We are all concerned about our loved ones being taken care of should something happen to us. With so many types of wills available, its easy to get lost in the paperwork. Some basic no-frills wills are out there, including the following steps to find the no-frills will that is right for you.
Analyze your current age. If you are fairly young, haven't acquired much property of great value to be subject to estate taxes, and especially if you have no children, you can use a basic no-frills will and it be legally binding.
Search for specific laws in your state regarding the writing of wills. Software has been created to allow you to simply fill in the blanks and print legal forms right from your own computer. Jotting down your wishes on a piece of paper is of no value in the courts if it is not done properly. The basic no-frills will allows you to legally leave your valuables to whomever you choose.
Select the names of the guardians to care for your minor children.
Decide what property to include in your will. List your significant assets and who is to receive the items.
List the person you designate to handle your property that you have left for any children who are not of adult age.
Select someone you trust to make sure your wishes are carried out in every detail. Basic no-frills wills do not avoid probate when there is a greater amount of property or assets involved. Taking these steps will help to avoid probate, which could be very costly and time consuming for those you leave behind.
Sign your will in front of two witnesses. If you're using a self-proving affidavit with your will, it must be notarized as well. If you are young and otherwise healthy with small bank accounts, the basic will just allows your wishes to be carried out in case you die in an accident. As we get older, we would need to consider revising our wills to include the acquired property or children and spouses as we experience life changing events.
Tips & Warnings
- Simply put, if you need to add or drop someone from your insurance policy, that is the time to revisit your will.