Having trouble telling your Executors from your Beneficiaries? These five tips will help.
1. Napkins Aren’t Official
You can’t just write “I leave all my stuff to my cat” on a piece of paper and expect it to be official. You need at least three humans to make it official: Two people to sign it as witnesses and someone to notarize it (which you can get done at a bank, post office, or government office). [Helpful Checklist: Writing a Will]
2. Online For Basic, Face-To-Face For Complex
If your estate isn’t complicated--example: if you want to split all your belongings and money evenly between heirs--try an online service. If you’ve got a complicated web of finances, business interests and Trusts, or if you'd rather work with a human instead of a computer, get an attorney. [Helpful Resource: Online Legal Services]
3. If You Have Kids Name A Guardian ASAP
If something happens to you and you don’t pick a person to care for your kids, the courts will be doing it for you. Not cool if your closest relative is a snake handler, alligator wrestler, or a Kardashian. [Dig Deeper: What Are The Duties Of A Guardian Of The Person]
4. Time To Execute
Apart from naming the people, institutions, and/or pets who get your stuff (Beneficiaries), you have to pick an Executor to make sure the Will gets done. The more uptight about details the better (just don’t tell the person you choose we said that).
5. Keep It Safe And Let Your Family Know It Exists
Make sure it’s in a secure place but still accessible. This means a locked drawer, home safe, or safe deposit box. If you use an attorney they’ll most likely keep an official copy on file. If something happens to you, make sure your loved ones know where to look. Might we suggest putting it in your Everplan? (Hint, hint!)
Deep Dive: All You Need To Know About Creating A Will