Many people put off writing out their last will and testament. It could be the thought of mortality scares some people so much that they don't even want to prepare for that inevitability. You have to get past that thinking, especially if you have children or grandchildren you want to provide a little something for their future.
It's easier than ever now to write out a will that works for you and your heirs. Of course, you can go see an estate attorney that will guide you through the process. Or you can also save a little bit of dough, print out a form online, and work through some of the drafting yourself. It's all a matter of what you are comfortable with doing in your own time. The point is don't delay. Sit down and we'll give you some easy tips on how to draft up your own will and testament in these 10 easy steps.
Step #1: Write Out All Your Assets
Easy right? Make sure you include absolutely everything. That strange painting on your study wall that your great Aunt Sally painted? If you want it to go to your grandson, Edward, who is an artist, write it down.
Step #2: Determine Who Gets What
This should be the fun part. Dividing up all the assets, property, and possessions that you love that you want to see go to the proper home after you are gone. That baby grand piano that you want to leave to a treasured niece? Priceless and she is going to love to look at that thinking about you every time she plays, right?
Step #3: Gather Your Documents
All your documents need to be in one place, make copies of them, and make sure you have everything in labeled envelopes for easy reference. That includes anything financial, tax documents, savings accounts, bonds, stock, IRAs, etc. Have hard copies of everything with the originals going into your safety deposit box.
Step #4: Last Will and Testament
There are tons of these easy to follow forms online and they basically all look the same. Pick one and print it out as a general guideline to use.
Step #5: Pick an Executor
This is the person that is in charge of contacting your estate attorney once you have passed to make sure everything is settled according to your wishes.
Step #6: File The Paperwork With Your Estate Attorney
You do want your will and everything that goes along with it to be looked over by a proper estate attorney and notarized for it to be completely official.
Step #7: Tell Your Heirs What To Expect
What your heirs should expect doesn't need to be some kind of big surprise. If you are going to pay for your granddaughter's college tuition, tell her that while you are alive. She is going to appreciate having that security as a gift from you.
Step #8: Put Everything into a Safety Deposit Box
These are the best way to keep everything safe. Don't put it in a fireproof box in your home. Those can easily be stolen never to be seen again. The bank is the only place to be sure your wishes are secured.
Step #9: Leave Exact Instructions On How To Access These Documents
The last thing you want is for your heirs to be scrambling around trying to figure out how to access these documents when they are trying to process the grief from your passing.
Step #10: Sit Back and Be Proud of Accomplishing This Vital Task
You did it! That wasn't so hard after all, was it?
Now that you've made the step and followed through creating your last will and testament, you should be proud of the fact that not only are you leaving your heirs with less of a hassle upon your passing, but you are making sure your loved ones end up with exactly what you wish for them to have.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.