Creating a Last Will and Testament is an essential step in ensuring that your wishes are carried out after your passing. A Will outlines how you want your assets distributed, who will care for your minor children, and who will be responsible for carrying out your wishes. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain 10 steps to take when creating your Last Will and Testament.
- Understand the Basics. Before you start drafting your Will, it is crucial to understand what it entails. A Will is a legal document that outlines how your estate—everything you own—will be distributed after your death. The person responsible for executing your Will is called the Executor. You’ll also need to designate guardians for any minor children and specify any funeral arrangements if desired.
- List Your Assets. Begin by making a detailed list of your assets. This includes real estate, bank accounts, investments, retirement accounts, personal property, and any other valuable items. Be thorough and specific to avoid confusion later. Do not forget to consider digital assets, such as online accounts, social media profiles, and digital currencies.
- Choose Your Beneficiaries. Decide who will inherit your assets. Beneficiaries can be family members, friends, charities, or other organizations. Specify what each beneficiary will receive. If you want to leave specific items to certain people, list them clearly in your Will. Be as detailed as possible to prevent disputes.
- Select an Executor. Choosing an Executor is one of the most important decisions you’ll make. Your Executor will ensure that your wishes are carried out and that your estate is settled according to your Will. This person should be trustworthy, organized, and willing to take on the responsibility. Discuss your decision with the person beforehand to ensure they are willing to serve.
- Appoint Guardians for Minor Children. If you have minor children, it’s essential to appoint guardians who will care for them if you pass away. Choose people who share your values and parenting style. It’s a good idea to name alternative guardians as well, in case your first choice is unable or unwilling to take on the role.
- Decide on Funeral Arrangements. While not mandatory, you can include your preferences for funeral arrangements in your Will. This can help your loved ones make decisions during a difficult time and ensure your wishes are respected. Be specific about your preferences for burial or cremation, the type of service, and any other details that are important to you.
- Draft Your Will. Once you’ve gathered all the necessary information, you can begin drafting your Will. To ensure that your Will is legally binding and works as intended, consult with an experienced estate planning attorney.
- Sign Your Will. For your Will to be valid, it must be signed according to state laws. Typically, you will need to sign your Will in the presence of at least two witnesses, who will also sign the document. Some states also require notarization. Make sure your witnesses are not beneficiaries in your Will, as this could create a conflict of interest.
- Store Your Will Safely. After your Will is signed and witnessed, store it in a safe place where it can be easily accessed after your death. Do not leave the only copy in a safe deposit box. Consider giving an original signed copy to your Executor and leaving one with your attorney.
- Review and Update Your Will. Your Will is not a one-time document. You should review and update it periodically, especially after major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation. Keeping your Will up to date ensures that it accurately reflects your current wishes.
Do You Need Help with the Steps in Creating Your Will?
For more information, please join us for an upcoming FREE seminar. If you would like help with creating your Will, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Read More!
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