How to Create a Will: A Step-by-Step Guide

Summary: Creating a will clarifies asset distribution, appoints guardians, helps secure your family’s future, and minimizes disputes. This guide takes you through how to write a will, so as to help take care of your loved ones after you’re gone.

Will writing is often one of those to-do list items that never get done. In fact, a good number of people pass away without a will, usually due to procrastination or a lack of urgency. Many struggle to overcome the emotional weight of writing a will.

And that’s understandable. Writing a will means coming to terms with your mortality. Moreover, creating a will can mean making decisions that could cause disagreements after you’re gone. But by making these decisions in advance, you can be prepared to have those discussions with your loved ones before you are gone.

Admittedly, it’s tough to think about your family experiencing grief after you’re gone. But the reality is family, friends, and well-wishers will grieve whether or not you have a will. Creating a will can help ease their burden, ensuring they are more prepared for decisions about your assets, taxes, and estate once you’re gone.

The importance of preparing a will

No matter your current financial situation, a will is essential for determining how your assets are distributed after your passing. It allows you to choose who inherits your belongings and prevents certain individuals, like estranged relatives or business partners, from receiving them.

You can also designate a guardian for your children and ensure your heirs gain quicker access to your assets, leaving a lasting legacy.

Wills can help reduce estate taxes as well through planned gifts or donations. Without a will, the court decides your estate’s fate, potentially against your wishes.

In addition to a will, you may have a life insurance policy. An important distinction is that a will is a separate contract from a life insurance policy. The beneficiaries of a life insurance policy are individual(s) listed in the policy itself; a will’s provisions do not have effect on how life insurance proceeds are distributed.

Key components of a well-structured will

There are four key components of a well-structured will.

• Executor
• Beneficiaries
• Distribution of assets
• Guardianship

Executor

An executor ensures the testator’s (the individual who creates and executes the will) wishes are carried out. They also manage the estate, pay taxes, and apply for probate (a legal process for reviewing a will, appointing an executor, and administering a will). They can handle funeral arrangements as well, easing your family’s emotional and financial stress by following your instructions. You may appoint up to four executors, who can also be beneficiaries, but they must be at least 18 and competent for the role. If one executor dies before the will is activated, probate allows the remaining executors to take over. And if all executors die, the primary beneficiary becomes the executor.

Beneficiaries

A beneficiary is a person or an institution who will inherit your assets or estate. The will clarifies who the intended beneficiaries are and the inheritance they will get. That said, it’s recommended to inform your beneficiaries that they’ve been named in the will, along with the full inheritance you’ve designated to them.

Distribution of assets

This is where you allocate specific portions of your estate to individuals or organizations. Be clear about which assets go to each beneficiary to avoid confusion. Steer clear of vague statements that could complicate the executor’s role.

Guardianship

If you have minor children, your will should appoint a guardian to ensure they’re cared for by someone you know and trust. Without this, they typically go to your spouse or next of kin, but this is not guaranteed. A life insurance plan for your minor children can help ease the financial burden on the guardian by covering housing, food, and healthcare costs. You can also designate a caretaker for any pets you’ll leave behind.

Choosing a guardian for your children

Choosing a guardian for your children is an emotional decision, but it’s a critical aspect of creating a will if you have dependent children. Here are some valuable tips to help you select a guardian for your children:

• Consider shared values and parenting style: Selecting a guardian who mirrors your approach helps ensure that your children are raised in a manner similar to how you would have.
• Evaluate financial stability: The guardian should be financially stable and able to manage any inheritance or funds left for your children’s care.
• Assess health and age: Select someone physically capable of raising your children for the long term. Grandparents may seem like the perfect choice, but you should consider whether their health and energy levels will allow them to keep up with a growing child.
• Consider family dynamics: Have honest discussions with your family and the person you’re considering as a guardian to prevent misunderstandings. Be clear about your reasons and remember that some could decline this responsibility. Not everyone may feel equipped and ready to take it on.
• Involve the guardian in the conversation: Express your wishes, outline the responsibilities, and give them time to think it over. If they agree, they will be fully committed and aware of the potential impact on their lives.
• Make it official: Once you’ve made your decision, formalize it in your will. Ensure you have the legal documents to avoid potential lawsuits to determine who will care for your children in the event you pass away before they reach adulthood.

Ensuring the legality and validity of your will

While you don’t need a professional to create a legally valid will, ensure it meets all legal requirements. The will must be signed in the presence of at least two witnesses, who should also sign the document to confirm its validity.

Engaging a notary (a public official who monitors and verifies the signing of legal documents) to verify the signing may be necessary. Witnesses must be over 18 and mentally competent, but it’s recommended to choose “disinterested witnesses”—those with no financial or personal interest in the estate.

While an attorney can be a witness, it shouldn’t be the same one who drafted the will. Additionally, state and regional laws vary, often requiring at least two witnesses or a notary for validity.

Exploring options for creating a will

There are several options for creating a will:

Testamentary wills

A testamentary will is the most familiar and recommended type of will. It is a document prepared with the purpose of creating a will and signed in the presence of witnesses. It’s often the best insurance against potential challenges to your last wishes.

Holographic wills

Holographic wills are handwritten and used in emergencies like sudden illness or accidents. Recognized in only half of US states, they can ensure wishes are quickly documented in life-threatening situations. These wills must meet basic requirements, but the lack of witnesses often leads to legal challenges regarding their validity.half of US states, they can ensure wishes are quickly documented in life-threatening situations. These wills must meet basic requirements, but the lack of witnesses often leads to legal challenges regarding their validity.

Oral wills

Oral wills, in which the testator verbally expresses their wishes in the presence of witnesses, are not widely recognized in courts. To ensure that your wishes are executed upon your passing, it’s best to create what is known as a “testamentary will”.

Living wills

You can also work with an attorney versed in creating a living will, in order to document your medical care preferences if you were to be unable to make your own decisions. They can guide you in writing a will yourself, and even provide a last will template to ensure precise and correct phrasing in alignment with your state’s laws.

Navigating the emotional challenges of will writing

Creating a will is a deeply personal process, and many struggle with the emotions it may stir. Here are some of the most common emotional challenges that come with will writing and how you can navigate them.

Discussing the loss of a loved one

The thought of death can be uncomfortable, and many avoid writing a will because it forces them to confront mortality. However, having an open discussion about end-of-life planning can provide emotional relief for your loved ones. Have the conversation early — waiting until the last minute to create a will can lead to emotional stress and sentimental decisions.

Division of wealth and assets

One of the trickiest aspects of estate planning is deciding how to divide wealth and possessions. While you may have clear intentions, these decisions can sometimes spark tension among family members. When discussing your estate plan, be clear about how your assets should be shared.

Managing family relationships

Every family has its dynamics — some healthy, others more strained. These relationships can complicate estate planning, especially in cases of blended families, estrangement, or unresolved conflicts. Consider these relationships carefully when making decisions about inheritance. Since your estate plan will have a lasting impact on your family, you should listen to their concerns to help alleviate tension.

The role of a will in estate planning

A will is a fundamental component of estate planning, providing clear instructions on how you want your assets distributed after your death. Without one, state intestacy laws (laws determining who inherits the estate when someone dies without a will) will dictate the distribution of your property. This may not align with your wishes and your estate may enter probate court.

Making the right call

It’s hard to imagine yourself forever separated from the people you cherish. But creating a will can ensure you cater to those you leave behind. If you need professional help navigating this process, an estate planning attorney can provide valuable advice. You may contact qualified life insurance providers like Mutual of Omaha for valuable advice and tips to help ease the financial burden of your final expenses for your loved ones. We can help calculate your final expense needs and ensure you have coverage in place to help ease the burden on loved ones. Our resources can also provide answers to some of your questions like the cost of life insurance and much more.

FAQs

Q1: Do I need a lawyer to create a will?

While it’s not mandatory to have a lawyer, consulting with one or using a will preparation service can ensure your will is legally compliant and covers all necessary aspects. An estate planning attorney can provide personalized advice and ensure a better outcome.

Q2: Can I make changes to my will after it’s created?

Yes, you can update or amend your will at any time. It’s important to review your will periodically, especially after major life events like marriage, divorce, or the birth of a child.

Q3: How do I ensure my will is valid?

A will typically needs to be in writing and carry your signature and those of at least two witnesses who are not beneficiaries in order to be valid. Some states also require notarization.

Q4: What should I do with my will after it’s created?

After creating your will, store it in a safe place and inform your executor and close family members where it is located. Some individuals also choose to keep it in a safe deposit box or with their lawyers.

Consult with a professional tax and/ or legal advisor before taking action that may have tax or legal consequences.

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