August is Make-A-Will Month, a perfect time to ensure you and your family are prepared if you die or are incapacitated. Regardless of the size of your estate, having a will in place is important to ensure that your wishes are honored.
Currently, only one-third of Americans have a will in place. If you are among the two-thirds without a will, here are some tips to help you get started in creating a will to ensure your assets are distributed how you want and not at the will of the state.
Planning and Preparation
Before you even start the process of drafting your will, there is some planning and preparation work that needs to be done so you include everything and everyone you want within the will. A few things to do before you start the actual will itself are:
- Inventory Your Assets: Make a comprehensive list of anything you own: personal belongings, real estate, bank accounts, investments, digital assets, etc.
- Determine Your Beneficiaries: Who do you want to inherit these assets and how will they be distributed among the different beneficiaries? Would you like some of your estate donated to a charity (like, say, Community Nursing Services)? Include that as part of your beneficiaries.
Types Of Wills: From simple to testamentary (a will that creates a trust), there are different types of wills, and you will want to consider which one is best for you depending on the complexity of your estate. You can research different will types online or consult with an estate planning attorney.
- Name Guardians: Don’t leave the care of any minor children to chance – name guardians who can take care of them and manage their inheritance.
- Choose An Executor: This individual will manage your estate and carry out the instructions in your will.
- Think About Final Wishes: Funeral Arrangements, organ donation, or other end-of-life decisions should be considered so you can communicate your wishes. You may want to create a Living Will, also known as an Advanced Healthcare Directive, that outlines your preferences for medical treatment in the event you become incapacitated.
Drafting and Executing Your Will
Once you have finalized your plans, it’s time to create the will and make it legal. If you have a complex estate, it’s probably best to work with an estate planning attorney to ensure your will is valid and legally sound. If your estate is simpler, you may be able to handle the will on your own, using one of the reputable online tools. Regardless of what method you use, drafting and executing a will includes these basic steps:
Write Your Will: Write your wishes out clearly and concisely so it is easy to follow and there is no ambiguity that could create issues with the execution.
- Sign And Witness: Ensure your will is signed by you (and your spouse if it is a joint will) and witnesses as required by law. Utah law requires at least two witnesses, each over the age of 18, who are competent and present when the will is signed. Utah law does not specifically require witnesses who are not beneficiaries, but to avoid potential challenges, it is best to have disinterested witnesses. To have a will be “self-proving,” all signatures must be notarized.
- Store Your Will Safely: Keep your will in a secure location like a safe deposit box or with your estate planning attorney, and make sure your executor knows its location and how to access it.
- Review And Update Regularly: Regular reviews are important to ensure the directives in your will are what you want, and if you have a major life change, such as a marriage, divorce, birth of a child, or death of a beneficiary, it’s especially important to do a review and update.