Creating a will is a crucial step in ensuring your assets are distributed according to your wishes and that your loved ones are cared for after you're gone. To help you get started, here's a comprehensive checklist of the key considerations and steps involved in preparing your will.
Inventory Your Assets:
List all your significant assets, including real estate, bank accounts, investments, retirement accounts, vehicles, jewelry, and other valuable personal property.
Consider digital assets like online accounts, social media, and intellectual property.
Choose Your Beneficiaries:
Decide who will inherit your assets (family members, friends, or charities).
Consider alternative beneficiaries in case your primary choice predeceases you.
Select an Executor:
Appoint a trusted person to manage your estate and carry out the instructions in your will.
Make sure they are willing and capable of handling the responsibility.
Name Guardians for Minor Children:
If you have children under 18, designate who will care for them if you and the other parent are no longer able.
Discuss your choice with the potential guardians to ensure they are willing to take on this role.
Detail Specific Bequests:
Outline any specific items or amounts of money you want to leave to certain individuals or organizations (family heirlooms, personal mementos, or special gifts).
Plan for Outstanding Debts and Taxes:
Specify how your debts, including mortgages, loans, and taxes, should be paid.
Consider how taxes on your estate will be handled, particularly if you have significant assets.
Consider Charitable Donations:
Decide if you want to leave any portion of your estate to charitable organizations.
Specify the amount or percentage of your estate to be donated and to which organizations.
Outline Care for Dependents:
If you have dependents with special needs, include provisions for their care and financial support.
Consider setting up a trust to manage their inheritance.
Plan for Business Interests:
If you own a business, outline how it should be handled after your death.
Consider succession planning, including who will take over the business or how it should be sold or dissolved.
Establish a Trust (if needed):
If you have complex assets or want to control how your assets are distributed over time, consider setting up a trust.
Decide on a trustee to manage the trust and specify the terms of distribution.
Include a Residual Clause:
Address any remaining assets not specifically mentioned in your will by including a residual clause that outlines who should receive these assets.
Review Your Will Regularly:
Revisit your will periodically, especially after major life events like marriage, divorce, the birth of children, or significant changes in your financial situation.
Update your will to reflect your current wishes and circumstances.
Communicate Your Wishes:
Talk to your beneficiaries and executor about your will and your wishes.
Ensure they understand your decisions and know where to find important documents.
Consult a Legal Professional:
Seek legal advice to ensure your will complies with state laws and covers all necessary details.
Consider involving an estate planning attorney to help with complex situations.
Store Your Will Safely:
Keep your will in a secure place, such as a fireproof safe or with a trusted person.
Ensure your executor knows where to find it when the time comes.
For additional help in preparing your will, download our A Christian’s Guide to Preparing an Effective Will”and Personal Records Book. If you haven't established your will, start one today using our free online will planner.
