Why It's Important to Have a Will and How to Write One

Do you know who would have legal guardianship of your children if something were to happen to you or your partner? Do you know for certain your estate would be quickly and indisputably transferred to your heirs? On that note, have you selected your heirs? Though you may think there’s no need to create a will because you’re young and healthy, life is unpredictable. “The sooner you put a comprehensive plan in place, the better off you and your family will be,” say Rosanna Guardavaccaro, a registered representative and financial advisor of Strategies For Wealth and a financial representative of Guardian based in New York City and Rye.

Here’s what you need to know when it comes to planning your will.
   

Choose a Will-Writing Method

There are a number of ways you can set up your will, and, depending on your financial resources, each method has its pros and cons. A lawyer is the best option, especially if you have a large estate, according to Guardavaccaro. A typical fee for a simple will is approximately $500, Guardavaccaro says, but that extra expense is worth it for the peace of mind that comes with hiring a professional.

If hiring a lawyer is out of your budget, or if you just don’t have the time to sit down with one, there are online forms and apps that can help you get started. For example, USLegalWills.com allows you to make your will at home by simply filling in a form and answering questions. With a fee of approximately $40, it’s a more affordable option for young professionals or those with young children. You could also use an app to develop your will, such as Tomorrow, which offers the software free of charge.

In extreme cases, a holographic will, one written in your own handwriting and typically without multiple witnesses, is an option in certain states. Though not legal in New York in most instances, holographic wills are accepted in New Jersey.

“To be clear, not all do-it-yourself approaches to will writing result in a holographic will,” says Tim Hewson, president of USLegalWills.com. “It is an absolutely terrible way to prepare your own will and is almost certainly going to result in a very poorly drafted document. Holographic wills are written into law to cover extreme circumstances, like being pinned under a rock, where witnesses are not available. It is not a will-writing approach that should be considered under normal circumstances.”
   

Think About the Details

Once you’ve selected the method to create your will, it’s time to think about the details. Guardavaccaro suggests consulting with a lawyer to ensure this is done right, “but the basic process is relatively straightforward: Make a list of your assets, decide who gets what, and pick someone to serve as an executor for your estate,” she says. “Meet with the attorney and iron out expectations both monetarily and the actual creation of the will. Once an attorney is chosen and the will is created, the individual picks three witnesses. …The witnesses should be friends you trust.”

When planning your will, it can also be easy to overlook a few aspects like social media and gifting rights. It’s good to think about who will shut off your Facebook and Instagram, and whether or not your heirs can give away their inheritance as they see fit. Be sure to discuss these with your lawyer, if you have one, or make provisions for them otherwise.
   

Select a Guardian and Heir

If you haven’t already done so, now’s the time to appoint a guardian for your children if they’re younger than 18. “The parent has to figure out who will…take care of the assets for the benefit of the children,” Guardavaccaro says. “When appointing a guardian, it is best to look at either a family member or friend that you can currently count on and raises their children in a similar fashion that you do.” Some aspects you might want to take into consideration are fiscal responsibility and religious or ethical values.