Instructions on Preparing a Will

Without a will, a court will decide who will get your assets when you die.

Writing a will is easier than most people think and it doesn't always require a lawyer. Regardless of the amount of the assets you have to leave behind, you should create a will so that the court doesn't have to get involved after you are gone in dividing up your estate. You can write out your will on a simple piece of paper, purchase a form at an office store or online or seek out the help of an attorney to create your will.

Things You'll Need

• List of heirs
• List of assets
• Paper

Instructions

1. Make a list of all of the people in your life to whom you would like to bequeath something, whether it's a material item, cash or property. Write down their relationship to you, their address and phone number. Consider alternatives if you or your spouse should die first.

2. Consider who you would want to take care of your children should you pass away. Also consider alternatives if they should die before you.

3. List all of your assets including life insurance policies, annuities and any retirement accounts. Consult a tax attorney if you are concerned about tax implications in the event of your death. Find out if your state is a community property state. If it is, then all of your assets will pass to your spouse when you die. If you have separate property from before your marriage, consider consulting an attorney as to how to bequeath this property.

4. Write up your basic will. A basic will is probably sufficient if you are under the age of 50, are in good health and don't expect to owe estate tax after your death. A basic will is simply a statement (which you can have notarized if you choose) that you write out on a piece of paper stating who will receive each of your possessions when you die. You don't have to have a form or special piece of paper to do it. In most states, a basic will is acceptable, but you can check with your secretary of state's office or your local clerk of court's office to be sure. Begin your will with these words: "I, [insert your name], being of sound mind, do declare this to be my last will and testament." This is generally sufficient and will hold up in a court of law barring any special circumstances.

5. Have an attorney help you with your will if you or your spouse expect to owe an estate tax, you want to leave something in trust for just one person (and not to others), you have a child with a special need and need to set up a trust for him to be cared for, you have children from a prior marriage and expect conflict or if you think someone may contest your will.

Tips & Warnings

• Always consult an attorney if you have any question regarding the distribution of your assets. Probate court will get involved if your instructions are not clear.

• If you believe that there may be any arguments or controversy among your heirs regarding your possessions or estate, you should not write a basic will, but prepare one with an attorney.

References

• New Mexico State University: Things to Do Before Making a Will
• Guide to Wills and Estates, Times Books, 1995
• NOLO: The Simple Will

Resources

• Bank of America: Financial Tools: Prepare a Will