It is estimated that over 65 percent of people in the United States have not written their will yet. Many find the act of writing a will and facing the prospect of the end of their lifetime to be an unsettling feeling, and therefore, a task that they would rather postpone. However, writing a will can be a very rewarding experience where you can take pleasure in defining the legacy that you leave behind.
As you grow older, your assets are likely to accumulate. This means that younger people are unlikely to feel the need to write a will. However, if you are married or have children, it is probably a good idea to start thinking about writing a will now, so you are well-prepared for the future. The following are some tips in writing your own will.
Choose your beneficiaries
By choosing beneficiaries to take on payable-on-death accounts, this will become a nonprobate asset. This is beneficial because it means that the accounts will be transferred to the beneficiary directly and will not be subject to the probate process costs.
Be simple and clear
It is important to make sure that your writing is not ambiguous when drafting a will so that instructions are not misinterpreted. You should also keep things specific, especially when it comes to naming your beneficiaries and what they are entitled to.
It is possible to write your own will; however, it is important that you research best practices, as well as have other people look over it so that they can offer guidance.
Source: Time, “4 Things You Should Know Before You Make Your Own Will,” accessed Jan. 19, 2018