A My Will is a legal document that protects your assets and bequeaths your kids (if they are minor) to someone who can raise them as their own.
Statistics show that many people do not have a proper last will and that around 50% of parents die without creating a last will.
If your assets are straightforward, you can write your own will and comply with legal requirements. That will stand in court.
If you have complicated assets, such as shares in a captive insurance company, you need a captive insurance lawyer or an attorney who specializes in last wills.
Example To Write My Will
Here are the steps in writing your own last will (My Will provided there are no complications with your assets):
#1. Write the introduction: My Will
State that the document is your last will and follow that up with your complete name and address. It will help if you can put your birth date and social security number.
Also, state that this document revokes any previously made will. You should also swear that you are of legal age and that you’re not making the will under duress.
#2. Choose an executor in My Will
An executor is someone who will carry out your directions and wishes. Most married couples choose their spouse as executor.
However, in case there’s an accident and both of you perish, you might want to choose a friend you trust. Make sure to talk to this friend first before putting his or her name in the document.
#3. Identify your heirs in My Will
Put the names of your heirs in the document. Usually, the heirs are the spouse, children, and legal partners. In some states, the spouse has the legal capacity to inherit your every asset.
Seek professional help if you would want to disinherit your spouse. You may also put your parents’ or siblings’ names in the document if you so wish.
#4. Select a guardian in last My Will
If your children are still minors, choose a guardian who can take care of them until they reach the legal age of 18 years old. This is, of course, in case there is no living natural parent who will take them in.
Be sure to talk to that person and discuss with him or her the responsibilities of raising your children.
#5. Divide your properties from My Will
Make a list of your assets and properties: money in the bank, real estate, retirement accounts, stocks, bonds, and other tangible assets. Assign each heir a percentage of your assets.
For example, your spouse can have 50% of the assets, and the other 50% can go to your children. You can also leave specific property to individuals. Your house can go to your children, while your bank accounts can go to your parents, for example.
#6. Sign the will as My Will Last
Never forget to sign the will that you have created. Take it to a lawyer and have it notarized and stamped with a seal.
You should also ask two to three witnesses to sign the will, depending on how many the state requires. Make sure that the witnesses are not named in the will.
Creating a last will protects your interests and makes sure that your last wishes are executed appropriately.
While this may be a sensitive topic to talk about, this is a key document that will avoid strife and confusion among your loved ones when something happens to you. Stop procrastinating about it, and create that will.