Writing a will is something that nobody truly wants to do or think about, but it is a necessary step to ensure that your family members are taken care of when you are no longer around. Writing a will doesn’t mean that you have to pay an expensive lawyer because you can write an online will for typically less than $100. Here are the four simple steps you need to take to complete your online will and give you peace of mind.
1. Calculate Your Assets
The first thing you need to do is take an inventory of all of your assets and assess their worth. Sites like BuildaWill provide you with questionnaires that help you recall all of your assets and automatically inserts your answers into your will. If you have more than $2 million in assets, you will probably want to consider consulting a lawyer because you could be subject to estate taxes.
2. Select Your Beneficiaries
You will be forced to make some very personal decisions when it comes to your beneficiaries. Spouses typically have to draft their own wills, and each of you will have to choose which of your belongings go to whom. You will need to decide who will get your material possessions along with who will take care of your children, should you pass away before they turn eighteen. You can also choose alternates if your first choice for a beneficiary does not survive you.
3. Choose an Executor and Witnesses
All states require that you have two witnesses sign the will and an executor, who will carry out the terms of the will. An executor is usually someone who is a beneficiary, but you can choose whomever you would like to be your witnesses. You will have to get your will printed and mailed to you before you can complete this step, and this is one of the most critical steps because if the will is not authorized, it may not hold up in a court of law.
4. Store Your Will in Safe Place
You should request several copies of your will and store them in separate, safe places. Many people choose to keep a copy in a fireproof safe in their home or office, and another copy with their executor. A common place to keep a will is a safe deposit box, but that should not be your only storage solution because your executor may not be able to access it.
