Writing Your Last Will & Testament

Last will and testament--A legal document that expresses someone's wishes regarding how their property should be distributed after their death, and which person should manage the property until its final distribution.

Trust--This is a three-party fiduciary relationship that is created from a will, and comes to life after the death of the settlor. The settlor, the first party, is the person transferring their property to the trustee, the second party, who holds legal title in the settlor’s property or assets in order to distribute them to the beneficiaries, the third party.

Trustor—Also called a grantor or settlor, a trustor is a person who is creating the trust document.

Trustee—A trustee is a person who is being entrusted to act as the legal owner of the trust assets. They are responsible for handling and distributing the trust assets as specified in the trust document.

Bequests--These are items of personal property that someone can leave to beneficiaries in their will. It includes anything from investments to jewelry.

Beneficiaries--This is the party receiving the property or assets in someone’s will or trust.

Executor--The executor is the person appointed by the will owner. This person is entrusted to enact and carry out all the final wishes of the deceased, including distributing their estate.

Probate--This is the judicial process through which a will is proved and accepted as a valid last testament of the deceased in a court of law.

Ancillary probate—This is what happens when the deceased has real estate or personal property in multiple states.

Power of attorney—This is basically written permission by the first party for someone else, the attorney, the act out the first party’s legal, business and financial affairs.

Fiduciary—A situation or person who holds a legal relationship of trust.

Assets—A resource with economic value that a person owns.

Joint will—A will that two people, most commonly who are marred, both agree upon.

Put simply, a last will and testament is a document which determines what will happen to your property, or estate, if you were to pass away. It specifies who your belongings will be given to, by who, and how this will happen. A will answers all these questions so that there are less unanswered ones once you’ve died.

You can use a will to name an executor, the person who will take care of carrying out the wishes laid out in your will; or you can also appoint a new legal caretaker for your children or other dependents.

When you have written out a last will and testament, the appointed executor of your will begins enacting the distribution of your assets to the beneficiaries you have established in the document once you’ve died.

The executor makes sure your final wishes, as laid out in your will, are carried out accordingly. This includes any dependents you may have being placed with legal guardians appointed by you.

Alternatively, if you die without having written up a will, the government will have to decide what happens to all your assets in your place. The government will also become the automatic decision-maker regarding who will be your dependents’ guardian.

This is often not something people want others to decide for them. It’s also the reason that having a last will and testament gives people such peace of mind.

If you’re looking into how to have a will drawn up, know that there are two different ways to go about it. You can either use a lawyer, or you can use an online service to have it written out. Lawyers are probably the better option to go with if you have more in-depth aspects needing higher expertise.

Many people find it sufficient to simply use an online service, and it often does cost a lot less money. They are generally accepted as effective by will writers and lawyers, as long as they are executed the way they should be when the time comes.

Many people wonder whether they should wait until they’ve reached a certain age before starting the will writing process, or if they should instead jump to getting it done as soon as they are legally allowed.

It is generally advised that if you’re young, single, without children and without many assets, you may not need to worry about getting a will written just yet. However, you should make your will as soon as possible if you either are married, have children, or you own lots of assets.

You should also make one if you have any combination of the aforementioned statuses.

You may decide to have your will written online, or instead seek advice from a legal team. Either way, make sure you’ve done your research and ask lots of questions before committing to anything.

Read the following sections to understand the two options people can choose for writing their wills, and determine whether one of them will fit your needs more than the others.

When you search online for will writing services you will come across lots of different offers. Most of what you will see are software platforms that will charge you a service fee for using them to create your own will.

Some will offer packages that also include legal advice when needed. There may even be some companies offering free templates but who will also attempt to upsell you on any upgrades they’ve got available.

The list below comes from TheBalance, going into detail on their choices for “The 8 Best Online Will Makers of 2020."

If you find yourself with many assets which need to be included in your will, or you are confused on the various documentation necessary for your situation, then you might want to start considering hiring a lawyer to help you with your last will and testament creation.

There are lots of legal aspects to will writing that the average person might not think of, so it’s helpful to research as much as you can before deciding how, when, and where you will endeavor to have it written. As such, you may want to consider the below checklist of important documents, account numbers, and the like before making any hard and fast decisions.

As part of writing a will, you will want to include any final wishes you have regarding your estate. This includes any charities you might want to leave money to, or any other personal property you’d like bequeathed.

If you decide you’d like to leave some or all of your money to charities, you’ll need to start thinking about which ones mean the most to you. What causes do you value highly?

If you’re finding yourself feeling a little stuck, or just confused, we’ve created a to-do list to help you get started. It’s in chronological order, so it might help give you a better sense of how to go about getting your will written.

We've simplified the process of creating your will into 8 easy-to-follow steps that will get you going in the right direction.

When you’ve finished writing up your will, it’s best to keep the document in your home. This is where people will likely first look, like the executor of your will.

Make sure that wherever you do store it, you’ve communicated this with your executor. It might be a good idea to also give them reminder every few years, especially if you’ve moved it. Some ideas might be:

While many might assume it a good idea to store their will in a safety deposit box, it’s strongly advised that you don’t. The reason is that the bank isn’t allowed to open a person’s safety deposit box until the executor has received probate from the court. The thing they need to grant probate is the will itself, so this would cause a lot of issues with getting your affairs handled.

Your will and related documents should be reviewed and updated as needed every five years at least. It should be updated sooner than this if you have experienced a change in personal circumstances or in your financial situation. It should also be reviewed and updated if there has been any change in a related law.

Wondering what you should and shouldn’t do when it comes to making a will? Read the following dos and don’ts to clarify.

Have you been wondering whether your situation would benefit from having a trust drawn up along with your will? Is a will itself sufficient? It can all get confusing since the circumstances differ so much between states.

In some states, like Texas, the probate process is simple. In others such as California or Florida, however, it’s more complicated. Read on to find out the differences in the two documents, and find a deeper understanding of what will work best for you.

What is a trust, anyway? A trust is a three-party agreement where the trustor, the person whose inheritance it is, names a trustee, a second party who will “watch over” the inheritance, to hold legal title of their property until it is time to give it over to the beneficiaries—the third party. It is different than a will because it takes effect as soon as you create it. Meanwhile, a will only takes effect once you have died.

Every family's situation is unique and there are instances where one might be a better fit than the other. Let's go over the pro's and con's of wills and trusts to help each individual or family make the decision that is best for them.

Writing your last will and testament is not something most of us want to actually deal with, or think about for that matter, but it is a necessary part of preparing for the unexpected. It is the best way to show your loved ones how much they mean to you when the time does come when you pass away.

People don’t always think about the fact that their death will not only be a sad and grievous time for their friends and family, but also a stressful time in the case they haven’t quite gotten things in order before their passing. Make sure you don’t leave your loved ones amidst chaos and confusion—bite the bullet and sort out your affairs ahead of time.

Further Reading:

How To Write An Outstanding Obituary

What To Do With Social Media Accounts When A Loved One Passes

What To Do When A Parent Dies

September 28, 2020 by Jeri K. Augustus