Checklist #38 · Estate
Will Creation
A step-by-step guide to structuring a legally sound will — covering heirs, executor selection, guardian designation, and execution requirements.
16 action items~15 min to complete4 sections
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Preparation
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Take inventory of all assets you own: real estate, accounts, vehicles, valuables, business interestsKey
Note which assets pass by beneficiary designation or joint ownership — these bypass the willWatch out
List all people you want to include or explicitly exclude as heirs
Consider charitable bequests if you wish to leave a portion to organizations
Document Digital Assets and AccountsAction
Identify Debts and LiabilitiesKey
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Naming Your Executor',
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Choose an executor who is organized, trustworthy, and willing to take on the responsibilityKey
Name a backup executor in case your primary is unable or unwilling to serveAction
Discuss the role with your chosen executor before naming themWatch out
Consider naming a professional executor (attorney or trust company) for complex estates
Define Executor Compensation and PowersAction
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Guardian for Minor Children
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Name a guardian for each minor childKey
Name a separate financial guardian (trustee) to manage money for children if appropriateAction
Name a backup guardian in case your primary is unable to serve
Document your values, wishes, and parenting philosophy in a letter of instruction
Discuss Guardianship Plans with Chosen GuardiansAction
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Executing the Will Correctly
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Sign your will in front of two adult witnesses (requirements vary by state)Key
Have the will notarized to create a 'self-proving will' (recognized in most states)Action
Do NOT keep the only copy of your will in a bank safe deposit boxWatch out
Review and update your will after every major life eventKey
Store Will Copies in Multiple Secure LocationsWatch out
Create Letter of Intent with Will DetailsKey
Schedule Annual Will Review MeetingAction