How to Write a Simple Will

A will lays out what you want to happen to your assets after you die. If you’ve ever worried about who will get your wedding ring, inherit your house, or take care of your cat after you die, it might be time to create a will or update an existing will that’s out of date.

As its name implies, a simple will is best for people with simple financial situations. It's a do-it-yourself project that does not require a lawyer. Many do need and should have one. They include people who want to set up a trust, have substantial assets, have assets in multiple states, are divorced and/or got remarried, have stepchildren, or own a business, to name just a few potentially complex situations.

What Is a Simple Will?

A simple will is a legal document that outlines what you want to happen to your stuff when you die. Your stuff might include everything from your great-grandmother’s cuckoo clock to your adolescent journals to your car, house, and bank accounts. You may be surprised to learn that your pets are considered property, so you’ll need to leave them to someone to ensure their care.

What makes up a simple will? You'll generally find the following in this legal document:

• Your identity (as the testator)
• The declaration that you're of sound mind and understand the instructions
• The identities of the beneficiaries/heirs and what they inherit
• The name of the executor
• Your signature and those of your witnesses
  

We explain what you need in your will a litte more further down.

What Makes a Simple Will Valid?

Most people don't want to think about death. Others may not know where to start while others may fear that making a will won’t hold up after they’re gone. Whatever the reason, you should put off creating a last will and testament.

One of the most important things to know is that the requirements to make a simple will valid depend on the state where you reside. For instance,

• You must be at least 18 years old and create the will when you are of sound mind and not under duress.
• Make sure you put your will in writing and sign it.
• You typically need two or three adults to watch you sign your will, and then sign it themselves as witnesses. In some states, you will need to have a notary public as a witness.

You can handwrite a will yourself, but it's always a good idea to have it typed up. In any case, be sure to check with professionals in your state.

What to Include in a Simple Will

A simple will should identify you by your full name and address, be dated, and have your signature. It should state that you understand the document you’re signing and that there is no pressure from anyone else to sign it.

Next, you’ll name a personal representative, often called an executor, to carry out your wishes. You’ll also name an alternate in case your first choice can’t serve. If you have minor children, you’ll name whom you would want to become their legal guardians and include the names of alternates.

You’ll also name beneficiaries and alternates to receive specific assets. Identify them by their full names, current addresses, and relationship to you, then describe in detail what you’re leaving to them.

You may also want to include instructions authorizing your personal representative to take certain financial actions to settle your estate, such as paying debts, paying taxes, hiring an attorney or accountant for help, and selling investments.

Other Considerations for Your Simple Will

Many assets, such as a life insurance policy, retirement account, or bank account, let you name a beneficiary or beneficiaries (and alternates) to receive your property almost immediately after your death. These transfer on death (TOD) designations keep these assets out of probate court, allowing your heirs to get them quickly and without court fees.

Be careful: These designations take precedence over what you write in your will. If your will leaves your savings account to your daughter but your savings account names your ex-spouse as the beneficiary, your ex-spouse will get that money.

And don’t forget to provide for your pets. Leave them to someone you trust to take good care of them or find them a loving new home. Also consider leaving this caretaker enough money to look after your pet, especially if your companion requires a special diet, medication, or frequent veterinary care. Even if you have pet insurance, the policy may not transfer to a new owner.

You can’t leave money to your pets, because the law treats them as property. Your cat may have made the occasional accidental purchase by stomping across your keyboard but probably can't pull that off regularly.

Make Things Official

Once you’ve drafted your will, make it official. Sign it in front of whatever witnesses your state requires. That might be two or three disinterested parties who won’t inherit anything from you, a notary public, or both.

Make copies of your will, and store the original in a secure place that your executor will be able to access when needed.

Finally, make sure to revisit your will every few years or after a major life change. If it no longer reflects your wishes, find out the best way to update it, which might mean redoing it.

How Much Does a Simple Will Cost?

Nothing, if you type it up yourself using a free online template and your state doesn't require that it be notarized. But, if you’re afraid that you’ll make a mistake that would make your will unclear or invalid—or if you just feel confused or overwhelmed by the process—consider upgrading to a paid option.

Plenty of online services walk you through creating a will specific to your state and your circumstances. Some can even help you identify whether a simple will is the best document for your needs. The cost of the will generally ranges from $50 to $200.

You can find notaries working out of their homes, small businesses, and even at UPS stores in most communities. They are even mobile notaries who will come to your house. A notary won’t review your will or tell you if it will hold up in court. Their only job is to verify your identity, witness your signature, and record the transaction in their notary book.

The cost of hiring an attorney to prepare your will generally can range from $300 to $1,200, depending on the going rate in your area, the attorney’s experience, and the complexity of your situation.

The Bottom Line

Don’t be afraid to tackle your will. Pick a day, put it on your calendar, and get it done. It won’t be as bad as you think.