Making a Will: A Step-by-Step Guide

Step-by-step guide to preparing your will

While the sections below dive deep into each topic, here's a clear roadmap of the entire will preparation process from start to finish:

1. Take inventory of your assets. List everything you own, from real estate and vehicles to bank accounts and personal belongings.
2. Gather important documents. Collect property deeds, account statements, insurance policies, and other paperwork you'll need to reference.
3. Identify your beneficiaries. Decide who you want to inherit your property, keeping recent life changes in mind.
4. Choose an executor. Select a trusted person to manage your estate and carry out your wishes, plus a backup in case they can't serve.
5. Name guardians for minor children. If you have children under 18, designate who will care for them and manage their inherited assets.
6. Decide on specific bequests. Determine which assets go to which beneficiaries, including any charitable donations.
7. Draft your will. Put your decisions in writing using an attorney, online service, or will-making software.
8. Sign and execute properly. Follow your state's requirements for signing your will in front of witnesses to make it legally valid.

Each of these steps is covered in detail below, so you'll know exactly what to consider at every stage of the process.

What are your assets?

Documents to gather before you start

Before you dive into your asset inventory, gather the paperwork you'll need to reference. Keep these documents on hand to streamline the process, whether you're working with an attorney or using an online tool.

• Property records: Deeds, mortgage statements, and property tax records
• Vehicle documentation: Titles and registration for cars, boats, and recreational vehicles
• Financial statements: Recent bank, investment, and retirement account statements
• Insurance policies: Life insurance, property insurance, and any policies with beneficiary designations
• Business documents: Partnership agreements, operating agreements, and stock certificates
• Personal identification: Birth certificates, marriage certificates, and divorce decrees
• Existing estate planning documents: Any prior wills, trusts, or powers of attorney

Having these records accessible ensures you won't overlook any assets and helps you accurately describe property in your will.

To prepare to make a will, create a comprehensive list of assets you want to leave to loved ones. Start with the big stuff and work your way down to smaller items:

• Real property. Houses, land, vacation homes
• Vehicles. Cars, boats, motorcycles, RVs
• Business interests. Family businesses, partnerships, ownership stakes
• Valuables. Jewelry, artwork, antiques, family heirlooms
• Financial accounts. Bank accounts, investments (though some may pass outside the will)

Digital assets and online accounts

Don't overlook your digital life when you inventory your assets. Digital property has become an increasingly important part of estate planning, and access to these accounts typically dies with the account holder unless you plan ahead.

Consider including these digital assets in your inventory:

• Financial accounts. Online banking, investment platforms, PayPal, and cryptocurrency wallets
• Social media. Facebook, Instagram, LinkedIn, and other profiles you may want memorialized or deleted
• Digital media. Photos and videos in cloud storage, digital music libraries, and e-book collections
• Online businesses. Domain names, websites, e-commerce stores, and digital content you've created
• Email accounts. These often contain important records and serve as recovery options for other accounts

While some digital assets have clear monetary value, others hold sentimental worth—decades of family photos stored in the cloud, for example. Document login credentials in a secure location separate from your will, and specify your wishes for each account, whether that's transferring ownership, memorializing, or closing them entirely.

Some assets cannot be bequeathed within a will (or may be better handled in other ways, such as living trusts), but at this point, you should get all the assets down on paper so you know what you're dealing with.

Remember, you can only distribute property you own solely. If you're married and your spouse holds a joint title on an asset, you cannot leave that property to someone else in your will.

Who will be your beneficiaries?

When you are ready to write your last will, think about who among your loved ones you would like to inherit real and/or personal property from you.

Listing your beneficiaries may seem unnecessary, but remember recent births, deaths, marriages, divorces, etc., may influence who you wish to include in your will. At this point, you don't need to specify who you want to receive what; just focus on the people involved so you know you won't be forgetting anyone.

Also know that in some jurisdictions, you may not be able to disinherit your spouse and/or children.