How to Prepare a Will
The best way to plan for your loved ones after you die is to prepare a will. A will allows you to express your wishes as to how you would like your property and money distributed. Most states have specific rules that you must follow to make the will legal and valid. If you die without a will your assets will be distributed according to the laws of the state you resided in and this may not be how you wanted your property to be distributed. The best way to insure your wishes will be followed is to prepare a will.
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Instructions
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Write down all of your assets so you are aware of what you own. Most people think of cars, houses and land. You need to think of everything that has value from bank accounts, bank CDs, savings accounts, the diamond ring that has been passed down for 14 generations and yes even musical instruments.
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Decide how you want to divide your assets (also called the estate). There are a number of ways you can divide and distribute/gift your assets. You can live a specific amount of money or a piece of property to a person or a charity. Another way is to divide the assets equally into shares or percentages, for example if you have five people you can leave one share to each person or 20 percent to each person. Make sure to be specific if you are leaving a gift of money or property.
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Think about who you would want to distribute your assets after you have died. You want to pick someone that you can trust to respect your wishes.This person is listed as the person who will be in charge of you estate, again states have different terms for this position some list it as the executor/executrix or personal representative.
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Write or type out your will starting with who you are and where you live, note if you are married or have children. Next you want to list how you want your assets to be divided. Make sure to make it clear who you want to distribute your assets after you have died. Sign the will in the presence of the correct number of witnesses for your state. Place your will in a safe place like a fire-proof lock box.
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Contact an attorney that specializes in estate planning or probate if you have legal questions or you just want to have someone review your will.
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Tips & Warnings
Percentages should always equal 100 percent.
Sums of money and specific gifts are distributed first.
Only you can make changes to your will.
Witnesses can not benefit from your estate in any way.
Do not leave someone just $1, specifically disinherit them if you do not want them to receive anything.
Always contact a lawyer for legal advice and questions.
