You’ve probably heard that you need a will, but what exactly does that mean? Here we’ll explore the basics of what a will is so you can understand the importance of creating one.
Referred to as a “will” or, sometimes, a “last will and testament,” it simply means a legal document that provides instructions on how a person’s assets will be distributed after their death.
Without a will, a person dies “intestate.” This means the laws in the state in which the deceased person resided will govern how their assets are distributed, which usually means a greater level of interaction with the probate court/probate judge. A will is a crucial tool for ensuring that an individual’s final wishes are respected and carried out. Having a will also makes things easier on your loved ones as they navigate the probate process.
A will certainly doesn’t need to be complicated and some people take on the task themselves, often using online templates or software. But if you go this route, know that laws vary state-by-state regarding everything from whether or not a will can be handwritten to how many signatures of witnesses need to be present on the document. The last thing you want to do is create a potentially invalid will because that could create a mess for your loved ones after you die. Therefore, you may want to work with an estate attorney to ensure that the document complies with local laws and addresses your specific needs.
What if you already have a will, but your circumstances have changed and you want to update it, or even scrap it and start over? Not only can you update your will through formal amendments called codicils, but you can also entirely revoke your will and create a new one. It’s not a bad idea to do a periodic review of your will, especially after major life events like marriage, divorce, or the birth of a child.
Codicils allow for specific changes without rewriting the entire document, while revocation allows you to start over. Because you want to ensure a codicil or new will is valid, accomplishes your wishes, and does not create issues for your loved ones after you die, we advise working with an estate attorney to compose codicils or a new will.
Is having a will enough to ensure your wishes are followed? While a will is critical, don’t forget that you may have what are called “nonprobate assets,” the most common of which is life insurance, which have their own set rules governing distribution and therefore a will cannot dictate who receives these assets. When making your will, be sure to review your beneficiary designations for your nonprobate assets too!
When you create a will, you will have many important decisions to make regarding your estate, and one of the most important is the designation of someone to serve as the executor of your estate. An executor is the person responsible for following the instructions in your will and the laws of the state in which you resided. The executor has many important tasks, but they don’t have to go it alone. One of the keys to success for any executor is getting the right team of professionals to help them as they complete their executor role. Talk with the person you name as your executor about your wishes and the role of an executor, and be sure to tell them about Executor.org. The site has a lot of helpful materials so they can understand key terms and can even provide a customized plan as they complete their executor duties.