How to write a will | All you need to know about preparing a will

Setting up a will for the first time can be a daunting experience. Do you need a lawyer? Can you do it yourself? There are many things to keep in mind while drafting your will. We will take you through the most important things you need to know starting from how to write a will.

How to write a will?

Writing your will may not be a priority in your life. You can protect your family by writing your will. You may find the prospect of drafting a will daunting task, but you need not be worried. In this blog, we will let you know how to write a will?

What is a will & testament?

What is a will and testament? The last will and testament is a legal document that contains details of the testator’s final wishes regarding their assets and dependants. The document specifies how possessions will be handled and distributed. The will has information about the dependents and the handling and management of accounts and financial interests.

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What is a testament?

Testament or will is a legal document made by a person called testator wishes on how their property will be distributed after their death and the person (executor) who will manage their property until the final distribution of the property as the terms of the will. Historically, the will applies to real property, while testament applies to personal property. 

What is a will?

But what exactly is a will? A will is a legal document wherein the testator declares who will manage their estate after they die. It contains information regarding distribution details of assets, possessions, and property. The executor manages the estate and executes your wishes. The document can declare who will be guardians for children or aged parents. Persons that receive the assets are called beneficiaries.

Living will vs. will

The difference between living will vs. will is as follows

Living Will	Simple Will
Living will is a legal document specifying your healthcare preferences in case you are not able to communicate them.	Will is a legal document specifying how your property and assets will be distributed after you die.
The person who implements the provision of the living will is called healthcare proxy.	The person who implements the provision of the will is called executor.
It comes into effect if you are incapacitated.	It comes into effect after you die.

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Living will vs. last will and testament

Living will and last will and testament should be considered by everyone. The difference between living will vs. last will and testament is as follows- 

Living Will	Last will and testament
Living will is a legal document that details medical directions a person wants followed in case they are seriously ill or medically incapacitated.	Last will and testament is a legal document that details how a person want their property distributed after they die. They can name guardian for your minor children and executor.
The will becomes effective when the person who has written it becomes incapable of making medical decisions. An individual can be authorized to tell the doctors what treatment protocol can or cannot be followed.	It comes into effect after the person who has written or testator dies. The will names the executor who will manage and distribute the assets as per provision of the will.

When should you make a will?

As an adult, you may be wondering when you should make a will? Do you need a will? 

• You can start will preparation when you turn 18 in most states in the US. 
• Write your will if you have accumulated some assets or money. In case you die without a will, the state will decide how to distribute your assets. 
• Prepare a will if there is a change in your significant relationships (marriage, divorce, remarriage).
• You need to think of a succession plan if you start a business.
• If you are buying a home or there is a significant change in your assets.

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Types of wills

The last will and testament are vital estate planning documents. You can leave detailed instructions on where your property will go after you die and help you feel less anxious. There are many types of will like holographic or handwritten wills or oral will the main types of wills are –

1. Simple Will

A Simple or basic will is the most common type of will available and is a legal document that explains the distribution of your property and assets after you pass. A simple will do not have many clauses and is the best option if your estate is not complicated. You can appoint a guardian for minors and an executor and is effective in most cases.

2. Testamentary Trust Will

A testamentary trust will or will trust or trust under will places some assets into a trust for your beneficiary and appoints a trustee to handle the trust. A will trust is an option if your beneficiaries are minors, and you do not want them to handle your assets alone. You can place conditions on inheritance.

3. Joint Will

A Joint will is a document signed by two or more people, where they sign a combined will as a last will and testament. Married couples commonly use joint will because spouses are better protected. Assets get transferred to the surviving spouse, and the children are beneficiaries when both parents die. You cannot change the will without permission from both parties, it can be problematic if the surviving spouse changes their mind.

4. Living Will

Living Will has nothing to do with the distribution of your wealth after you pass. The document allows you to choose medical treatment if you become incapacitated, and you can name someone as your medical proxy to make medical decisions on your behalf. You may have to use a durable power of attorney (DPOA) along with a living will in some states.

How to make a will without a lawyer?

Common questions about will are – Do you need a lawyer to make a will- No, you do not. Can you write your own will? You can write your will by yourself if your estate plan is simple. Even simple wills drafted by a lawyer can cost hundreds of dollars. You should use online templates or will kits to draft the document at a lower cost. We will let you know how to make a will without a lawyer.

Can you just write a will and get it notarized?

Can you just write a will and get it notarized? Notarizing a will is unnecessary if you draft it properly and sign it by witnesses. Court will view it as a valid document. Notarize the will, if you want it to be self-proven and hasten the probate process. Notarized wills are tougher to contest and cost around $15. The notary ensures the signers know they have signed and have done so voluntarily.

Diy will

DIY will or do-it-yourself will is the last will and testament created entirely online, is the last will and testament created entirely online by the person writing the details. Several DIY will services are available, you need to fill the all the relevant information in the forms and print out the results. It is easy, and you can create the will in a few minutes.

Creating a will online costs less than getting an attorney involved in drafting the will and is ideal if you have a small estate. Drawbacks to DIY will – the will validity may be contested, it may take longer to resolve in probate courts, and some states may not consider DIY will valid.

What should be included in a will?

A will is the foundation of a strong estate plan. Here is what should be included in a will are –

• Personal information includes your full name, date of birth, and address. Include, the name of your spouse and family members and their relationship with you.
• The will must have proper legal language. You can use a sentence like, – “This my last will and testament“, or it can be a sentence that shows your intention to pass your property after your death. Testamentary intent is one of the mandatory requirements of a will.
• An essential component of the will is the assets you want to give away and who will get them. Assets can be money, personal belongings, assets, and property. Your beneficiaries can be family members, friends, charity, businesses, and trust. You should add contingency beneficiaries if the beneficiaries named are unable to receive the asset.
• Appoint an executor to carry out the terms mentioned in the will. They settle all debt, distribute assets to the beneficiary, and file your final tax return. 
• If you have minor children, you need to appoint a guardian in the event your spouse passes away. You may need to name a guardian if you have an adult child with disabilities or elderly parents.
• Most states require the will to be signed by the testator and two witnesses. Witness’s signatures confirm the testator’s intent, and that they are in sound mind and the document was signed voluntarily. What is a handwritten will called? It is called a holographic will, and it does not require witness signatures. Holographic wills are not valid in all states.
• You can attach a self-proving notarized letter if allowed by your state. Notarizing your will is inexpensive and costs less than $15.

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What you should never put in your will?

Leaving certain things from your will benefit your heirs because they will get their inheritance faster. What you should never put in your will are –

• Something you do not own completely, if you jointly own assets with someone, they are the new owners. 
• Do not include properties that are outside of probate. 
• Certain assets and financial instruments are payable or transferable. It is paid out directly to beneficiaries mentioned in the document after your death. Adding them in the will is unnecessary. 
• When your title property into the trust, it is subject to trust rules. 
• Conditional wishes because it is difficult to enforce.

Preparing a will checklist

Preparing a will checklist will help you ensure nothing is missed. Things you need to be careful about – 

• List out your assets and think about your final wishes. It may be property, intangible assets like stocks and bonds, intellectual property like patents and copyrights, cash in savings, digital assets like websites and social media accounts, and valuables like collectables, jewellery, and family heirlooms. After you have identified the assets, make your intentions clear. Specify the beneficiary you wish to bequeath the item. 
• Gathering documents needed for will preparation will streamline the process. You will need – 

• • Birth/death certificate
  • Marriage license and divorce certificate
  • Deeds to the property
  • Mortgage information
  • Insurance policies – each policy has a beneficiary
  • List of all bank account numbers – bank accounts should have beneficiaries
  • Funeral plans and information
  • Names and contact details – Lawyer, insurance agent, CPA, banker, and financial advisor
• Choose an executor to settle your estate. The person should be trustworthy capable of handling financial, legal, and moral obligations. Nominate guardians for your child – minor or adult dependent.  
• Ensure you have signed your will accurately as required by your state. Many states require two witnesses and a notary. 
• Store your will in a safe place along with the other estate documents.

Where to file a will?

After you find the will, where to file a will? Reading of a will after death is not a formal event, you need to file the will in the courthouse of the country where the deceased person resided. Most states impose a 10 to 90 day period after death to file the will for the probate process. Depending on the county, you will have to deposit the document with the probate court, county clerk, or register the will. 

Witnesses to a will

If you are planning to on learning how to do a will yourself, remember you need to meet several requirements like a witness to a will. The witness certifies the testator made the will, in sound mind, and was not under duress. Witnesses can be friends and relatives who are not receive anything from the estate, neighbours, coworkers, your attorney, and doctors. Witnesses to a will must meet the following criteria –

• They are legally adults
• They do not have a direct interest in the will. 
• Lawyers who have drafted the will.

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Simple will template

The simple will template for last will and testament California will have the following details-

1. Appoint an executor – The executor is the person who will settle your affairs and fulfill the terms of your last will.
2. Designate a guardian – A guardian takes responsibility for your minor children or elders to take care of your children if you and your spouse are deceased.
3. Categorize assets – Identify your assets, both tangible assets (property, money, and house) or digital assets (social media account, website, and other online accounts. 
4. Name beneficiaries -Beneficiaries are people and organizations you want to receive your assets. You can plan your pay for your funeral. 
5.  You and two witnesses must sign the will.

When do you need to get a will and trust lawyer?

But when do you need to get a will and trust lawyer? Consult a lawyer if your assets and estate are complicated or you want to set up a trust. It is risky if you do not consult a lawyer. You can contact your lawyer in the following circumstances –

• Make special provisions for minor children, special needs children, stepchildren, or blended families.
• Have complicated assets.
• Large sums of money and multiple bank accounts.

How does a will work?

How does a will work? We are here to answer the question. People write their will in their lifetime to be implemented after they die. The legal document names an executor or the person who administers the estate. A probate court supervises the executor to ensure they carry out the instructions. The will contains details on settling the estate. and the probate court uses it as a guide to settle the estate and identify the beneficiaries and how much they will receive. It establishes guardian arrangements for children or ageing parents.

How to execute a will?

Being an executor of someone’s will is a big responsibility. The testator believes you can fulfil their last wishes. Here is how to execute a will –

• You need to find and review the last will and testament of the deceased. 
• Create an inventory of assets, notify people involved and submit papers in probate court. Courts examine the validity of the will and authorize you to act as the executor. The process can take 10 to 90 days.
• You need to contact creditors to collect the outstanding debt before distributing the remaining assets and properties to the beneficiaries. You need to open an estate bank account for all financial transactions, use the account to pay off the debts, and collect capital if you are selling property or liquidating assets. Track the deposits and disbursements through the account.
• You will need to distribute the remaining property and assets to the beneficiaries as specified in the will.
• You need to file the final income tax for the deceased.

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How to update a will without a lawyer?

You may need to update your will for several reasons like a change in marital status, any new addition to the family due to the birth of children or grandchildren, or the beneficiary dies. Three ways how to update a will without a lawyer are –

• Creating a codicil is like a quick, easy update or making changes in your will. First write all the required updates carefully, you and the witness should sign the document. Keep the newly written amendment with the original.
• Write a new will entirely if there are substantial changes in the will. By revoking the previous will, you eliminate any potential confusion. 
• Make a personal property memorandum. Property memorandum is similar to codicil with a separate document accompanying the will.

Who should be the executor of your will?

Who should be the executor of your will? The answer is complicated because every state has laws about executor qualities. An executor, must-

• Above 18 years (21 years in some years in some states)
• Does not have a felony record
• Is a US citizen
• No judgment about becoming incapacitated by the courts.

Executors to an estate have a lot of work and responsibilities. They are responsible for everything from filing your will with the court, paying off debts, closing accounts, and distributing assets as per the will. They should be willing to act on your behalf and be trustworthy.

What’s the cost of will preparation?

The cost of will depends on the complexity of your estates and if a will lawyer writes it. Writing a will without a lawyer may cost you $150 or less. You can purchase will kits online or in-store, these are simple templates where you can fill in the required information. Hire a lawyer to write a will near me, if your estate’s valuation is high or complicated. The average cost of a simple will if you hire a lawyer ranges from $300 to $1500. If your estate is simple, your lawyer charges range from $150 to $600.