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

A last will and testament is a legal document that states how your property and responsibilities should be handled after your death. It can cover financial assets, real estate, and personal items, as well as allow you to name a guardian for minor children. Without a will, state laws and probate courts decide these matters, often in ways that may not reflect your wishes.

Almost everyone can benefit from having a will. It’s not just for people with large estates. A will is a practical and smart tool for anyone who wants a say in what happens to their property and responsibilities after they die.

The Risks of Dying Without a Will

If you pass away without a will, state intestacy laws decide who inherits your assets. This can lead to outcomes you might not want, like estranged relatives inheriting property or delays in probate. It can also create stress and conflict for loved ones.

Benefits of Having a Will

A will gives you control and peace of mind. It lets you name beneficiaries, appoint an executor, and choose guardians for minor children. It also helps minimize disputes by making your wishes clear, which can save your family time, money, and conflict later on.

Learning how to create a will can feel daunting, but the process is easier when broken into clear steps. Here’s what’s typically involved:

• List your assets: Include property, bank accounts, investments, and personal items you want to pass on.
• Choose beneficiaries: Decide who should inherit each part of your estate.
• Select an executor: This person will manage your estate and make sure your wishes are carried out.
• Name guardians (if needed): Parents can use a will to designate who should care for minor children.
• Write and sign the will: You can draft it online, use a lawyer, or complete a template, but it must be signed according to state rules.
• Store it safely: Keep it in a secure location and let your executor know where to find it.

Requirements for a Valid Will

Each state has its own requirements, but for a will to be valid it must generally be:

• Written (typed or handwritten, depending on state law).
• Signed by the person making the will.
• Witnessed by at least two adults who aren’t beneficiaries.

A will should clearly outline your wishes so there’s no confusion later. Most people include:

• Assets and beneficiaries: A list of property and who should inherit it.
• Executor: The person you trust to carry out your instructions.
• Guardianship provisions: If you have minor children, name who should care for them.
• Debts and expenses: Instructions for handling outstanding bills, funeral costs, or taxes.
• Special instructions: Anything unique, such as charitable donations or family heirlooms you want to pass down.

Today, you can create a will either through an online service or with the help of an estate planning attorney. Each approach has advantages:

• Online wills: Creating a will online can be an affordable and convenient option. Online tools walk you through a step-by-step questionnaire and are best for straightforward estates.
• Traditional wills: A more traditional or more detailed will is drafted with a lawyer. These work well if you have complex assets, blended families, or need specialized tax planning.

The right choice depends on your situation. For many people, starting online is sufficient, but consulting an attorney can add peace of mind if your estate is complicated.

Even a well-intended will can cause problems if it’s not prepared carefully. Watch out for these common missteps:

• Not updating your will. Major life events like marriage, divorce, or the birth of a child should trigger a review. Otherwise, your will may leave out important heirs or contradict your current situation.
• Leaving vague instructions. Simply writing “divide equally” or “leave to family” can create disputes. Clear, detailed instructions help avoid delays and conflict.
• Forgetting digital assets. Phones, email, and online accounts are often password-protected. Without clear guidance, your executor may not be able to access critical information.
• Not following state rules. Each state has its own requirements for signing and witnessing. Missing these steps could make your will unenforceable.

A will shouldn’t be something you create and then file away. Reviewing it regularly ensures it still reflects your wishes. Major life events such as marriage, divorce, the birth of a child, or significant financial changes are common times to update your will.

Experts often recommend revisiting your will every few years, even if nothing major has changed. Small updates can prevent bigger issues down the road and keep your estate plan current.

Once your will is complete, keeping it safe and accessible is just as important as writing it. Your executor needs to know where to find it when the time comes.

Choosing a Digital Executor

In today’s world, digital property matters too. You may want to name a digital executor separately. This person should be someone you trust to manage online accounts, passwords, and digital files after you pass away.

Where to Store Your Will

Many people keep their will in a fireproof safe at home, with their attorney, or in a secure online storage system. Avoid safety deposit boxes that may be difficult to access. Always tell your executor where the document is stored and how to access it.

As your life evolves, updating your will keeps things up-to-date. One option is a codicil, a short legal document that lets you make minor changes like updating beneficiaries, changing executors, or adding a specific bequest without rewriting your entire will.

A codicil needs to:

• Clearly reference your existing will.
• Specify exactly what’s being changed.
• Be signed and witnessed just like the original will.

If your changes are more extensive, like restructuring your estate or making broad revisions, it might make more sense to draft a new will.

Creating a will may seem complicated, but the core lessons are simple. Here are the key points to keep in mind as you think about drafting or updating yours:

• A will gives you control over how your assets are distributed and who will care for minor children.
• Without a will, state intestacy laws and a probate process decide for you, which may not match your wishes.
• Online services can be affordable and convenient, while attorneys add value for complex estates or peace of mind.
• Regularly reviewing and updating your will ensures it stays accurate.
• Secure storage and clear executor instructions are essential.