Lawyers Share 10 Things They Wish Everyone Knew About Writing a Will

Writing a will can be a daunting and unpleasant task. Nobody wants to think about the end of their life.

But taking the time to write a will now can save your loved ones time, money, and heartache after you are gone.

Help your family avoid wasting money and listen to what these lawyers have to say about what you should keep in mind when writing your will.

"Many people wait too long to write a will because they don't think they will need one until they are older. But life is unpredictable." Dana Blue, founder of Dana Blue Law in Kennett Square, Pennsylvania.

Making plans in advance guarantees that your wishes will be honored and that you will take care of loved ones.

Creating a will is a kind and caring act that safeguards both your possessions and the emotional well-being of the people you leave behind.

"If you choose a child, pick the one who is most likely to treat their siblings fairly and is also most likely to take care of the details completely." Don Ford, a managing partner at Ford & Bergner LLP in Houston.

Think carefully about who the best would be to manage your estate when you are gone. Some people feel compelled to choose the eldest child, despite them not being the best person for the job.

If you are nervous about appointing one child as executor over another child, remember that you do not have to choose a family member to serve as an executor.

"Clients often forget about assets." Dana Blue.

It's important to make a complete inventory of everything you own, including properties, retirement accounts, life insurance, and even sentimental items such as heirlooms.

This tactic ensures that nothing is overlooked and reduces the amount of work your executor must do to locate everything.

"If you are leaving gifts to minors in your will, be sure that you designate that the gifts are held in trust for them, with an appropriate person as the trustee." Don Ford.

Minors cannot legally receive or inherit items if you die intestate, which means not having drafted a will. So, if you fail to make a will with the right provisions, they could be left out in the cold.

If you plan to leave things to a child under the age of 18, you need to create provisions in your will so they can eventually access the items you want them to have.

"Creating a will through an online form is dangerous because courts may interpret statements differently than a person may have intended them." Don Ford.

When you plan your estate, it is not a time to cut corners. Having an attorney prepare a well-drafted will is always a safer option, even though it likely will cost some money.

Remember, your estate essentially boils down to the distribution of the wealth you spent a lifetime building. It would be crazy to leave anything to chance.

"Before completing your will, it is important to think about the impact the assets will have on your heirs and what you would like them to accomplish with their inheritance." Kevin D. Quinn, founder and president of Legacy Counsellors, P.C., in Connecticut and Massachusetts.

As you craft your estate plan, consider the impact it will have on each individual. Ponder whether it makes sense to give the same amount to each child or if you should give more to some children and less to others.

The wrong move here could leave hard feelings that might last a long time. So, think this through carefully.

"The best way to avoid family fights and controversy is to be transparent about your estate and wishes." Kevin D. Quinn.

Share your will with your family while you are still alive, and explain your decisions. Let them know who will be the executor and the backup executor.

Detail how the estate is to be divided up. This can eliminate confusion and a contested will later.

"Writing a will is not a 'set it and forget it' process." Paul Koenigsberg, managing partner at Koenigsberg & Associates in New York.

"Without frequent checks and updates to beneficiaries, the wrong people could end up with your stuff." Christine Barned, a lawyer at Cole, Scott & Kissane in Jacksonville, Florida.

Life regularly changes, and so should your will. Make sure you update it from time to time.

For example, it's important to review and update the will after significant life events, such as marriage, divorce, the birth of a child, or acquiring new assets.

Failing to update your will could mean old decisions remain in place, such as leaving assets to an ex-spouse instead of your new partner.

"In modern estate planning, wills are often considered a last resort." Joseph F. Leeson, lead attorney at Leeson & Leeson in Bethlehem, Pennsylvania.

Wills become public record after you die. In addition, they may end up going through a lengthy probate process.

If this makes you uncomfortable, know that you might have alternatives. For example, a living trust avoids probate and remains private.

"Whether you choose a will or a trust, estate planning is about so much more than just who inherits your assets when you die." Jim Alder, an attorney at Alder Law Group in Bountiful, Utah.

Planning for end-of-life financial and medical decisions should be part of your estate planning, too. This can include deciding who has durable power of attorney and medical power of attorney. It might also involve crafting living wills and living trusts.

These additional documents help your family pay your bills and make decisions as you get older, battle illness, or become incapacitated.

Thinking about death is not fun, but being proactive about writing a will can really pay off. Getting this process right can help your loved ones get ahead financially and avoid unnecessary headaches after you die.

You might also consider sharing some of your estate with loved ones before you die. This new trend is called "accelerated inheritance," and it is a way to let your family enjoy financial gifts while you are still around to see it.

A word of caution, though: These types of financial gifts can be subject to IRS gift tax if they exceed a specific limit, which is $18,000 per person in 2024.