How To Write A Will: A Guide For Retirees

When you think about retirement, what comes to mind? Golf, relaxation, traveling—all these wonderful things that retirement will finally allow you to do. But another important aspect of the retirement planning process is creating a will.

Having a will in place is one of the most important things you can do to secure your future and ensure that all your financial affairs are taken care of after you pass away. A will might seem daunting to some—but it is necessary. Writing a will isn't as complicated or expensive as one might think. The main reason people have their wills written as soon as they retire is that they are concerned about the long-term cost implications of having their wills drawn up at a later time.

By sticking to a few simple guidelines, creating and executing a will can be done at minimal cost and still give you peace of mind in the long run. The main goal is to help protect your loved ones from uncertainty and financial problems.

Name An Executor Of Your Will

The executor is a fancy name for the person who will ensure your estate is settled in the way you stipulated in your will. Anyone can be named the executor as long as they are of legal age. Depending on your location, there might be some other requirements or qualifications, so it's always best to consult a legal advisor or an expert.

An executor's duties may include the following:

• Submitting the will for probate (the legal process of reviewing the will)
• Administering the estate
• Repaying the deceased person's debts and taxes with funds from the estate

When choosing an executor, choose someone you know who is trustworthy and capable of handling the responsibility of the whole process. They need to be able to handle the legal, moral and financial obligations that come with it. It is a good idea to name a co-executor if the original executor cannot complete the task.

Write A Residual Clause

This clause is meant to cover any and all assets that have not been left to any beneficiary, have been forgotten, or have not been adequately described.

You may leave these unlisted assets to a specific beneficiary or allow your executor of the will to use their discernment in distributing these assets.
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Having a residuary clause is essential because it is likely that you will forget a thing or two to list down; this clause is an excellent fail-safe to have in place as part of your will.

Name Your Beneficiaries

Naming your beneficiaries is an essential step in the process. A beneficiary is someone who benefits from your estate; this includes valuables, property, and money. A standard error people make in writing the will is failing to update the beneficiaries on crucial information that may have changed in some way after the creation of the will.

You have a large amount of freedom in naming your beneficiaries. There may be one exception, and this would depend on your location. That exception is your current spouse. This person may be entitled to a piece of the estate unless stated otherwise in a premarital or post-marital agreement.
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In some states, a minor can't legally inherit assets until they come of age. So, when naming minors as inheritors, it is best to leave the money in a trust or name a trustworthy guardian to manage the assets until the child comes of age.

List Your Assets

Assets are any possession that is in your name or belongs to you. Passing on any of these assets is only possible once you have a detailed list written down. When the executor distributes assets to the relevant beneficiary, there should be no question about the identity of the named asset.
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It is essential to check with your region on which assets can be distributed and which can't. Things like investment accounts sometimes are not considered yours to distribute.
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It should also be noted that whatever debts you have will be paid using whatever is in your estate. Only after all arrears have been paid will assets be distributed.

Designate Guardians For Minors

If you have dependents who are minors, you must name a guardian or two for them. Failure to do so will result in the court naming them for you. A guardian will be responsible for the minors after the testator's death.
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As with executors, try to choose trustworthy individuals who will manage the assets left behind for the minors and take care of them well. It is optional to consult with your guardian choices before selecting them, and it is advised to select alternate guardian choices in case your primary choice chooses to decline the responsibility.

Sign Your Will Correctly

If signed incorrectly, your will may be considered invalid or void. Check out the laws surrounding this in your region. There will be laws surrounding the number of witnesses and how old they must be. In some cases, they can't be inheritors to the will.
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Some states may require the will to be notarized as well. Ideally, the witnesses should be people you think will still be around after you pass on in case of any confusion in the will itself. No writing appearing after the signatures will be considered valid until adequately proven.

​Conclusion

​These few steps are the key points to remember as you begin to do so. However, you can always hire a lawyer or legal counsel to take care of all of this for you if you find the task too arduous or confusing.