Welcome to the inaugural edition of Tuesday Top 5, our new weekly tips post to help you manage your money in five easy steps. This week, we show you how to stop putting off one of the most important duties you have to protect your dependents in the event of a tragedy: Writing your will.

You can either go the do-it-yourself route through a website like LegalZoom.com or you can hire an attorney. Here’s how to get started:

1. Inventory
   Create an inventory list of the important assets owned by you and you only. Designate to whom those assets will go on your death. Create a counterpart list for any assets owned jointly. Note that jointly-owned assets go immediately to the surviving partner(s), but a recipient should be named in the unlikely event that all owners pass away at the same time.
2. Heirs
   Even if you live paycheck to paycheck or have a lot of debt, it’s very important to identify who will take legal guardianship of your children and/or care for your pets. Naturally you should talk about this in advance: You can’t just name someone—they have to agree! You should also arrange financial support for your children, either through a trust or a life insurance policy.
3. Two Witnesses and an Executor
   Find two witnesses and identify an executor for your estate. In most states, you only need two witnesses to verify your signing of the will. Check on your state’s rule regarding legally recognized wills to see if you need a witness affidavit that requires notarization (these rules can be complicated, which is why many people choose to hire an attorney). When choosing your executor, you should pick someone you trust: common choices are a spouse, an adult child, your lawyer, or your bank.
4. Where to Keep It
   Once you have a will, you need to protect it. Most people choose to keep their will in a safe deposit box at their bank, or at their lawyer’s office. Where ever you decide to store it, make sure that other people know where it is (i.e., don’t hide it in a secret safe in the woods).
5. Update It Regularly
   You should revisit your will on a regular basis, perhaps once a year. As your assets grow, you buy a house, etc., it’s important for your will to reflect these changes in your financial picture. Also important: when you name a beneficiary in a 401(k) account or insurance policy, that choice trumps whatever your will says. So in the event of a divorce or other life change, you should make sure to change all relevant documents, not just your will.

The whole process should take less than an hour. Once you’re finished, have your two witnesses sign it and store it in a safe place.

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