A will is a document that describes what you want to happen to your money and property after you pass away. It also specifies who will settle your financial affairs and who will take care of your children if you have them. Everyone needs a will.

A will is the only way to make sure that your assets will be given to the right people. Without one, the court will distribute your property according to your state's laws. If that happens, there is no guarantee that a judge will distribute your assets how you’d prefer, or appoint a guardian that you would trust.

The best thing about drafting a will is that it gives you peace of mind. You'll know your wishes are legally documented and will be followed after your death. And you won’t need to worry about writing a will when you may be too unwell to do it.

Writing your will

Writing your will doesn’t need to be complicated. Follow these steps to prepare for, write and sign an end-of-life document.

Take inventory. Put together a list of your assets — house, car, investments, valuables — and decide who gets what. You should mention all assets in your will, but you can use a "residuary clause" (a statement like, "I give the remainder of my estate to...") to address minor items without specifically listing them.

List your liabilities. Your estate usually pays outstanding debts before anyone receives their share of your assets. Try to clear up any debts that may cause a problem, or at least arrange how you'll pay them.

Name your beneficiaries. These are the people and/or charities you choose to receive your money and possessions. Be specific. State each beneficiary's full name as well as his or her relationship to you (spouse, child, friend) to prevent confusion (or challenges to your will).

Pick an executor. An executor ensures your will is carried out as you've specified. This person is responsible for more than just distributing your belongings. They will also manage your estate to pay remaining debts and taxes, deal with legal issues or disputes, notify Social Security and other parties of your death, and even cancel your credit cards. Choose a reliable person that you trust such as a friend, relative, attorney or trust company. If you choose either of the latter options, plan to pay a fee for their services.

Choose a guardian. If you have children, nominate someone to care and provide for any that are still under 18 (in case their other parent is unavailable). This decision takes a lot of thought, and you should discuss possibilities with your family so both you and your children are comfortable with the person you choose. Be sure the candidate you choose is willing and able to assume the responsibility.

You also need to select a property guardian to manage your children's inheritance until they become legal adults. Ideally, you’ll choose the same person for both roles.

Draft your will. Once you’ve done each of the previous steps, you can easily create your will with a software program. If you prefer a non-software option, there are simple how-to books which contain preprinted forms.

It's best for your will to be typewritten or computer generated. You can make a handwritten will, known as a "holographic" will, but they tend to invite questions about their legitimacy and are not recognized in several states.

Consult a lawyer. Even if you complete the will yourself, it's good to have a lawyer review it to be sure you've covered everything. You should also consult a lawyer if you have complex finances or expect to leave over $1 million in assets. An estate-planning lawyer can discuss tax-saving strategies and other options.

Sign your will. You must date and sign the will in front of two or three witnesses depending on your state’s requirements. The witnesses you select should not be beneficiaries named in your will. The witnesses need to sign the document as well.

It's also a good idea to have your will notarized. It can help prove your will’s validity if there is any dispute.

Keep it safe. Place your will in an envelope and label it with your name and the word "Will." Store the envelope in a fireproof metal box, file cabinet or home safe. You can also use a safe deposit box, but first check the bank's policy on accessing the box after your death. Make sure your executor knows where to find your will.

Important documents for other situations

Other documents can help keep your affairs in order if you're alive but unable to speak for yourself.

A durable power of attorney for finances gives someone the authority to handle your finances. This includes paying bills, making bank deposits, managing investments and handling insurance paperwork.

A durable power of attorney for medical treatment appoints someone to make decisions about medical treatment on your behalf if you're unable to do so. This document only gives the selected person power to refuse medical treatment (on the grounds that it would cause you discomfort, or that you would believe the treatment was unwarranted). The person cannot authorize the administration of some kinds of medical treatment.

A living will states your wishes about life-sustaining medical treatments in case you become terminally ill.

 

Sources 

National Institute on Aging. Getting Your Affairs in Order Checklist: Documents to Prepare for the Future. February 01, 2023.  

Library of Congress. Drafting a Will. Accessed December 12, 2023.   

National Council on Aging. How to Make a Will Without a Lawyer in 2023. September 20, 2023.