This step covers an easy process to create a simple will, sometimes called a last will and testament. If you are married, you may also be interested in changing the will type to a joint will or mirror will, which helps secure your significant other’s financial security.
If you die without a will, then you die, “intestate,” which means that you have lost control over how your estate is distributed. The intestate laws vary between States. Take the burden off your friends and family and write down how you would like your possessions and wealth distributed after your death – make a will.
Setting up a will doesn’t have to be expensive or hard. There are several online services that simplify the process and are free. I will highlight several of these at the bottom of this post. But first let’s go through the basic decision making process involved with making a will.
The basic idea of a will is recording your possessions and who you want to inherit them upon your death. This includes money, property, life insurance money, pets, cars, and other possessions, including heirlooms.
Invite a family member or friend to be the executor of your will. This is the person who will help make sure the assignments in your will happen as you wish, takes care of your stuff until it is distributed according to the will, and pay off any debts you leave behind.
Being the executor of a will is a big job – make sure to discuss this responsibility with the person your choose and get their consent before creating your will.
If you have children under 18 years old, then dictate in your will who will be their guardian upon your passing. This is especially important if you are a single parent.
Sign your will to make is legal. Most States require that you sign in front of two witnesses, who will also sign. The witnesses need to be individuals who do not benefit from your will.
Store your documents in a safe place and make sure your loved ones know where they are. You may wish to give a copy to the person who will be the executor of your will. I would suggest investing in a simple fireproof safe to keep your documents.
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For those interested in basic free will documents available online, I recommend freewill.com. I have tried out their process and found it very convenient and easy to use. You will print out a copy of your will so it can be signed.
You can read more details about the decisions involved in creating a will HERE.
For more of a digital based free will service, either by App or Website, I recommend Tomorrow. Tomorrow also helps you easily connect with family and friends, and invite them to be part of your estate plan. Tomorrow has other estate planning documents too, making it a convenient one-stop-shop for estate planning. A PDF of your will is emailed so you can print and sign it.
Note: Tomorrow is now (2022) connected with Ethos
Be Prepared Seattle 