How do I file my will? This seems to be a very common question among many people in the community today. The probate process after death has never been clearly defined, which explains why a significant share of the population doesn’t seem to understand what is likely to happen. If you don’t know how to start a will, here are some fundamental steps on how to get a will started.
1. Make a List of Assets and Liabilities
The first step involves making a list of your assets and liabilities. You will need to know the value of your assets to determine how they should be distributed among your heirs. This includes real estate, savings, retirement accounts, life insurance policies, and any other valuables you may own. Your liabilities will also need to be taken into account. This includes any debts you owe, such as credit card debt, mortgages, car loans, and student loans. Be sure to include the name and address of each creditor so that your executor will know where to send the bill.
2. Choose an Executor
In this step, you will need to choose someone to serve as the executor of your estate. This person will be responsible for carrying out your final wishes and ensuring that your debts are paid. Be sure to choose someone who is responsible and trustworthy. You may also want to consider choosing a backup executor if the first person is unable or unwilling to serve. Working with an experienced estate planning attorney will help you make the best selection for your executor.
3. Name Your Heirs
The next step is to decide who will receive your assets after you die. This can be done by creating a list of people that you would like to inherit your property. You will need to include their names, relationship to you, and contact information. You can also specify how much each person should receive and what items they should receive. Don’t forget to include any charities that you would like to receive a donation from your estate.
3. Sign and Notarize the Will
The last step is to sign and notarize the will. Both you and your witnesses will need to sign the document in front of a notary public. Once the will is signed, it becomes a legally binding document. Be sure to keep it in a safe place, such as a fireproof safe or a safety deposit box. You may also want to give copies to your executor and your heirs.
How Long Does a Will and Testament Take?
As you’ll discover, there’s no one-size-fits-all answer to this question. In most cases, the process of creating and signing a will doesn’t take more than a few hours. If you have a simple estate and are comfortable doing it independently, you can probably finish the job in the afternoon. However, if your estate is more complex or you’re unsure about the legalities involved, it’s best to seek professional help. An experienced estate planning attorney can ensure that your will is executed correctly and that your final wishes are carried out.
Conclusion
Probate is the legal process of validating a will and distributing a deceased person’s assets to their beneficiaries. The process typically takes 9-12 months, but it can take longer if the estate is more complex. If you’re unsure about starting a will or have a complex estate, it’s best to seek professional help from an experienced estate planning attorney. Contact Aaron Voigt Document Preparation Service today to get started.