Write your will by choosing either a blank form, software or an online resource, then identify a designated executor and fill in your wishes for asset distribution and bill payments, explains Nolo. Any minor children need to have an appointed guardian.Continue Reading
When choosing the type of tool you would like to use to write your will, be sure the instructions are easy to understand, states Nolo. Blank forms should be specific to the state in which you live.
When choosing beneficiaries, the most common are your spouse, children, extended family, close friends or meaningful charities, notes Rocket Lawyer. If you are married, usually all assets go to your spouse, but consider "what if" scenarios such as if you both die together or if you remarry before writing a new will. Designate another person or people to receive your assets in the event your spouse is no longer your spouse.
It is important to appoint an executor or administrator to be in charge of overseeing the distribution of your assets, states Rocket Lawyer. Keep in mind that you want someone you can trust. While people often ask other family members to be the executor, choose the right person depending on your situation. Administrating an estate can be a complex job, so your choice should be an organized and willing person.Learn more about Financial Planning