What Are The 7 Steps Of Preparing A Will?
Learn the 7 crucial steps to preparing a will in Utah! This guide simplifies everything from asset inventory to updating your will, ensuring your wishes are upheld.
What Are The 7 Steps Of Preparing A Will?
Preparing a will is one of the most critical tasks you can take to ensure that your assets are distributed according to your wishes after you pass away. While the process might seem daunting, understanding the steps and following them diligently can make it much simpler. If you reside in Utah, you’re in luck because the state’s laws are clear and well-defined. Here, we’ll walk you through the seven steps to preparing a will, using Utah-specific regulations and codes for guidance.
Understanding the Importance of a Will
Before diving into the steps, it’s essential to grasp why having a will is so important. A will is a legal document that outlines how your assets will be distributed and who will be responsible for executing your wishes after your death. Without a will, the state of Utah will determine how to distribute your assets according to intestacy laws, which may not align with your desires. This can lead to disputes among family members and possibly result in your estate not being managed in the way you intended.
Step 1: Determine What You Own and Owe
The first step in preparing a will is to take stock of your assets and liabilities. This includes real estate, personal property, bank accounts, investments, and any debts you owe.
Conducting an Asset Inventory
Make a detailed list of all your belongings and assets. Include:
- Real estate properties
- Bank accounts (checking, savings, and CDs)
- Stock and bond holdings
- Retirement accounts
- Life insurance policies
- Personal property (jewelry, vehicles, collectibles)
Calculating Liabilities
Next, list your liabilities:
- Mortgages
- Personal loans
- Credit card debts
- Any other outstanding debts
This inventory will be the basis for how you designate your assets in your will.
Step 2: Decide on Your Beneficiaries
Beneficiaries are the individuals or organizations that will receive your assets. You may choose to divide your assets among family members, friends, or charitable organizations.
Selecting Primary and Contingent Beneficiaries
It’s crucial to identify both primary and contingent beneficiaries. Primary beneficiaries are the first in line to inherit, while contingent beneficiaries are next in line if the primary beneficiaries are unable or unwilling to accept the inheritance.
Making Specific Bequests
Consider if there are particular items or amounts of money you want to leave to specific people. These specific bequests should be outlined clearly in your will to avoid any confusion.
Step 3: Choose an Executor
An executor, sometimes known as a personal representative in Utah, is the individual responsible for managing your estate and ensuring your wishes are carried out. This person will handle:
- Settling debts and taxes
- Distributing assets per your instructions
- Managing the probate process
Qualities of a Good Executor
Choose someone who is organized, trustworthy, and willing to serve in this capacity. It’s often advisable to select a person who resides in Utah to simplify the administration of your estate.
Check out this video for more detailed information on selecting an executor!
Step 4: Draft Your Will
Drafting your will is the step where you put all your decisions into a legal document. In Utah, there are specific requirements your will must meet to be considered valid.
Utah’s Legal Requirements for a Will
According to Utah Code § 75–2–502, a will must:
- Be in writing
- Be signed by you (the testator) or by someone else in your presence and at your direction
- Be witnessed by at least two individuals who must also sign the will in your presence
Using a Template vs. Hiring an Attorney
You can opt to use a will template, but it’s often beneficial to consult with an estate planning lawyer. An attorney can help ensure that your will adheres to all legal requirements and that your wishes are clearly articulated.
Step 5: Sign Your Will
After drafting your will, the next step is to sign it in the presence of your witnesses. Remember, the signatories must be present at the same time for the signing process to ensure the document’s legality.
Importance of Witnesses
The witnesses attest that you were of sound mind and not under duress when signing the will. This can help prevent future legal challenges to your will.
Step 6: Store Your Will Safely
Once your will is signed and witnessed, it needs to be stored in a safe place. You’ll want to ensure that the executor and a trusted family member know where to find the document.
Options for Storing Your Will
- Safe deposit box
- Fireproof home safe
- With your attorney
- Electronically (with backups)
Utah also provides that you can deposit your will with the court for safekeeping under Utah Code § 75–2–502.
Step 7: Update Your Will as Needed
Life circumstances change, and so might your wishes regarding your estate. It’s essential to review and update your will periodically or when significant life events occur, such as:
- Marriage or divorce
- Birth or adoption of a child
- Significant changes in assets
- Death of a beneficiary or executor
Process for Updating Your Will
You can amend your will through a codicil, which is a legal document that modifies your original will. Alternatively, you can create a new will that revokes the old one.
Common Misconceptions About Wills
Misconception 1: Only the Wealthy Need a Will
Many people believe that only individuals with significant assets need wills. However, regardless of the size of your estate, a will is crucial for ensuring that your property is distributed according to your wishes.
Misconception 2: Wills Are Only About Money
Wills can address more than financial assets. For example, parents can use wills to designate guardians for their minor children, ensuring they’re cared for by trusted individuals.
Misconception 3: A Will Covers All Your Assets
Certain assets, like payable-on-death accounts and joint accounts, pass outside of your will. Knowing this can help you plan more effectively.
FAQs About Preparing a Will in Utah
1. Can I Write My Own Will?
Yes, you can write your own will. However, to ensure it meets all legal requirements and truly reflects your wishes, consulting with an estate planning lawyer is highly recommended.
2. What Happens If I Die Without a Will in Utah?
If you die without a will, Utah’s intestate succession laws will determine how your assets are distributed. Typically, this means your assets will go to your closest relatives, but it may not align with your specific wishes.
3. How Much Does It Cost to Make a Will?
The cost can vary depending on whether you use a template or hire an attorney. An attorney can cost anywhere from a few hundred to several thousand dollars, but they provide valuable legal advice and assurance.
4. Can I Change My Will?
Yes, you can change your will as frequently as you need. Just ensure any modifications are legally documented either through a codicil or by creating a new will.
5. Where Should I Keep My Will?
Store your will in a safe, secure place known to your executor and trusted family members. Options include a safe deposit box at your bank, a fireproof home safe, or with your attorney.
Conclusion
Preparing a will is a vital step in ensuring your assets and legacy are handled according to your wishes. By following these seven steps, you can successfully navigate the complexities of estate planning in Utah and make well-informed decisions. Remember, laws can get complicated, so don’t hesitate to seek professional help.
To speak with an estate planning attorney, call Lawyer Jeremy Eveland (801) 613–1472.
If you found this article helpful, please clap, leave a comment, and subscribe to my Medium newsletter for updates. Thank you for reading! Jeremy Eveland 8833 S Redwood Rd West Jordan Utah 84088 (801) 613–1472
The information contained in this article is for information purposes only and is not legal advice. For legal advice, hire a competent lawyer in your jurisdiction.
