Creating an online will is faster and more cost-effective than hiring a lawyer to do it for you, but, you should always conduct thorough research to know which one will give you the biggest advantage.
There are different software with different templates to use when writing a will today. These templates come with guidelines on how to answer various questions before proceeding with writing the will.
Once you are done writing the will, a licensed lawyer will review it before you can print it out.
When writing a will, there are several important things to include that you might not be familiar with.
This quick guide provides five simple tips for creating a will online. Let’s dive in!
Table of Contents
Create a List of Your Assets
Some of the most common assets include vehicles, homes, and other valuables that you want to pass on. We categorize them below for your reference:
- Physical assets like real estate, vehicles, and even physical valuables like expensive jewelry
- Financial assets such as pensions, bank accounts, bonds, and mutual funds
- Insurance assets such as life insurance and health insurance
Include instructions on how the executor will access the assets and include copies of supporting documents. Such documents include insurance policies, title deeds, and vehicle ownership documents.
Remember, you might need to update your assets list later on because a lot of things could change over time.
Name Your Inheritors
Next, name each of your heirs and state who will receive which asset. In cases where there are specific considerations, such as when a minor should inherit property, or how a person with special needs will be taken care of, including that in the will too.
If you are including pets as beneficiaries, make a provision for their care and name who will take care of the pets.
Be specific while giving names. If two people share a name, find a way to specify who you are referring to. You will also need to name alternate beneficiaries in case the first-level beneficiaries pass on.
Name Your Estate’s Executor
An executor is a person you would like to carry out the details stated in your will. This person should be someone you completely trust.
For example, you may choose your spouse, family member, or a dear friend. Some people also include executors as beneficiaries.
It’s not advisable to name two executors because more often than not, they will disagree on how to execute your wishes, but some people prefer two executors to advise each other.
Your executor will have details concerning:
- Your funeral and burial plans
- Where you keep important documents
- Bank account information
- Any insurance policies you own
If you do not name an executor, the court will have to find an administrator who may not be acquainted with your beneficiaries and property. This means they are unlikely to execute details in your will as well as the executor you would have hand-picked.
Plan for Complex Circumstances
Your executor may pass away, so you would need to name an alternative executor. One of the heirs may die too, so who will inherit their assets? You may also have to deal with previous marriages that include stepchildren, or there may be a beneficiary with special needs.
Other complex issues involve who will control your businesses and who will get stocks in the company. Make sure you explain these circumstances and plan how such matters will be handled to avoid conflict after your death.
Update Your Will and Store it Well
Whenever a big life change happens in your life, such as marriage, birth, or buying a new property, update your will too. You can add or delete what you want and have your witnesses sign it.
If you have made changes to your will, make sure your executor has the most recent copy after printing them out. You may also opt to write a new will instead of updating the previous one.
Your will should be kept safe from floods, fires, or burglars. But it should be accessible when it is needed. You can keep it in a safe deposit box, in your home safe, or you can let your executor keep it.
Eager to Start Writing Your Will?
If you have been contemplating writing a will but don’t know how to start the process, it doesn’t have to involve much. Nowadays, there are online templates you can use.
Be sure to include all the assets, and name the beneficiaries and the executor. And where there are complex issues involved, such as beneficiaries with special abilities or multiple marriages, state precisely how each issue will be handled to avoid family conflict.
Good luck!
