Write a Will Now

You might think you don’t need a will. Maybe you feel there’s no hurry because you’re young and healthy, or perhaps you don’t have that much money. But if you die without a will, the state in which you live will make decisions on your behalf.

Why You Need a Will

• People who die intestate (without a will) default to the “one-size-fits-all” will provided by their state of residence.
• Without a will, a court-appointed administrator will make decisions about your assets and the guardianship of your children. This makes the settling of your estate more expensive.
• Your state’s state property distribution formula might or might not match your final wishes.   

Writing a Will

• Simple wills are inexpensive. Use legal software, which can be found at sites such as Nolo Press or Legal Zoom, as a guide; or make a list of assets, debts, beneficiaries, executors, and guardians, and use an attorney (which can cost as little as $100).
• Name a close friend or family member to be legal guardian (caretaker) for your minor children.
• Discuss with your guardian your expectations and make sure that person is willing to take on the responsibility.
• Name an executor to make sure your final wishes are followed. This can be a trusted friend, a family member, or a professional fiduciary such as a bank trust department or attorney.
• Name contingent executors and guardians in case your first choices are unable to serve.
• Keep a copy of your will in a safe place, such as a home firebox or safe, or in a bank safety deposit box. Also give a copy to a family member or friend who will be involved in your affairs after you’re gone.

Prepare Assets

• Make a list of assets that includes account numbers and the physical location of items. Give a copy to a trusted friend or family member for safekeeping (in a home firebox or safe or in a bank safety deposit box).
• Check titling of assets. Naming a beneficiary in a will is a start, but if an asset is titled, or co-owned, with a different person, the title usually determines the new owner.  
• Check beneficiary designations on retirement accounts and life insurance policies.

When to Update Your Will

• Marriage
• Domestic partnership/civil union
• Divorce
• Birth of a child or adoption
• Move to another state
• Death of a spouse, beneficiary, guardian, or executor
• Sudden large inheritance or other financial gain