How to Write a Will

All adults with any financial assets should have a will. After all, putting your final wishes in writing with a will or living trust is the only way to fully ensure that your loved ones will be taken care of should you pass away unexpectedly.

Still, statistics show that 40 percent of adult Americans currently have a will or living trust set up.

So what could happen to the other 60 percent in the event of an emergency? Should they pass away unexpectedly, there is no telling what the government will do with their assets, financial or otherwise. While these monetary awards typically go to the surviving spouse or children, fiscal issues get complicated quickly if the deceased person was divorced or had multiple children.

Find the Right Attorney

To create a will that will stand up legally and be enforceable after death, a qualified attorney is really the only place to go.

To find the right attorney for the job, the best place to start is by getting recommendations from relatives and trusted friends. Another option is to research qualified attorneys specializing in wills and estates through the bar association in your area. Thanks to the bar association’s rigorous standards, you can be confident that any attorney who is a member of the organization is more than competent in the field of wills and estates.

Because finding the right attorney for the job is such as personal issue, however, it is best to interview a handful before deciding which one is right for you. Consultations are usually free, although some top attorneys may charge a nominal fee for their time.

Some commonly asked questions during attorney consultations include how long the attorney has been in practice, the number of wills and living trusts he has created, and any contact information for past clients who could serve as references.

Get Organized

Once you have chosen the attorney who is the best fit for the job, it’s time to get started preparing the necessary paperwork and documents needed to draft a will.

Before moving forward, an attorney will need to know everything that you own including financial assets, tangible and intangible property, stocks and bonds, cars, insurance policies, household goods, jewelry, and any collections or memorabilia that could be of worth in the future.

Not only will the attorney ask for a list of these items, but he will also need proof of ownership, which usually means finding the original certificates, receipts, and contracts that were received at the time of purchase.

Tracking down and listing this information can take time and patience, which is why getting organized can be one of the most stressful steps in the process of creating a will.

Make the Tough Decisions

Choosing the beneficiaries and executor of the will can oftentimes be a touchy subject. The first step to making these tough decisions generally involves writing down a list of everyone you would like to give anything to in your will. Although this list is usually dominated by family members including spouses, children, siblings, and living parents, it may also include close friends as well.

To format the will correctly, the attorney will need a complete list of names and as much contact information as possible for each person, as well as information as to what each person should be left in the will.