What’s in a Will?

Although it might sound macabre, it’s never too early for an adult to think about the end of life. You might hear some people talking about “getting one’s house in order” in reference to restoring relationships. Another aspect of putting things in order includes estate planning. What assets do you have, and what happens to them when you’re gone? A will puts you in control when it comes to your final wishes. Here’s what you should know about drafting your own.

The Essential Things

Regardless of who you are and what you have, your will should contain the following:

• Title: Every document needs a title that clearly identifies what it is, and your will is no exception. It should be clear that this is your will to any readers. Make sure that the title includes your full and current legal name.
• Version: It is important to establish that this is the most current version and that it invalidates previous versions, including any made under a different name.
• Executor: Choose someone to make sure your estate is handled in accordance with your will. Consider naming a backup executor also.
• Guardianship: If you have children under the age of 18, guardianship often passes to a surviving parent if he, she or they are competent. Still, you should name someone to take full custody of any minor children.
• Assets: Your will should account for all assets that belong to you or are in your name, including property, personal items and even pets. Each asset should be clearly detailed so that there is no confusion as to its identity when it’s time to execute your will. Confirm with your state or jurisdiction about which items can and cannot be included as assets.
• Beneficiaries: For each asset, identify the person or organization that should receive it after your death. Remember that your will should be unambiguous, so if there are entities that should not receive your assets, state so clearly.
• Residuary clause: Despite your best efforts, there may be some personal belongings that are either forgotten or not well defined. A residuary clause covers items that can be left to your executor or your beneficiaries.
• Witnesses: Different states have different rules when it comes to witnesses and signatures. Your will needs signatures from the required number of witnesses to be considered valid.

A Safe Place

It is crucial that you keep your will in a safe place. Your executor (and backup) should also know where it’s kept in the event of your death. Revisit your document whenever you experience major life changes such as marriage, purchase of a home, new employment, relocation to another state and divorce, among others. Major events in the lives of your kids should also warrant a review, such as them turning 18, graduating from college, getting married and having children of their own. Even if you experience no major changes, it’s a good idea to pick a time each year to review your will for adjustments.

A DIY or Professional Approach

Even if your asset situation is straightforward, it’s never a bad idea to get help from a professional. Many people will consult an attorney who specializes in estate planning and wills, especially if their situation is complex. Working with a lawyer may not be the most budget-friendly, but the peace of mind of assistance from an experienced pro may be worth the expense. Online services and DIY templates are also available as alternatives, but you should do your homework, as not all options are equal in terms of quality and completeness.

No matter where you are in life, it’s important to have your affairs settled before you pass. Your will conveys your wishes about your possessions and to whom they should go. Writing your own will is possible, but hiring a credentialed professional to help put together such an important document is recommended.