5 Things to Know Before Writing a Will

Writing a will is an important part of estate planning that many people put off for too long. A will outlines how your assets will be distributed after you pass away and ensures that your wishes are carried out. While it’s always a good idea to consult with an experienced estate planning attorney, writing a will yourself is also an option through a DIY will kit. Here are five things to know before writing a will, whether you choose to do it yourself or seek professional help.

1. Understand the purpose of a will

A will is a legal document that outlines how your assets will be distributed after your death. It allows you to name an executor who will manage your assets and distribute them to your beneficiaries according to your wishes. Without a will, your assets may be subject to intestacy laws, which means they may not go to the people you intended. Understanding the purpose of a will is the first step in creating a plan for your estate.

2. Know what assets you have

Before drafting a will, it’s important to know what assets you have. This includes real estate, bank accounts, investments, retirement accounts, and personal property. You should also consider any debts you have, such as mortgages, loans, or credit card debt. Knowing what assets and debts you have will help you determine how to distribute your assets in your will.

3. Choose your beneficiaries carefully

Your beneficiaries are the people who will receive your assets after your death. It’s important to choose your beneficiaries carefully and ensure that your will reflects your wishes. If you have minor children, you should also appoint a guardian to take care of them in case something happens to you. If you choose to write your own will, make sure you clearly state who your beneficiaries are and how you want your assets distributed.

4. Consider tax implications

Estate taxes can significantly reduce the value of your assets, so it’s important to consider the tax implications of your will. An experienced estate planning attorney can help you create a plan that minimises taxes and maximises the value of your assets. If you choose to write your own will, make sure you do your research and understand how estate taxes may affect your beneficiaries.

5. Review and update your will regularly

Your circumstances may change over time, and it’s important to review and update your will regularly. This includes changes in your family situation, such as births, deaths, marriages, or divorces, as well as changes in your financial situation. Reviewing your will regularly ensures that it remains up-to-date and reflects your current wishes. If you choose to write your own will, make sure you keep it in a safe place and let someone you trust know where it is located.

In conclusion, writing a will is an important part of estate planning whether you choose to do it yourself or seek professional help. Understanding the purpose of a will, knowing what assets you have, choosing your beneficiaries carefully, considering tax implications, and reviewing and updating your will regularly are all key factors to keep in mind. While writing a will yourself is an option, seeking professional guidance from an estate planning attorney can help ensure that your wishes are carried out correctly and legally.

Until next time.