Wills and inheritance

Training 1095 minuteshow to write a will

You are 47 with your own auto repair shop, a house and two kids from two marriages. Without a will, your property is split by your country's law, not necessarily your way. Inheritance rules differ everywhere, so check yours.

Training goal: Decide today who gets what

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Situation

1. A friend waves it off: "Wills are for old people, you have time."

Agree and put it off for 20 years
Scribble one on a sheet of paper
Book a lawyer or notary

2. The lawyer asks for a list: what you own and who should get it.

List it all: house, shop, accounts, debts
List only the house, the rest is minor
Leave everything to the older child

3. The shop feeds the family. Who runs it if you are gone?

Do not worry, the kids will sort it out
Name who runs the shop
Sign the shop over to your son now

4. The will is drawn up and signed. What next?

Hide the original and tell no one
Put it in a drawer and forget it
Tell family where it is and review it

What you will learn

You need a will as soon as you have kids, property or a business.
Form rules and fixed shares depend on your country, so use a local lawyer.
Tell your family where the will is and review it after big life changes.

Your real-life step

Write down everything you own and who should get it. With that list, a lawyer visit takes an hour.

Questions and answers

How do I write a will?

List your assets and heirs, then make the document under your country's rules, often with a notary or lawyer. The wrong form can make a will invalid.

What happens if you die without a will?

Property is split among close relatives in an order set by law. An unmarried partner and friends often get nothing.

Can I change my will?

Yes, usually at any time. A new will or changes follow the same rules as the original.

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Numbers are illustrative. A game, not financial advice.