A will is a legal document that determines what happens to your property and money in the event of an untimely death. By doing so, you can decide the future of your estate before you pass away. A family will is a legal document that gives ownership of your assets to beneficiaries. You have a fair chance of including immediate or extended family members, friends, or child guardians as beneficiaries. In the case of having minor children, the guardians’ details are also part of a will. If you intend to donate your assets to nonprofit organizations, mention it in your intention to ease documentation and legal procedure.
You can create a will for your family by following these simple ways:
Where to Get Started
Start your journey towards making a family will by making a comprehensive list of assets that you solely or partially own. You can include real or personal property in your will. Real estate assets like lands, houses, and other immovable items are real properties. Nevertheless, personal property includes family heirlooms, stock shares, jewelry items, bank accounts, and other valuable items. You can only give your share to beneficiaries in case of joint ownership. It is notable to mention that debts or loans such as tax or personal debts, credit card bills, mortgages, car loans, and student loans are also part of a will. Make sure that your beneficiaries know your debts or loans as they have to pay them when your will applies.
Use an Online Service Provider
However, most people need a simple family will to manage their assets after their death. In this case, you can make a will online by using a template or a software program available on trustworthy legal websites. These customized templates and software can guide and assist you in creating estate planning documents quickly, securely, and economically. Furthermore, you can decide which option is best for you by keeping the costs and assets in your consideration. A typical charge for a family will start from $159 for an individual and $259 for couples. Making it easier for you, these online service providers mail your documents for legally binding them for free while providing complete instructions.
Consult a Local Attorney
Making a will is a thorough and lengthy task if you own a large or complex estate. You can consult an estate planning attorney for making a will in this scenario. You have to spend several hundred dollars to engage an attorney to create a family will. The cost may vary depending on the complexity of your estate. It is recommended to use an online legal service provider for setting up a will if you own a small estate.
Choose your Will Executor
An executor is responsible for carrying out your final wishes according to the will. Being an executor is a big duty; make sure that the person you choose is willing to take this task. You can nominate someone from your circle or hire an accountant or attorney as executor. However, add a substitute executor if your primary executor is unwilling or unable to handle responsibilities.
Validate your Will
Validating your will according to the state laws is the crucial step. You must sign a will in your handwriting in the presence of witnesses. These witnesses are also legally bound to sign your family’s will to make it valid. Generally, two witnesses are enough. However, their number can vary according to the state where you reside. Remember, laws for validation of will are different in each state. Make sure to fulfill the legal requirements of your state. You can visit the American College of Trust and Estate Counsel’s website for complete information and guidelines to laws applicable in each state.
Keep your Will in a Safe and Secure Place
Once you get validated, store it in a safe and easy-to-find place. You can keep it in a safe in your home or office, a safe deposit box, or at an attorney’s office. To make things easier for an executor, store all relevant documents in the same place. It may include funeral instructions, life insurance policy, and titles, deeds, and accounts passwords.
Review and Update Your Will
You must review your will every five years and keep it up-to-date according to the critical life events. For instance, change your will accordingly when you get married or divorced, have a child or grandchild, change state, and buy any new asset. Similarly, you have to update your will if any beneficiary or executor passes away.
You have a chance to pay your family members or loved ones back by creating a will for them. In this way, you can also play a vital role in serving humanity if you choose to include your favorite charity organization in your will. By making your will in your lifetime, you can provide a better future for your next generations in case of any emergency. You can also protect them from any financial emergency and conflicting situation. It is the best option to protect and contribute to the lives of those who are part of your life in any capacity or love you the most.