Did you know only 46% of U.S. adults have a will? Being prepared will benefit those in your life that you love. It's a way to protect yourself and your assets.
If you are just starting out and looking for trips for your will, you've come to the right place. We will review five things you need to know about will writing. Keep reading to find out what you need to do and what to include in your will.
1. Choose Between an Attorney or DIY Program
When you're writing your will, there are two options. You can hire a professional or purchase a do-it-yourself program. You'll need to evaluate your needs and make an educated decision.
A program may be a great option if you plan to distribute your estate among a few people. For example, if you're giving all your assets to your spouse, you might not need an attorney to provide you with will tips.
However, if you plan to include many heirs in your will, you'll want to seek legal counsel. You may also want to get professional advice if you have a property or bank account in another country or if you own a business.
2. Select an Executor
An executor will be the person who ensures your wishes are carried out after you pass. This person or people have to be over the age of 18, and you'll want them to be trustworthy. Two executors are advised if one person passes away before or with you in case of an accident.
Many choose their spouse, adult children, or a professional such as an accountant. When you write your will, be sure you include the executors' names, addresses, and contact information so they can be informed if something happens.
3. Choose Beneficiaries
A beneficiary is the person or persons who will receive what's called a death benefit. This is your financial payout and assets. This can include life insurance and retirement funds.
Your money will likely be tied up in court if you don't name a beneficiary. When writing a will, you can choose a few different beneficiaries.
Most people choose someone who will be financially affected by their death. That may be a spouse or child. However, you can also choose a charity or a trust as your beneficiaries.
4. Sign the Will Properly
Signing your will incorrectly could be invalid and cause conflict among your loved ones. You'll need witnesses to sign your will, and they should be impartial. While it may seem a simple and easy step, having professional help with this process can give you peace of mind that it's done correctly.
5. Review and Update
As people move in and out of your life, you'll want to add and remove them from your will. You must remember to review and update it every few years.
You'll want to make changes if you get married or divorced. If one of your executors or beneficiaries passes away before you, you'll need to update it.
Writing Your Will
Writing your will can be challenging, but after completing it, you'll feel relieved and protected. There are many things to consider, and you may not have learned how to write a will. Contact us here, and we will help you write your will and answer all your questions.