This month we’re going to take a deeper dive into the Who, What, When, Where, Why, and How of your will.  Asking yourself these important questions can be tough, and sometimes you just don’t know where to begin. 

WHO…will I name in my will?  Most people include their spouse, children, and certain extended family members in their will. But you need to think carefully about who will be hurt if you leave them out — you don’t want your legacy to be one of unintended family drama. In addition, you may decide to bequeath assets to certain charities or other organizations that matter to you.

WHAT…assets will I leave to them?  It’s important to make a list of all the various assets you have before you begin the process of deciding who gets what. Your list should include not just your savings and investments, but real estate property, vehicles, family heirlooms, collectibles, artwork, life insurance policies, and even pets. Remember, you’re not just leaving money — you’re leaving memories!

WHEN…should I tell my family?  Generally speaking, it’s a good idea for your family to know that you have a will immediately after you’ve created it. It’s also a good idea to let your will’s executor know where your will is kept. However, it’s often recommended that you not tell your beneficiaries who is receiving what — that’s your own business.  Revealing it too soon can lead to drama and resentment.

WHERE…should I keep my will?  If you have an attorney, storing your will with them may be a good idea. An attorney is legally obligated to keep your will confidential. However, if you don’t currently have an attorney, storing it in a fireproof and waterproof safe is certainly an option, as is a bank safety deposit box. Just make sure your executor and other key family members know where it is and can access it!

WHY…am I making these decisions?  When writing your will, try to think about the loved ones you’re seeking to care for. What are their needs — financial, physical, or even emotional? With each bequest, which of those needs are you satisfying? By thinking in those terms, you can create a more balanced will that actually does good for your family, as opposed to just offloading assets. Also, think about what you want your legacy to be. How do you want to be remembered? How should your will contribute to that?

HOW…often should I update my will?  Any time you go through a change-of-life event, you’ll want to make sure your will is updated. A change in marital status, a new house, the purchase of some other major asset, a new grandchild…these are all examples of life changes that may require a change in your will. In addition, a general rule of thumb is that you should review your will with an experienced financial professional at least once every five years. After all, what seemed important five years ago might seem trivial today...or vice versa!