What Guidelines Should You Follow When Creating a Will?

A will is a legal document that states how your property and responsibilities should be handled after your death. The document can cover financial assets, real estate, personal items, and guardianship for dependents.

Virtually everyone can benefit from having a will. Without one, state laws and probate courts decide who receives an individual’s property and responsibilities after their death. Because these decisions might conflict with the individual’s wishes, it’s best to have a will.

Risks of Dying Without a Will

If you pass away without a will, state intestacy laws will decide who inherits your assets. As a result, probate might delay the distribution of your estate, and estranged relatives could inherit your property. These outcomes can cause stress and conflict for your loved ones.

Benefits of Having a Will

A will provides control and peace of mind. Naming your beneficiary or beneficiaries, appointing an executor, and selecting guardians for your dependents ensures your final wishes are carried out. Clarifying how your estate should be distributed can save your family time, money, and conflict.

Requirements for a Will

Although each state has different requirements, a will that fits the following criteria typically is valid:

• The will is handwritten or typed, depending on state law.

• The individual creating the document signed it.

• At least two adult witnesses who aren’t beneficiaries saw the will get signed.

What to Include in a Will

Your will should clarify how you want your estate distributed, including the following:

• Assets and beneficiaries: List your property and who should inherit it.

• Executor: The person who should carry out your instructions.

• Guardianship provisions: Name who should care for your minor children or other dependents, if any.

• Debts and expenses: Provide instructions for handling outstanding bills, funeral costs, and taxes.

• Special instructions: Include anything unique, such as charitable donations or family heirlooms you want passed down.

Steps to Create a Will

The following steps can help you create a will:

• List your assets: Include property, bank accounts, investments, and personal items to pass on.

• Select your beneficiary or beneficiaries: Determine who should inherit each part of your estate.

• Choose your executor: The executor will manage your estate and ensure your wishes are carried out.

• Name guardians for any dependents: Clarify who should raise your minor children or other dependents.

• Write and sign your will: Whether you draft the document online, complete a template, or use a lawyer, your will must be signed to be valid.

• Store your will: Keep your will in a secure location. Ensure your executor knows where to find it.

Mistakes to Avoid in a Will

Your will can cause problems if not prepared properly. Common mistakes include:

• Not updating your will. You should review your will after major life events such as marriage, the birth of children, and divorce. Otherwise, the document could contradict your current situation and leave out important heirs.

• Leaving vague instructions. Directions such as “divide equally” or “leave to family” can lead to disputes. Instead, provide clear, detailed instructions to minimize delays.

• Forgetting digital assets. Phones, email accounts, and online accounts with password protection require clear guidance. Otherwise, your executor might be unable to access crucial information.

• Not following state rules. Missing signing and witnessing requirements could make your will unenforceable.

*This information is for educational purposes only.

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