Writing your will can be a daunting task. Luckily, it is not too difficult to do once you learn the basics that need to go into the document.
According to U.S. News and World Report, the steps you will take to create a will may vary depending on the assets you have and your family situation, but there are some general steps everyone should follow. Start by defining and listing your beneficiaries, which should be an easy process. You can then move to the next steps, which may take a bit more work.
Choose an Executor
You will need someone to manage your estate once you die. The executor has a lot of responsibility. He or she will manage your assets, which may include paying taxes and debts out of your assets. The executor will also disburse your assets to the beneficiaries.
Give Specific Instructions
It is essential that when you begin to write your will that you are as specific as possible. Include identifying aspects of assets, such as serial numbers. If you have minor children, include an appointment of a guardian for them. Make sure you include debts and how you want the executor to pay them.
You can also attach other documents, such as a letter, if you wish to provide additional instructions or information. If you want to leave personal items to others, then it might be a good idea to attach a list since this could be quite a lot of information.
Review and Update
Once you complete your will, you need to review it regularly and update it whenever there are changes in your life, such as divorces, marriages, births and deaths. These life changes might not directly affect you, but they could impact your beneficiaries, which may lead you to need to change your will.