A few months ago, I mentioned that we don’t have a will. I wish I could tell you today that we finally got down to business and wrote one. Sorry to burst your bubble, but it still hasn’t happened. I promise that after we come back from our small trip this weekend, I will get on that (no pun intended!). I want to be prepared just as much as the next guy, er, lady.
Although I learned about wills in college, it’s been a while, so I had to dig around for some important information about components of the will. Preparing to write a will might just be more time consuming than actually writing the will!
I’ve already explained why you need a will (CLICK HERE to see that post). The majority of Americans don’t have a will, but wills are not just for the rich, my friends. Wills are necessary for any person who plans on dying. I’m pretty sure that’s all of you, unless you are a zombie!
What You Need to Write Your Will
Here are the things you need to gather before you sit down and write your will. You will need to know these things whether you are writing your own will or hiring a lawyer.
List Your Assets
You don’t have to own much to write a will. Before you write the will, list all of the important stuff in your life that you would like someone to inherit. Here are some things we plan on including in our own will:
- Media (books, CDs, DVDs, etc.)
Other important info you can include in your will: whether you’d like to donate to charity, if you want to donate your organs, and how you want your funeral to play out. You should also indicate how your executor should deal with any taxes or debts.
Many times, insurance policies and retirement accounts already have a beneficiary, so you won’t need to list them in your will.
Name Guardians, Beneficiaries, and the Executor
Guardians are family or friends you trust to basically “adopt” your children. You should probably ask the couple or person you have in mind before you list their name in your will.
Who’s going to get that stuff? These are the beneficiaries you will list in your will.
Besides the beneficiaries, the executor of your will is probably the most important person you will name. He or she will be somebody you trust and who can handle your estate, however large or small.
Did you know you can even write a will that dictates how you want your social media accounts to be handled when you are gone? Do you want someone to take over your blog and continue writing? Do you want your facebook profile to be deleted or kept for friends and family to view? Pretty interesting how social media can make its way into your will!
My goal is to have our will done before the end of the year, and it’s really helped me to write down the process!
Do you have a will? If so, what was your experience of the preparation stage?