a will?

While not strictly necessary, consulting an estate planning attorney is recommended when creating a last will and testament. They can ensure your will complies with state laws and help avoid potential challenges.

What are the essential elements of a valid will?

A valid will must be in writing, signed by you (the testator), and witnessed by at least two people who are not beneficiaries. These elements are crucial when writing your own will to ensure its legality.

How often should I update my will?

Review and update your will annually or after major life events such as marriage, divorce, or the birth of a child. Regular updates are important when creating a last will and testament to ensure it reflects your current wishes.

Can I include digital assets in my will?

Yes, you can include digital assets when writing your own will. Specify how you want your digital accounts, cryptocurrencies, and other online assets to be handled. Consider naming a digital executor to manage these assets specifically.