Your Essential Will-Writing Checklist: 7 Things You Can't Afford to Forget

Thinking about writing your will is a significant and responsible step toward protecting your loved ones and securing your legacy. It can feel like a complex process, but it doesn’t have to be. This guide breaks down the essential items you must include to ensure your final wishes are clear, comprehensive, and legally sound.

1. Appoint a Capable Executor

The executor is the person or institution you name to be in charge of carrying out your will’s instructions. This is one of the most critical decisions you will make. Your executor will be responsible for locating your assets, paying off any debts and taxes, and distributing the remaining property to your beneficiaries.

What to consider when choosing an executor:

Trustworthiness: This person will have significant control over your estate. Choose someone you trust implicitly to act in the best interests of your beneficiaries.
Organization: The role involves a lot of paperwork, deadlines, and communication with financial institutions, government agencies, and family members. Someone who is organized and detail-oriented is ideal.
Willingness: Always ask the person you have in mind before naming them in your will. It is a major responsibility, and they have the right to decline.

It is also crucial to name an alternate executor. This is a backup person who can step in if your first choice is unable or unwilling to serve when the time comes.

2. Clearly Identify Your Beneficiaries

Beneficiaries are the people, charities, or organizations who will inherit your assets. Ambiguity is the enemy of a sound will. To avoid confusion and potential legal challenges, you must be as specific as possible.

Use Full Legal Names: Instead of writing “to my wife,” use her full legal name, such as “to my wife, Jane Marie Smith.” Do the same for children, friends, and other relatives.
Define Relationships: Clearly state the relationship of each beneficiary to you (e.g., “my son, John David Smith,” or “my friend, Robert Allen Jones”).
Name Contingent Beneficiaries: What happens if a beneficiary passes away before you do? A contingent beneficiary is the person who would inherit in that scenario. For example, you might state, “I leave my classic car collection to my brother, Michael Johnson, but if he does not survive me, I leave it to my niece, Sarah Johnson.”

3. Detail the Distribution of Your Assets

This is the core of your will where you specify who gets what. It is helpful to think about your assets in two main categories: specific bequests and the residuary estate.

Specific Bequests: These are gifts of particular items to specific people. For example, “I give my collection of antique watches to my nephew, Peter Williams,” or “I give the sum of $10,000 to the American Red Cross.” Be very descriptive to avoid any doubt about which asset you mean.
The Residuary Estate: This is a crucial catch-all category. The residuary estate consists of everything you own that is not given away as a specific bequest. This includes assets you forgot to list, property you acquire after writing the will, and any specific bequests that fail. You should include a residuary clause, such as, “I give the remainder of my estate to my daughter, Emily Carter.” Without this clause, any leftover assets could be distributed according to state intestacy laws, which might not align with your wishes.

4. Name Guardians for Minor Children

If you have children under the age of 18, this is arguably the most important section of your will. If you and the other parent were to pass away, a court would decide who raises your children. By naming a guardian in your will, you make your preference clear, which judges almost always honor.

When choosing a guardian, consider their parenting style, values, location, and financial stability. Just like with an executor, you should discuss this profound responsibility with your chosen person beforehand and name an alternate guardian as well.

5. Account for Your Digital Assets

In today’s world, a significant portion of our lives and assets exists online. Many people completely forget to include these in their estate plan. Digital assets can have both sentimental and financial value.

Examples of digital assets to consider:

Online Accounts: Email accounts (like Gmail or Outlook), social media profiles (Facebook, Instagram), and cloud storage (iCloud, Dropbox).
Financial Assets: Online banking and brokerage accounts, cryptocurrency wallets (like Coinbase or a hardware wallet), and services like PayPal or Venmo.
Intellectual Property: Domain names, blogs that generate revenue, digital photos, and manuscripts.

You should not list passwords directly in your will, as it becomes a public document. Instead, create a separate, secure document that lists all your digital assets and access information. In your will, you can then refer to this document and grant your executor the authority to access these accounts.

6. Make a Plan for Your Pets

Legally, pets are considered property. If you do not make specific arrangements for them in your will, they will become part of your residuary estate. To ensure your beloved companions are cared for, you should:

Designate a Caretaker: Name a specific person who you trust and who has agreed to take care of your pet.
Provide Funds: You can leave a sum of money to the designated caretaker specifically for the costs of caring for your pet. This helps ensure that the financial responsibility is not a burden.

7. Ensure Proper Signing and Witnessing

A will is not legally valid until it is properly signed and witnessed according to the laws of your state or jurisdiction. While requirements vary, they generally include:

Your Signature: You must sign the will in the presence of your witnesses.
Witnesses: Most states require two disinterested witnesses, meaning they are not beneficiaries in your will. They must watch you sign the document and then sign it themselves in your presence.
Self-Proving Affidavit: Many states allow you to include a notarized statement that you and your witnesses sign. This can help speed up the probate process later, as the court can accept the will without needing to contact the witnesses.

While this guide provides a comprehensive overview, it’s always wise to consult with an estate planning attorney to ensure your will complies with your specific state or provincial laws.

Frequently Asked Questions

What happens if I die without a will? If you die without a valid will, you are considered to have died “intestate.” In this case, your state’s intestacy laws will determine how your property is distributed. These laws typically give assets to your closest relatives in a predetermined order, which may not reflect your actual wishes.

Do I need a lawyer to write a will? While you are not legally required to use a lawyer, it is highly recommended, especially if you have a complex financial situation, blended family, or own a business. An attorney can help you avoid common pitfalls and ensure your will is legally sound. However, for very simple estates, online will-making services can be a viable option.

How often should I update my will? You should review your will every three to five years, or after any major life event. This includes events like marriage, divorce, the birth of a child, a significant change in your financial situation, or the death of a named executor or beneficiary.