How to Write a Will in 4 Steps

A will is a legal way to firm up how you want things to be handled in the event of your death. It doesn’t typically need to be complicated, but it does need to be done carefully and accurately. Without a will, state laws may dictate what happens to your assets when you’re gone.

Here are four simple steps to writing a will and a few other things to think about when making plans for your estate.

What is a will?

A will, sometimes also called a “last will and testament,” is a legal document with clear instructions on what to do with your estate—your home, your money and other assets—when you pass away.

What are the components of a will?

A will simply contains instructions about how to distribute your assets when you’re gone. These instructions typically include a list of your assets, a list of who they will go to and a named individual—called an executor—who will make sure these instructions are carried out according to your wishes.

When you create your will, you can also lay out other instructions, like powers of attorney (who can make legal decisions on your behalf if you’re unable to). Though they’re not part of your will, they’re important instructions you may want to prepare in addition to your will.

Wills can range in complexity. If you only need to name your assets, an executor and beneficiaries, a simple will may be sufficient. But in most cases, it’s beneficial to work with an estate planning attorney to detail your wishes.

How to write a will

Writing a will is an important step to protect and pass on the wealth you’ve built. For something as important as this, it’s best to work with a lawyer to make sure you’ve covered all your bases. Your lawyer will likely take you through these four simple steps to make a will:

1. Decide what to include and who should get what

Your will should lay out how you want your assets distributed after you pass away. Make a detailed list of your assets, including bank accounts, investments, retirement funds, annuities, property (real estate and cars, for example), life insurance policies and any other items that have monetary or sentimental value.

Then you need to decide who will get what and how they will get it. You might let them have whatever you leave directly or add some stipulations. For instance, you may put money that you leave in a trust and set rules for how someone could access the money.

An important thing to keep in mind is that beneficiary designations are not controlled by your will. Make sure any beneficiary designations on your accounts—most notably, any life insurance policies and retirement accounts you have—are updated directly with your account carrier. Beneficiary designations will trump whatever is in your will.

2. Pick someone to carry out your wishes

You will need to name an executor, who will be the person who will settle your estate or do whatever is written down. Because that person will oversee the distribution of your assets, make sure you name someone you trust. It’s also a good idea to name a backup executor in case that person isn’t able to serve on your behalf down the road.

3. Figure out who will take care of your children

If you have minor or dependent children, be sure to name a guardian who will take charge of their care, assuming their other parent isn’t able to. Without a named guardian, a court will decide who will be responsible for them. It’s not an easy decision, and there are many things you’ll want to think about, like the guardian’s values, where they live, their financial security and whether they’d be willing to take on the added responsibility.

4. Talk to your loved ones about the contents of your will

Talking to the people included in your will about your wishes can simplify the process down the road and avoid complications. Once you’ve written your will, tell your loved ones where you keep it and what it says. Give them directions on where to find information about your accounts—including the names of institutions where you hold your accounts, contact information for the institutions and passwords for accessing online accounts.

Other important planning documents to consider

Though a will mainly covers decisions after you’re gone, you may also want to document which people will decisions for you while you’re still alive if you become unable to. Financial and health care powers of attorney, for example, allow you to name people to make financial and medical decisions on your behalf if you can’t do it yourself. You can also fill out paperwork that gives advanced directives specifying your wishes about certain medical decisions.

What are the differences between a will and a trust?

As you discuss estate planning, your attorney may also suggest creating a trust, which is another important estate planning document.

A will is simply a legal document dictating your wishes. When you die, the will needs to go through something called probate, which is a court-managed process that supervises the transfer of your estate. Probate can last anywhere from six months to several years depending on the complexity of the estate.

A trust contains many of the same components of a will (and more), but perhaps the biggest difference between a will and a trust is that a trust does not have to go through probate. This means that a trust is private, because it avoids the public probate process. Additionally, the trustee (the person responsible for managing the property in a trust) doesn’t have to wait for the probate process to begin distributing your assets according to the directions in your trust.

There are different kinds of trusts, but one common type of trust is a living trust, which allows you to manage your assets while you’re living, then passes control over to your trustee upon your passing.

Is a living trust better than a will?

Whether to make a will or a trust is a personal decision that depends on your situation. Generally, the larger your estate and the more components you’re planning for, the more sense a trust makes. A trust can be a better option because your trustee can act more quickly, your wishes will be kept private and you could save on probate fees required to process a will.

However, creating a trust requires more work with an attorney and can be more expensive than creating a will, depending on the complexity of your situation. Your attorney can talk through your situation with you and recommend the option that best suits your needs.

How do I start writing a will?

The first step in writing a will is to reach out to an attorney. Though you could use resources to create your will on your own for free, a will is your last opportunity to make sure your wishes are carried out, so it’s important that you get it right.

As you create a will, you’ll also want to talk to your financial advisor about your estate plan. Your advisor should also be aware of your wishes and what you’re hoping to leave behind so they can coordinate these wishes with your financial plan to meet those goals. Financial advisors are also well connected to industry professionals like estate attorneys. So if you don’t already have a lawyer in mind, your financial advisor can be another great first step.

This article is not intended as legal advice. Northwestern Mutual and its financial representatives do not give legal advice. Please seek advice regarding your particular circumstances from an independent legal adviser.