How to Make a Will

When making a will, your main task is choosing who will inherit your property. You'll also name an executor, choose a guardian for young children, decide about forgiving debts, and determine how you want to create the will itself. This article introduces the essential steps in the will-writing process.

Take Inventory of Your Property

When preparing a will, you'll begin by making a list of your major assets. Next, you must determine if any of these items will be distributed through methods other than your will. For instance, you may have already designated beneficiaries for your retirement or bank accounts, or you may have made plans to keep property out of probate. If you're married, remember that each of you must create a separate will. You can only leave your portion of any property owned jointly with your spouse.

Decide How to Leave Your Property

When you're clear about what you own, it's time to decide who will inherit it. For many people, it's easy to choose beneficiaries when setting up a will. You may want to leave everything to your partner, your kids, or your favorite charity. For others, these decisions are more complicated—for example, you want most of your property to go to your spouse, partner, child, or charity, but you want to leave property to others as well. Sketch out your plan before writing your will.

After you make your first choices, don't forget to choose alternates, too, in case your first choices don't survive you.

Choose Your Executor

Your executor will carry out the terms of your will; they will oversee the probate process, distribute your property, and pay your estate's debts and taxes. Your choice doesn't have to have specific training because, if needed, they can hire a lawyer, accountant, or other professional to help. The prime characteristics are honesty, skill at organizing, and finesse in keeping track of details. For many tasks, such as collecting mail and finding important records and papers, it may be most helpful to name someone who lives nearby or who is familiar with your business matters.

Be sure that the person you have in mind is willing to serve—the job shouldn't come as a surprise.

Make Decisions About Young Children

If your children are minors, you'll choose who will raise them if needed. If you leave property to young people, you'll also choose an adult to manage their inheritance. You may name that person as a property guardian, a property custodian under a law called the Uniform Transfers to Minors Act (UTMA), or a trustee.

Decide If You Want to Forgive Debts

People often want to include instructions in their wills that specific debts will be canceled upon their death. This is similar to giving a gift of money. Those who owed the debt will no longer be legally required to repay it. Your will can include information about debts you want to forgive,

Gather Information About People and Property in Your Will

Making a will goes more smoothly if you gather information before you start. Here's a quick list of what you'll need.

• You: full legal name and state and county of residence
• Spouse: full legal name
• Children: full legal names and birthdates
• Executor: name of the person who will wrap up your estate
• Alternate executor: names of those who will wrap up your estate if your first choice can't
• Personal guardians: names of people to care for your young children if you can't
• Property: a basic inventory of what you own, though if you'll leave everything to one or just a few people, you might skip this
• Beneficiaries: names of those to whom you want to leave your property
• Alternate beneficiaries: names of those to whom you will leave your property if your first-choice beneficiaries die before you do
• Property guardians, custodians, or trustees: names of people to manage property you leave to young beneficiaries
• Debts to forgive: names of people who owe you money, when the debts were incurred, and the amount to forgive

Write Your Will

Now that you've put together all the information you need, how do you create a will document? You have several options.

• Hire a lawyer. Hiring a lawyer to create your estate plan is often the best way to set up a will if you want personalized legal advice and are willing to pay for the service.
• Use a statutory form. Some states, including California, Maine, Michigan, New Mexico, and Wisconsin, offer a standard will form for their residents. These state-provided wills are straightforward, easy to complete, and readily recognized by probate courts. However, their simplicity often makes them too limited and rigid to meet most people's needs.
• Make a will yourself. Many individuals can prepare their own wills using reputable do-it-yourself software, or you may be able to create a will online. However, if your situation involves complex business interests, significant debts, or possible family disputes, consulting a lawyer is likely a better choice. For those with simpler estates and clear intentions, software or an online will offer a cost-effective and convenient alternative.

Sign Your Will in Front of Witnesses

After making a will, you must sign it in front of at least two witnesses. If you're using a document called a "self-proving affidavit" (it makes things simpler when the will goes through probate court after your death) you must sign in front of a notary public as well. Each state has specific rules you must follow. If you don't get it right, a court may determine that your will is invalid. A lawyer or a good will-making program will tell you exactly what your state requires.

Store and Share Your Will

When your will is complete, label it clearly and store it somewhere safe. Balance security and accessibility—protect your will from disasters like fire or flood, but make sure your executor can access it. If no one can find your will, your property will pass according to the laws of intestate succession, which may lead to an outcome very different from what you want.

Beyond giving access to your executor, deciding whether to share your will with others is a personal choice. In some cases, providing copies of your will to your main beneficiaries can help prevent confusion or disputes after your death. Doing so gives you a chance to explain any decisions that might be sensitive. If you do share your will and later revise it, notify those with copies and ask them to return or destroy any outdated versions.

Learn More About Wills

For more information about wills, see the following articles:

Different Types of Wills

You can find out more about making WillMaker's will and living trust in WillMaker's Legal Manual.