How to Write a Will Online
Writing a will can help ensure your possessions are distributed as you wish. But it is easy to push making a will further down your to-do list. While most adults (76%) say a will is important, only 40% have one, according to a 2019 Caring.com survey.
While creating a will can be emotionally difficult, it doesn't have to be time-consuming or expensive. You'll find numerous services offering to help you create a simple and inexpensive will online. "Wills created using online software are generally going to be valid as long as they are executed properly," says Michael Canarick, an estate planning attorney and founder of the law practice Canarick & Canarick in Wall, New Jersey.
Before clicking on a site or downloading a template, you'll want to go over your finances and think about the future. Here is how to write a will online and keep it safe.
1. Take Inventory of Your Assets
To avoid overlooking some of your possessions, make a list of all your assets. Start with financial items, including money in checking, saving and investment accounts as well as stocks and bonds. Then look at property, such as your home, any land you own, other real estate, cars and boats. If you have jewelry or artwork you want to pass on to heirs, write it down on the list. You might also make a note of family heirlooms, furniture or collections. Take care to include business ownership and insurance policies, such as a life insurance policy. Keep in mind that if you have loans, such as a mortgage, your assets will first be used to pay off debts.
[Read: Don't Make These Mistakes When Your Spouse Passes Away.]
2. Pick Your Beneficiaries
A beneficiary is a person such as a spouse, sibling, child, relative or friend who will receive something listed in your will. It can also be an organization like a charity, church or nonprofit. In general, you can choose anyone to be a beneficiary except the person who is the witness to the signing of the will. You might choose to leave everything to one individual, such as your spouse, or to divide property among loved ones and organizations.
When selecting beneficiaries, keep in mind that some financial accounts may already have beneficiaries listed. A life insurance policy, for instance, might name a beneficiary you selected when you purchased the plan.
If you want to leave an inheritance to minors, you can set up a trust and name a trustee to manage it. "You can then decide in your will the age that you think is most appropriate for the minor to receive their inheritance," says Tim Hewson, founder and CEO of USLegalWills.com in New York.
3. Select an Executor
An executor is the individual or organization that will oversee the distribution of your assets as outlined in your will. The executor will agree to take an inventory of your estate, pay any needed bills such as taxes or debts you left behind and file final income taxes. You might ask a loved one you trust or a dependable friend to be the executor of your will. If you select a professional, such as a bank or attorney, there will usually be a fee charged to oversee your estate, which is generally a percentage of the estate.
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4. Choose a Site
There are many websites that provide will forms, and picking the right one for your situation will require some research. Check for a site that has accurate, up-to-date information about wills in your location. The requirements for wills vary from state to state , and the regulations occasionally change. You'll want to make sure your will follows the latest laws for your area.
Also look for a site that is easy to navigate and allows you to save your work. If you want to take a break to think through part of the will or gather more information, you'll be able to step away and then revisit your will when you're ready. "Writing a will takes thought and planning," says Renee Fry, CEO of Gentreo, an online estate planning company based in Boston. "Choose a site that will help you to do this."
[Read: 5 Reasons to Make an Estate Plan.]
5. Put Your Will in a Safe Place
Once it's completed, you can print out the will. In most states, you'll need to sign it in front of witnesses to make it a valid document. After that you might create an electronic file. "Digitally store and share your will so that no matter if family is nearby or thousands of miles away, they have access to your will so your wishes are known and protected," Fry says.
You can also keep a printed version of the will and store it in a secure spot, such as a safe or lockbox. Tell a trusted relative or friend where the will is and how to access it.
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