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August is National Make a Will Month

Most people know they should have a will, but not enough actually do. According to Pew Research Center, only 3 out of ten Americans have created a will. This National Make a Will Month is the best time to get started. Getting your affairs in order does not have to be complicated, expensive, or something you keep putting off for later. 

If you are moving into independent living, or thinking about it, now is actually one of the best moments to get it done. A move is a natural time to take stock of what you have, what you want, and who you want to leave it to. This article will walk you through what a will does, what Rhode Island law requires, and how to get started. 

Why a will matters 

A will is a legal document that spells out your wishes after you pass away. It lets you decide who gets your belongings, your savings, and your property. It also lets you name an executor, which is the person who will carry out those wishes on your behalf. 

Without a will, those decisions are not left up to your family. They are left up to the state. In Rhode Island, that means your assets are distributed according to state intestacy laws, which may not match what you actually want. Unmarried partners, close friends, and stepchildren can be left out entirely, even if you would have wanted them included. 

A will is also one of the most important gifts you can give the people you love. It removes the guesswork during an already difficult time and helps prevent conflict among family members. 

It is worth noting that a will is different from the advance directive documents that cover your medical wishes, such as a healthcare proxy or a living will.  

Why moving into independent living is a good time to make a will 

Major life events are one of the biggest reasons people finally sit down and write a will. During a big move, you are already thinking about your next chapter, taking stock of your belongings, and talking to family about your future. 

If you already have a will, a move is also a good reason to review it. Estate attorneys recommend updating your will every three to five years, or after any major life event. Moving to a new home, changing your assets, or changing your mind are all good reasons to take another look. 

What a will can do in Rhode Island 

In Rhode Island, your will can do the following things: 

• Name the people or organizations (your beneficiaries) you want to receive your assets.  

• Name an executor to handle the legal process of carrying out your wishes.  

• Include instructions for personal belongings that matter to you, such as jewelry, furniture, or family keepsakes.  

• Name a guardian for any minor children or dependents in your care. 

One important thing to know: Some assets are not covered by a will. Life insurance policies, retirement accounts, and joint bank accounts go directly to whoever is listed as the beneficiary on those accounts. Your will does not override those designations, so it is worth reviewing them at the same time. 

What Rhode Island requires for a valid will 

Rhode Island has a few specific legal requirements for a will to be valid: 

• You must be at least 18 years old.  

• You must be of sound mind, meaning you understand what a will is, what property you own, and who your natural heirs are.  

• Your will must be written on paper, not recorded on audio or video, and not stored as a digital file. Rhode Island does not accept handwritten wills without witness signatures, and it does not accept electronic wills at this time. 

• Your will must be signed in front of at least two witnesses. Both witnesses must be present at the same time, and they must sign the will in your presence and in each other’s presence. You do not need a notary to make your will legal in Rhode Island, but getting it notarized can speed up the probate process after you die. 

How to get started: a step-by-step guide

Getting started can feel like the hardest part. Here are some steps to create a will. 

Step 1: Take stock of what you own. Make a list of your assets. This includes bank accounts, savings, investments, real estate, vehicles, and personal belongings . If you have a financial advisor, include their contact information as well. 

Step 2: Decide who gets what. Think about the people and organizations you want to include. Be specific. If you want a grandchild to have a particular piece of jewelry, for example, spell that out with their complete name. 

Step 3: Choose your executor. Your executor will be the person responsible for carrying out your wishes. Choose someone you trust who is organized and willing to take on the responsibility. Talk to them first to make sure they are on board. 

Step 4: Review your beneficiary designations. Check your life insurance policies, retirement accounts, and any joint accounts. Make sure the beneficiaries listed on those accounts still reflect your wishes, since those designations work separately from your will. 

Step 5: Write the will. You can work with an estate planning attorney, which is a good idea if your situation is complex. You can also use a reputable online service for a more straightforward estate. Either way, make sure the final document meets Rhode Island’s legal requirements. 

Step 6: Sign it properly. Sign your will in front of two witnesses. If you want to make it self-proving, visit a notary at the same time. 

Step 7: Store it somewhere safe. Keep your original will in a secure place, such as a fireproof safe or a safe deposit box. Make sure your executor has a copy. You may also want to leave a copy with your attorney. 

Step 8: Review it regularly. Plan to revisit your will every three to five years, or sooner if something significant changes in your or your beneficiaries’ lives. 

A fresh chapter is a good time to plan ahead 

Moving into independent living is a big change. It is also a chance to simplify, to focus on what matters, and to set things up so that the people you love are taken care of when you’re gone. 

Think of writing a will as one more way to take care of the people who matter most to you. 

If you have questions about life at Charlesgate and what a move might look like for you or your loved one, contact us today.