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Posted by: Maricopa Lawyers on Apr 30, 2014

You are never too young to start writing your will. Here are some things to know when writing a will.

1.       Think Small

Contrary to popular belief a will isn’t required for large assets. Joint assets like your home or bank accounts will go exactly to the joint partner. Retirement accounts and life insurance policies already have beneficiaries attached to them.

However, if you own property or accounts that are yours alone, those would have to be mentioned in your will. Additionally, if you have any sentimental  items that you want to give specifically to a specific person this is where a will can be helpful.

2.       You Need to Name a Guardian

If you are a parent of children under the age of 18, a will is especially important because it names a legal guardian for your kids. If you don’t have a will with a named guardian and you die the court is obliged to get involved and name whoever steps forward or the courts deem most suited for the position.

3.       You also need an executor

An executor is the person who carries out or “executes” your will. He or she will finish up your finances by paying taxes and debts, closing accounts and distributing the property from your will.

 4.       You Can Write Your Own Will

Unless your situation is particularly complicated (a second marriage, numerous assets, tax issues) you probably don’t even need an attorney to make your will. Utilizing online services like Nolo.com, a reliable source for DIY legal products, you can create your own will for about $60.

It’s quite similar to filing out a tax return with quicken

5.       Keep your will up-to-date

If you haven’t taken a look at your will in a while you might want to go back and check it out again.