- Real property: Your home, any land, rental properties, or real estate interests.
- Financial accounts: Checking, savings, money market, CDs. Every account at every institution.
- Retirement accounts: 401(k)s, IRAs, pension plans, 403(b)s. Note that these transfer through beneficiary designations, not the will — but you need to know they exist.
- Investment accounts: Brokerage accounts, stocks, bonds, mutual funds.
- Life insurance policies: Every policy, the face value, and who is currently named as beneficiary.
- Business interests: If you own a business — a sole proprietorship, an LLC, a partnership share — that is an asset with value and complexity.
- Personal property of value: Vehicles, jewelry, artwork, family heirlooms, collections.
- Digital assets: Online accounts with monetary value, cryptocurrency, royalties from creative work.
Write it down. All of it. This inventory becomes the foundation of your will and, eventually, your letter of instruction. It also tells you immediately whether you have more than you thought — which most people do.
Step 2: Decide Who Gets What
This is the heart of the will: who are your beneficiaries, and what do you want each of them to receive?
Be specific. “I leave my estate to my children equally” sounds simple but creates real problems when children cannot agree on who gets the house, the car, or your mother’s jewelry. Name names. Assign specific assets where it matters.
Think through each beneficiary carefully:
- Primary beneficiaries receive your assets directly.
- Contingent beneficiaries receive assets only if the primary beneficiary has predeceased you. Always name contingent beneficiaries — otherwise, assets may go to unintended recipients or back into probate.
- Minors cannot legally own significant assets. If you are leaving assets to a child under 18, name a trustee or custodian to manage those assets until they reach a designated age. You decide what that age is — 18, 21, 25. Your call.
If there are family members you specifically do not want to receive assets, your will is the place to make that clear. An intentional omission is legally stronger than silence.
Step 3: Name Your Executor
Your executor is the person who administers your estate after you die. They will file your will with the probate court, notify creditors, pay debts, gather assets, and distribute what remains to your beneficiaries.
This is not a ceremonial role. It is a working one. Choose someone who is:
- Organized and detail-oriented
- Trustworthy with financial information
- Willing to take on the responsibility
- Ideally located near you or able to travel
Ask the person before you name them. This is not a surprise you leave behind. Name an alternate executor as well in case your first choice is unable or unwilling to serve.
Step 4: Name a Guardian for Your Minor Children
If you have children under 18, this is the most urgent piece of the entire document.
A guardian is the person who will raise your children if you die before they reach adulthood. Without a named guardian in your will, that decision goes to the court. The court will make its best judgment based on what it knows — which is far less than you know about your children and who they need.
Name a primary guardian and an alternate. Consider not just who loves your children, but who has the values, the capacity, the resources, and the willingness to parent them long-term. Those are sometimes different people.
Have the conversation before you sign the will. Your guardian should know they are named, understand what that means, and have agreed to take it on.
Step 5: Understand the Type of Will You Need
Not all wills are the same, and the right type depends on whether you have — or plan to create — a living trust.
A standard last will and testament distributes your assets directly to your beneficiaries through the probate process. It is public record, it takes time, and it costs money — but it is far better than nothing.
A pour-over will works in conjunction with a revocable living trust. Rather than distributing assets directly, it “pours” any assets that were not already transferred into your trust during your lifetime into the trust at death, where they are then distributed privately and without probate according to the trust’s terms.
If you already have a living trust — or if you plan to establish one — a pour-over will is the right document. It ensures that nothing falls through the cracks. Any asset you acquired and forgot to transfer into the trust does not end up in probate limbo; it flows into the trust and distributes according to your instructions.
The Legacy Essentials Bundle includes a pour-over will designed to work with a complete estate plan. If you are building your estate plan from the foundation up, this is the right starting point.
Step 6: Execute It Legally
A will that is not properly executed is not a legal document. The specific requirements vary by state, but in most jurisdictions you must:
- Be of legal age (18 in most states).
- Be of sound mind — meaning you understand what a will is, what you own, who your family is, and the effect of signing.
- Sign the will yourself in front of witnesses.
- Have it witnessed by at least two adults who are not beneficiaries of the will. They watch you sign and sign it themselves.
- Have it notarized (required in some states, strongly recommended in all).
Do not skip the witnesses. An unwitnessed or improperly witnessed will can be challenged or voided entirely.
Step 7: Store It Properly
A will that cannot be found does your family no good.
Store the original signed document somewhere secure and accessible — a fireproof safe at home, a bank safe deposit box, or with your attorney if you have one. Do not store it in a place only you can access without telling anyone where it is.
Tell your executor exactly where the original will is located. This is non-negotiable. If they cannot find it, they cannot use it.
Make copies. Clearly mark them as copies. Keep one with your letter of instruction (that document that tells your family everything they need to know — accounts, passwords, contacts, wishes).
Step 8: Review It. Regularly.
A will is not a one-time document. Life changes — and your will needs to keep up.
Review your will after:
- Marriage or divorce
- The birth or adoption of a child or grandchild
- The death of a beneficiary or executor
- A significant change in your financial situation
- Acquiring major new assets
- Moving to a different state
At minimum, revisit your will every three to five years. What was accurate at 35 may be completely wrong at 50.
What Comes Next
Creating your will is step one of a complete estate plan. It answers the question of what happens after you are gone. But your estate plan also needs to answer what happens while you are still alive — if you become incapacitated, if you are unable to speak for yourself, if someone needs legal authority to make decisions on your behalf.
That is the work of the next three documents: the Durable Power of Attorney, the Medical Power of Attorney, and the Living Will. Together, these five documents form a foundation that protects your family in every scenario — not just the one you are least likely to think about.
The Legacy Essentials Bundle includes all five: the pour-over will, the living will, the medical power of attorney, the durable power of attorney, and the guardian designation. Professionally drafted, written in plain language, and designed specifically for Black families who are ready to stop leaving their futures to chance.
[Legacy Essentials Bundle]
Keep your head on a swivel.
LA🌻🖤✊🏾
Lisa Ann Mason | Legacy Architect & Generational Wealth Strategist
@MsLisaAnnMason | Your Best Move
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