Online Will Prep

Will generators available online allow you to design, print, and sign your final will.  Most online will makers take the user through a series of questions before prompting them to fill in the necessary fields.

If you already have a will, you should consider revising or updating it whenever you go through a significant life event such as getting divorced, getting married, starting a new business entity, having a child, or making a substantial purchase (such as a new home) so that you can make adjustments to it or write a completely new will from the ground up. The best online will builders allow you to make major life changes to your will for a set amount of time.

Add Language To Make Your Will Valid

It doesn’t matter how the will is drafted; it needs to fulfill specific requirements for it to be accepted by the law. You have to do the following for the law to acknowledge your will:

• State that it’s your last will and testament.
• Your full legal name
• State that you are of sound mind and are not under pressure to create/sign the document.

With these statements, you have made it quite obvious that you wish for this document to serve as your testament before you pass away. This clarity can help minimize confusion and deter others from disputing your will in the probate court.

Choose A Guardian For Minor Children

If you have children who have not yet reached the age of 18, including them in your will may be one of the most significant things you do. Someone who has the legal power and obligation to care for your children if something happens to you is referred to as a legal guardian. 

You have the option of naming a dependable individual in your will as the guardian of your children if you should die. You should choose a primary guardian for your child, but you should also choose a backup if that person cannot carry out their responsibilities.

List Your Assets

To pass down property to one’s heirs, one must first know what assets one has. Make a list of all your substantial assets, including real estate and land, jewels, artwork, automobiles, and bank accounts that don’t specify a beneficiary.

Physical Assets

Suppose you own real estate with another person. In that case, you may not need to select a beneficiary since, upon your death, your portion of the property will immediately transfer to the other joint owner or your spouse if there are survivorship rights (check the laws of your state to be certain). If there are survivorship rights, your part of the property will automatically pass to the other joint owner or your spouse. This can be a good reason to put your physical assets into a will or trust.

Financial Assets

Include all your financial assets, such as insurance, personal loans, etc. Life insurance and retirement accounts do not need a beneficiary to be specified in your will. Therefore there is no need to include that information in your will. In addition, if you have a bank account or investment account that has a transfer-on-death (TOD) or payable-on-death (POD) provision, you can identify the beneficiaries of such accounts directly inside the accounts themselves.

Choose Benefactors for Each Asset

After compiling a list of your assets, the next step is to choose the individuals or organizations who will be the beneficiaries of each asset. The term “beneficiaries” refers to these inheritors. Again, this should be done precisely; use the whole name of each of your beneficiaries in their legal capacity. If you wish to leave assets to a charitable organization, it is good to include their EIN so that they may be identified more quickly. If you precede your main beneficiary in death, you should also consider naming secondary beneficiaries for all of your assets.

Choose a Residuary Benefactor

The “residuary beneficiary” will be the recipient of whatever is, if anything, leftover in your estate after the executor has completed distributing the assets and paying the bills, obligations, personal debt, credit card debt, state taxes, and estate tax. This individual or charity does not need to be someone new; they may be a beneficiary who has previously received a piece of property. This person can also be a charity.

Choose Who Will Take Responsibility For Your Pets

Even though our pets often make us feel as if they are family members, the law considers them to be property. This implies that you cannot leave assets to them or list them as a beneficiary in any of your financial documents. However, you can choose a pet guardian who will take care of your animal companion in the event of your passing. This is sometimes referred to as designating a beneficiary for your pets. You may also set money aside from your estate to pay for their care if it becomes necessary.

Choose The Executor Of Your Estate

Each state’s requirements are different for executors of an estate. Still, in general, the following individuals are not allowed to be nominated for the function of the executor in a will:

• children who are less than 18 years old.
• Convicted criminals

It is a requirement in several states that executors who live in another state also be principal beneficiaries. 

Sign Your Will

Even though the regulations in each state are different, you should probably sign your will and have it notarized. It’s also possible that you’ll need to sign your will in the presence of multiple witnesses, all of whom will need to sign the document after you do.

Disinterested Witnesses

Make sure that you have thought about utilizing another witness to witness you signing the will, and this should be someone who is not getting anything from that will. This person should also not be someone who knows you. It is just not a good idea to consult with someone who has a stake in the outcome of your will.

Stay On Top Of Changes In State Laws

Creating a will and other estate planning documents is one of the most important tasks to take. Be sure to give serious consideration to whether or not drafting it is something you can do on your own or whether or not it would be beneficial to seek the assistance of an attorney. You may give your loved ones peace of mind knowing they will be taken care of after you pass if you make an educated decision.