How to Draft a Will that Protects Your Family and Assets After You are Gone
There are many reasons people procrastinate when it comes to drafting their will. One of the most common is that many people simply think the task is too daunting. Wills are an important and necessary component of any estate plan. With a properly executed will in place, you can have the confidence knowing that your family is taken care of and will have the protection they need, when they will need it the most. Below, our Houston estate planning lawyer outlines how to draft a will that will protect your loved ones and meet your goals.
Understand if You Need a Will
It is a very common misconception that wills are only for the wealthy or the elderly. The fact is that most people need an adult, particularly when any of the following are true:
- You are 18 years of age or older
- You own property, such as a vehicle, a home, a bank account, or other personal property
- You have a career
- You have any investments or savings
- You have dependents, such as children or adult parents, who rely on you financially
If any of the above apply to your personal situation, it is critical that you draft a will. Without this legal document in place, the probate court will make all of the decisions regarding your estate.
Identify Your Assets and Your Wishes for Them
The first step when it comes time to actually draft your will is to identify your assets and outline the beneficiaries you would like to receive them. Make a list of all of your personal property from the largest assets, such as your home, to the most minor, including your clothing, furniture, and other personal property.
After you have identified your assets, you should provide clear instructions for them. Identify your assets clearly, as well as the specific name of the beneficiary you would like to receive them. This will make it much more likely that your wishes will be fulfilled in the manner you intended.
Plan for Your Digital Assets
Your digital assets include any property you access using a smartphone, computer, tablet, or other electronic device. It is critical that you include these assets in your will. These assets include your social media accounts, email accounts, photo sites, cryptocurrency accounts, and more. While these types of assets are fairly new, it is still important that you include them in your estate plan so you can specify what you want done with them and to eliminate confusion. Just like with physical assets, identify all digital property and specify who you want to receive them.
Collect Necessary Documents
Drafting a will does not have to be a complicated process. You can make the process much easier by having a number of documents ready and on hand for your Houston estate planning lawyer. These include:
- Necessary birth and death certificates
- Marriage licenses and divorce certificates
- Property deeds
- Mortgage details
- Insurance policy details, including beneficiaries on each policy
- Inventory of all bank accounts, account numbers, and institutions
- Investment information, including account numbers and brokerages
Carefully Select Your Personal Representative and Beneficiaries
Two of the most important components of your will are the personal representative and beneficiaries you select. The personal representative is responsible for administering your estate after you pass away. It is critical that you choose someone who is trustworthy and has the necessary skills to take on the necessary tasks, such as good organizational skills and an understanding of financial matters.
Your beneficiaries are the people you choose to inherit from your estate. To ensure your beneficiaries receive the property you intended for them, it is critical to be specific in your instructions. For example, simply stating ‘my children’ can lead to questions whether you meant only your biological children, or if you intended to include your stepchildren as well. Always be very clear and name all of your beneficiaries by name.
Designate Guardians
One of the most important, but also one of the hardest parts, of drafting a will is determining who you want to act as guardian for any of your minor children. It is critical to include this provision; otherwise, the court will make the decision for you, and it may not align with your wishes. This is a matter you should give very careful consideration. While no one wants to think about being unable to care for their children themselves, there is always the possibility that it could happen, and it is crucial that your entire family is prepared.
Ensure Your Will Meets the State Requirements
Just like in all other states, Florida has very clear requirements on all wills drafted in the state. Testators, or the people who draft wills, must be 18 years old and of sound mind when drafting the document. Testators must also sign the end of the document in the presence of two witnesses. After the testator has signed the will, the two witnesses must then also sign the document. While wills in Florida do not have to be notarized, doing so can help probate proceed more quickly and smoothly.
Store Your Will Properly
There are many different ways to store your will. The best are in a safety deposit box, in a fireproof safe in your home, or at your lawyer’s office. Just as storing your will properly is important, it is just as important to ensure that you inform your loved ones where it is stored. This will help them access it easily when necessary.
Update Your Will
Any time there is a significant life change such as a birth, death, marriage, or divorce, you should review your will and make any necessary updates. This will ensure the document still reflects your wishes and that your family is still protected.
Work with an Estate Planning Lawyer in Houston
You are not required to work with a Houston estate planning lawyer when drafting your will. However, it can help ensure your family has the protection you want to leave them. At Integrity Law Group, PLC, our experienced attorney can help you identify your goals and draft a will that will ensure they are met and that your family is protected. Call us now at (832) 280-8874 or contact us online to schedule a consultation and to learn more about how we can help you and your family.