How-to Write a Will - Will Writing Workshop

©2013 Passare Inc. All Rights Reserved

How-to Write a Will


Life is pleasant. Death is peaceful.

It’s the transition that’s troublesome.

- Isaac Asimov


Should you write a Will?


YES!

You should write a Will if...



• You have children under the age of 18.

• You own property such as a house, land or cars

• You have a bank account, or retirement funds with designated beneficiaries.



• You are separated but not divorced.• You are living together as unmarried

domestic partners.• You are a same sex couple.



• You want someone other than your spouse and/or children to inherit your possessions. There is any chance family members will disagree with your end-of-life decisions.

• You want to give a portion of your assets to a charity or other institution.


NO!

You should NOT write a Will if...


You should NOT write a Will if...

• You literally do not own anything.• You do not care who gets what when

you are gone.• You want to pay a court appointed

Executor.


5 Steps

How-to Write a Will


Step 1

Write an inventory of your assets


Write an inventory of your assets1. Physical Assets

• house, land, cars, small items, such as jewelry, books, and computers – You can be specific, such as “Grandmother’s hutch in the dining

room” or be more general, such as “all furniture in the house.”

2. Financial Assets • cash, bank accounts, stocks and bonds, retirement

funds, etc.

3. Digital Assets• social media login information, online retail accounts,

photo sharing accounts, PayPal, blogs and domain names.– Keep in mind the less specific you are, the more room for

misinterpretation and disagreement when you are gone.


Step 2

Make List of Beneficiaries


• Make a list of people to whom you want to give your assets.

• You may want to consider who will most need money when you pass away, such as dependents, family member with special needs, and requirements of a spouse.

• Are there any organizations or institutions you want to receive part of your assets?

Make List of Beneficiaries


Step 3

Who Gets What?


• If an asset is to be shared or distributed among 2 or more people, you can assign percentages or the conditions of the distribution. – For example, you can state 50% of savings goes to

your spouse, and 25% to each of two siblings. – You could also use actual dollar amounts.

• Determine if beneficiary is under 18 years or younger– If that’s the case you’ll need to establish a trust and a

trustee to properly handle your assets for the underage beneficiary

• A condition might be if a recipient is still in college at the time of your death, she receives a specific amount to cover tuition.

Who Gets What?


Step 4

Assign an Executor


• Assign an Executor to carry out the instructions in your Will– See our

How-to Choose an Executor eBook #2 – Have a primary and a secondary

Executor in case your primary is unable to serve

• Make sure your Executor is informed on where your Will is stored

Assign an Executor

http://toolkits.passare.com/executor/


Step 5

Assign a Guardian


• A Guardian will take care of your dependents until they reach the age of 18

• Be clear about guardianship. • Make provisions for what you want to

happen if the other parent is unable to assume guardianship.

• Guardianship is especially important if you are divorced and believe the other biological parent is unsuitable.

Assign a Guardian


Points to Remember


• Make sure to date and sign each page of your Will• Have at least 2 witnesses sign and date each

page of your Will• You can amend your Will at any point. This is

called a codicil• An attorney can help you handle larger estates

and assist you in understanding your state laws and estate taxes.

• Make sure your family and executor know the location of your will and any amendments that you make as your life circumstances change.

Points to Remember


Download our FreeHow-to Write A Will - eBook

Get Your FREE eBook

http://www.shepardestateplanning.comhttp://www.ycollaborative.com/blog/http://www.frenchfunerals.comhttp://www.law.cornell.edu/wex/table_probatehttp://www.law.cornell.edu/wex/table_probatewww.abanet.org

Sources:

1. See an Example of a Will 2. Get a Full Will Writing

Checklist3. Glossary of Will Writing

Terms

There’s MORE!

http://www.shepardestateplanning.com/



http://www.ycollaborative.com/blog/



http://www.frenchfunerals.com/



http://www.law.cornell.edu/wex/table_probate




http://www.americanbar.org/aba.html

http://toolkits.passare.com/will-writing/

News & Politics

How-to Write a Will - Will Writing Workshop