When a person dies, his assets and debts are divided according to the terms of his will.State inheritance laws dictate how assets and debts are transferred if a person doesn't have a will.To ensure that your assets and debts are distributed in the way that you want them to be, and not according to the distribution scheme set forth by your state, you will need to create a valid will.The requirements for creating a valid will vary from state to state, and must be closely followed to guarantee that your property is transferred in the way that you intended.
Step 1: Review your state's requirements to execute a valid will.
State to state, formal requirements for executing a valid will vary.If you want your will to be valid upon your death, you need to review the requirements in your state.A will must be written by a person who is at least 18 years of age and able to comprehend the full meaning of the document.The will was signed by the testator and two witnesses.
Step 2: Determine if your state follows community property or common law.
Before you write your will, it is important that you know whether you live in a community property or common law state.Ensuring that the terms of your will are carried out as you intended is important.Arizona, California, Idaho, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska are community property states.The common law is followed by all other states.All property acquired during a marriage is divided between the spouses.Each spouse can dispose of his half share of the property after his death.He may not give away his spouse's property.One half of a wife's estate will be given to her husband instead of her daughter if she writes a will.If you want to avoid this outcome, you have to agree to a different arrangement with your spouse.A surviving spouse is not entitled to half of the property that was acquired during the marriage, according to common law.Common law protects a surviving spouse from complete disinheritance if he gets at least one third of the deceased spouse's property.Just as in community property states, the outcome can be overcome by entering a prenuptial agreement.
Step 3: There is a prenuptial agreement.
If you want your spouse to receive less than half or one-third of your estate, you will need to enter a prenuptial contract in which you agree to a different arrangement.Each spouse is entitled to receive a certain amount upon death.To be valid, both parties must agree to the contract and sign it before a public notary.The agreement needs to be fair to both parties.Even if you write a prenuptial agreement specifying the share of your estate that will pass to your spouse upon your death, you still need a will that outlines the remaining distribution of the estate.
Step 4: If you have any assets in a trust, review them.
You will need to review this document before you create your will if you have made a trust designating a beneficiary.No assets specified in your will will transfer to the named beneficiary of your trust.If you have any assets in a trust, make sure you don't include them in your will.
Step 5: Pick the beneficiaries for your will.
For example, your children, spouse or favorite charity are the people you want to leave your assets to.Take into account what portion of your estate would go to each beneficiary.You should take into account the possibility of your spouse and children dying at the same time.How would you distribute your assets?
Step 6: A guardian is needed for your children.
Minor children are usually awarded to the other parent after a parent dies.If you and your spouse die at the same time, the court will look to your will to decide who will take care of your children.If you can identify at least two people who could be your children's guardian, that would be great.If one person is unavailable to care for your children at the time of your death, you will have a backup.Before naming a guardian in your will, discuss your decision with them.
Step 7: Pick someone to look after you.
In your will, you will need to name one person to take on the responsibility of distributing your assets and paying your debts.The person is known as the executioner.You need to choose a person who is trustworthy and organized.If you think there might be a conflict of interest, don't name the beneficiary of the will.If you leave a portion of your estate to your daughter, you may not want to name her to be the next of kin if it will make her siblings look bad.Before selecting a non-resident as your executor, check your state's laws.Non-residents are not allowed to serve as the will's administrator in some states.Do not choose someone who is a minor, convicted felon or non U.S. citizen.
Step 8: Decide if you want to hire an attorney.
There are certain circumstances in which it is advisable to hire an attorney to prepare your will.If you have an estate that you think will be worth one million dollars at the time of your death, consider hiring an attorney.An attorney can help you.There are complex family relationships.You don't want your child to be a close relative.You don't know how to execute a valid will in your state.
Step 9: A will template can be used.
No state requires specific language to make a will.A template can be used as a guide for what language to include in your will.Books, software, and online programs contain will templates.Tailoring a will to your situation can be done with software and online programs.They want to know the key facts to make you a will.Statutory forms that conform to the requirements of a valid will can be found in some states.The forms are very simple and do not address many of the scenarios you may wish to include in your will.These templates can be found on state Bar websites.If you don't use a statutory form, make sure your template is in line with the laws in your state.Review the requirements for your state to make sure that your will is valid.
Step 10: Do you know who you are?
The present document is a will if the clause identifying who you are is included in your will.John Smith, a resident of the State of California, declared that this is his will.
Step 11: You should name your beneficiaries.
The purpose of your will is to state who you want to give your property to after you die.It is important to state the names of your intended beneficiaries clearly.If the first person dies before you, the property should be given to a second person in your will.My son, Eli Taylor, will get $5,000.I will leave this property to my cousin, Elizabeth Johnson, if Eli Taylor doesn't survive me.If you want your money to be used for a specific purpose, make that clear.I leave a large amount of money to the University of Wisconsin for financial aid.
Step 12: Name the person who will be in charge of your affairs.
The distribution of your estate should be specified in your will.This role is referred to as the executioner.If your first choice is not available at the time of your death, you should include both your preferred and alternate executors.Maria Rodriguez was named to serve as my executor.If Maria Rodriguez is unwilling or unable to serve as my executor, I named Oliver Dunn to do so.The authority to manage your estate should be granted by a separate clause.I direct my executor to take all actions legally permissible to have the will done as simply and as free of court supervision as possible under the laws of the state having jurisdiction over this will, including filing a petition in the appropriate court for the independent administration of my estate.
Step 13: Appoint a guardian for your children.
A provision naming all of your children and stating who should be appointed to care for them in the event that you die is a requirement if you have minor children.If you share custody of your children with another parent, they will have control over them.If neither of you are available to care for your children, the purpose of the provision is to appoint a third person to take care of them.If my wife doesn't survive me, and I need to appoint a guardian for my children, John and Melissa Smith are the ones to do it.If the Smiths are unwilling to serve as guardians to my children, I will appoint Sara and Jim to do so.
Step 14: Instructions for your taxes and debts.
Your will should also address how your debts and taxes should be paid, as well as stating how you would like your property to be distributed."Except for liens and encumbrances placed on property as security for the repayment of a loan or debt, I direct that all debts and expenses owed by my estate be paid using the following assets: Account #1822 at Rhode Island Savings Bank.""I direct that all estate and inheritance taxes assessed against property in my estate or against my beneficiaries be paid using the following asset: Account #1822 at Rhode Island Savings Bank."
Step 15: Take the time to sign your will.
Signing your will is required by most states.Your will could be found invalid if you don't include a signature.You can include a clause at the end of the document.
Step 16: Two people sign your will.
When you sign your will, most states require at least one witness to be present.You can check the laws of your state to find out the number of witnesses required."We, the witnesses, sign our names to this document, and declare that the testator willingly signed and executed the document as his last will."
Step 17: You should store your will safely.
It's a good idea to store your will in a place where it will be easy to find when you die.If you store your will in a safe deposit box, you need to make sure your beneficiaries know where the box is.If you live in a state that requires a court order to open the safe deposit box of another person, you should grant your heirs the authority to access the box upon your death.If you store your will at home, place it in a fireproof safe and tell your family where it is.Give them clear instructions for opening the safe.