A will is like a roadmap for all of your assets after you die. It applies to everything you own, from big stuff like your house or investment portfolio to small stuff like your clothes or antique teapot collection. Making a will also confirms who is appointed to care for your kids, if you have any. Material possessions aside, this is probably the most important decision you can make for your family and legacy.
Here’s the scary part: if you don’t have a will, the state gets to make all those important decisions in probate court. Not only might the court distribute your belongings differently than you’d like, but it could take a long time and come with heftier costs.
The good news is, that creating a strongly written, legally binding will is both easy to do and relatively cheap! Here are all the steps and things to consider to make a will…
Before you write your will:
Creating a will is easy. The hard part is deciding exactly what is going to go in it! Here are the areas to think about and prepare for before you make a will.
1. List out all your assets
First, make a list of all the valuable belongings you have. If you already regularly track your net worth, you’re halfway there! You can do this in a spreadsheet or with basic pen and paper.
Investment assets like 401ks and brokerage accounts should be included, as well as personal property like houses and cars. Any loans and liabilities should be noted, for example, a mortgage on a house.
Family heirlooms, sentimental items, or even private treasures should all be considered in the estate planning process. As small or silly as it sounds, if you need to pass it on, make a note to include it in the will.
2. Decide who your beneficiaries will be
Beneficiaries are the people who will inherit your assets after you pass away. This is one of the hardest parts about making a will because it likely requires some uncomfortable conversations with family. Especially people who are inheriting considerable assets or will be caring for your kids.
But keep in mind, all of the agony is worth it because having a formal will helps avoid any confusion or potential arguments later when your family is grieving.
Another important note: If you haven’t already, make sure you have named beneficiaries on the back end of your bank accounts, brokerage accounts, and retirement assets like 401ks and IRAs. These beneficiaries often supersede what a will says, so make sure they accurately reflect your wishes. Also, naming beneficiaries with banks/brokers directly can give them authority and access to your accounts much faster after you die, instead of waiting for probate settlements.
3. Choose an executor
An executor is the person you choose to oversee and execute all of the wishes in your will. If you want to spread the responsibility, you can name some co-executors.
Obviously you’ll want to choose people you trust wholeheartedly, and are capable of executing written plans. If you have a large amount of assets or a very valuable estate, you’ll likely want to pick someone financially savvy. Dealing with brokerages, filling out the correct paperwork, selling assets for fair market value, and dividing the money are all necessary parts of the job. The person you select must do this all promptly so that all parties involved can move on quickly.
Another thing to keep in mind: Emotions run high when people die. So before you name your BFF as the executor of your will, think about whether they are truly the best person for the job. They may have clouded judgment (I would if my best friend died). Appointing an executor is more about choosing people with the right skills, not just the person you like getting drinks with.
4. Identify guardians for your kids
As a parent myself, I know how difficult this scenario is to think about! It’s hard to decide who might raise your kids if you are not around.
You’ll likely want someone who shares your values and parenting style. And most importantly someone who can provide a loving and stable home for your kids. If the people you select already have kids or have experience raising children already, this is ideal because you already have a glimpse at what that future might look like for your kids.
Don’t forget, you’ll need to discuss everything completely with your chosen guardian beforehand to make sure they’re willing and able to take on this responsibility. You might even want to share some of the financial assets you are passing along too, which might aid in supporting their guardianship.
Writing your will
Technically, you can write a will on the back of a napkin! As long as it meets your state’s minimum requirements (usually just signed and witnessed), it’s legally binding.
But if you’re reading this post I’m betting you want something more ironclad than a scribbled note with crayon. There are a few options we’ll go over, including the DIY route using online software, or hiring an attorney to help make a will.
Online software options:
There are a ton of online legal companies that can help you create a will. All of them adhere to your specific state requirements, helping you make a custom will that is legally sound according to your local laws.
Also, some online platforms offer access to attorneys for an additional charge. This can be great if you want to mostly make a will yourself but have a few sticking points that you want to run by a legal professional.
Here are the top software platforms we recommend to create a will:
- Trust and Will: This is our top pick (and we at HTM have used them personally!) There’s a one-time fee ($199 for individuals and $299 for couples) to make a will, as well as a $19 annual membership fee for continued access to their online management tools.
- LegalZoom: For just $89, you can create a last will and testament. Simply fill out an online questionnaire and you can be done in under 15 minutes!
- Quicken WillMaker: There are multiple packages available, starting at $99 per year. This software goes way above and beyond simple will-making, offering power of attorney documents, living trusts or even storing letters to survivors online.
Hiring an attorney to make a will:
Online software is convenient and cheap. But, you might be the kind of person who prefers a higher level of security and wants expertise in a specific area within estate planning. If this is the case, you should talk to a private attorney that specializes in making wills.
**First, check your current employer benefits! Some employers provide access to estate planners, financial advisors, etc. as a part of your employee benefits. If this is a free service available to you, why not take advantage!? You could get hands-on service, and save a boatload of money**
If you have a complex estate situation (like a blended family, own a growing business, or have significant assets) it might make sense to hire a private attorney to make a will for you. Estate attorneys can help advise in other areas that might be important to you, such as minimizing tax consequences and complying with other inheritance laws.
Some attorneys who specialize in wills, estates, and trusts charge a flat fee to make a will, usually between $300-$500. But for any customization or hand-holding, they will likely charge more for their added service. If you have a more complex personal and financial situation or just want more peace of mind, this is usually worth it!
Hiring an attorney vs. making a will online:
Here’s a quick comparison chart for help deciding to make a will yourself or hire a professional:
| DIY Software | Hiring an Attorney | |
| Cost | Cheap! ($100-$300 typically) | More Expensive ($400 up to thousands) |
| Convenience | Can be done at home in minutes | Requires appointments, meetings, referrals |
| Complexity | Best for simpler estates | More custom, good for complex estates |
| Legal Advice | Only some software offers access to legal professionals | Yes, advice and experience in estate planning and sometimes tax advice |
| Accessibility | Easy, user-friendly access to software and information | Less control over access, updates, etc. |
| Will Updates | Depending on the software package, you can easily make updates and changes to your will over time. | Attorneys typically charge fees for updates and changes, requiring appointments too. |
All in all, online software is a good option for people with straightforward estates. It’s an affordable and quick way to make a basic will. But if your situation is more complex or if you’re worried about 100% legal validity, hiring an attorney is the safer route.
Signing and witnessing your will
For a will to be legal, it needs to meet your state’s minimum requirements. These differ a little depending on where you live, but in general, here are the basics:
You need to be 18: You must be a legal adult to make and sign a valid will.
You can’t be drunk: Jokes aside, you must be of “sound mind” to create and sign a will. You need to 100% understand what is inside the will, and the extent of what you are signing.
Written document: Wills need to be physically printed out and signed. Verbal wills or TikTok Reels don’t count and are not legally enforceable.
Signature & witnesses: Some states require a public notary, but many do not. As long as you sign your will in front of a witness (and have them sign as well) you’re good. Witnesses must be “uninterested parties’, meaning not the beneficiaries or people who are inheriting stuff.
Remember, these are just minimum requirements. The online software you use or the attorney you hire will advise on the exact state compliance needed for where you live. Just follow those rules to a T, and your will should be official!
Storing your will (safely!)
OK, so your will is written, signed, and legally valid. Congrats! Now you need to find a place to safely store it. And you’ll probably want to make multiple copies to keep for redundancy.
No, you can’t just snap a photo and digitally store a will in your Dropbox account. Most states don’t yet recognize electronic wills, so having a physical copy is very important.
Home storage is suitable for most people. Just file your will secretly with other important documents, locked in draws or a safe. If you’re concerned about theft or damage, it might make sense to store it outside of your home.
Keeping your will in a safety deposit box at your bank can be a good idea. There’s a high level of security, and you don’t have to worry about theft, damage, or simply losing it! But, keep in mind that access to the box might be hard when you die, so you’ll need to plan ahead for that. Also, banks charge fees for boxes, which you might want to avoid.
If you hired an attorney and have a good relationship with them, they might be willing to store your original will in their secure office.
Lastly, remember that your chosen executor and beneficiaries need to know the location of your will. If you were to pass away unexpectedly, you don’t want people scrambling around looking for your documents!
Updating your will
As life changes over time, you want your will to adapt with it. If you were to die and hadn’t updated your will in decades, there could be major holes and out-of-date info in there. It’s important to regularly re-visit your will and make sure it’s current.
As a general rule, your will should be updated any time there is a “big life event” or major change. Here are some examples of what that might be:
- Having or adopting kids
- New marriages or divorce
- If beneficiaries pass away
- Selling or buying major assets
- Changed beliefs on giving, inheritance, or division of assets
The good news is that changing your will isn’t all that hard. The more often you do it, the less of a big deal it is.
Remember the main purpose of a will… It’s to provide clarity to your loved ones when you pass, and peace of mind to you while living. If you ever feel that your will isn’t meeting these things, it’s time to make some updates!
Frequently Asked Questions:
If this is your first time making a will, you probably have a bunch more questions. Here are a few common ones for when you make a will:
Do I need a Trust also?
Most people just need a simple will, which activates as soon as you die. If you plan to disperse assets before you die, or want a completely private estate process, then you’ll want a trust *in addition* to a will. Trusts do not assign guardianship for kids, that’s only something a will can dictate.
Here’s a quick chart on the difference between wills and trusts:
How often should I update my will?
Wills should be updated after any big life changes or events. Births, deaths, marriages, or divorces in the family can change the circumstances of how you want your assets dispersed when you die. Best practices say to check in on your will every few years and update if needed.
Do I need a public notary?
In most states, no, you don’t need a public notary to sign your will. You just need to sign the will in the presence of witnesses (who can be anyone). But, having a notary witness it anyway can give you added assurance, making your will “self-proving”. This means that a court can accept your will without needing to contact your witnesses to validate it. The probate process might be a little speedier in this case.
Can I just write a will on a piece of paper?
Technically, yes. As long as it meets the state minimum requirements, you can make a will yourself by writing it out and signing with witnesses. But, remember a judge will be forced to interpret your handwriting to make sure it’s yours, and it could call into question other validity issues. It’s best just to pay a little money and go through the formal process with online software.
What if I have no heirs?
If you don’t have any heirs, then you definitely need a will! If you die without a will, a state court will decide what happens with your assets, and the inheritance hierarchy might be unclear to your extended family. Here are a few things to consider, including charitable giving via donor advised funds.
How do I divide my assets fairly?
If you’re a parent of multiple kids, you might want to “keep things fair” when splitting your assets. This is really tricky if you own real estate that you want to keep in the family, or an uneven mix of assets. Keep in mind, the definition of “fair” might be different between you and your beneficiaries.
This is why it’s extremely important to talk to your beneficiaries and include them in the estate planning process. You’ll want to solve any problems while you are alive because after you die there could be fights between beneficiaries. This article by Investopedia has some options to consider and examples of how assets might be sold and split evenly to keep things fair between beneficiaries.
The Bottom Line:
It might seem daunting to make a will, but it’s a necessary tool in your family’s toolbox. Having a solid, legally binding will helps you control your legacy, and ensures your wishes are known.
Whether you choose DIY software to make your will or hire a private estate attorney, the important thing is to DO IT. Putting this important financial task off could be putting your financial assets and family at more risk if something horrible happens.
Related posts:
