Last Will and Testament

Take a minute and think about all your prized possessions. It could be anything from cash and jewelry to your lucky golf clubs. You want to ensure your loved ones get those things after you die. You can think of your last will and testament as that wish list for your friends, families, and others.

This article explains the last will and testament. You don’t need an attorney to create a valid will, but an estate planning attorney can help if you have a complex estate or just have questions about the estate planning process. An experienced attorney can give you legal advice about your situation and help you think through the important questions you want your will to address.

What Is a Last Will and Testament?

A last will and testament (will) is a legal document that lets you control your assets, real estate, and personal property after you die. It contains your final wishes for who you want to have your property. You can leave your property to anyone, like family members, friends, and charities.

You can name a guardian for minor children in your will. You can also create a testamentary trust, which is often used to manage a surviving dependant’s inheritance.

Your will is an essential part of your estate plan, which should also include a financial power of attorney, medical power of attorney, living will, and HIPAA authorization.

It’s important to note that a living will differs from a will. Your will addresses what happens after you die. Your living will includes your wishes for receiving end-of-life care, such as whether you want the use of life-sustaining treatments.

How Does a Will Work?

The intent of a will is to carry out the testator’s wishes after they die. You are the testator, the person making the will. You create your will while you’re alive, but your instructions aren’t carried out until your death. Your personal representative distributes your property. The probate court supervises your personal representative.

Probate is the legal process of settling your estate. But only some of your assets are distributed during the probate process. Assets with a designated beneficiary pass, like life insurance policies, pass directly to the beneficiary.

What Are the Requirements for a Valid Will?

The legal requirements for creating a valid will vary by state. These are the general requirements:

• Be of sound mind: You must be over a certain age to create a will. You must also understand that you’re giving your property away. A will isn’t valid if you make it under the undue influence of another person.
• Name a personal representative: You must name a personal representative, also called an executor, in your will. They will administer your estate after you die.
• Signature: You must sign your will in front of a notary public. In most states, at least two witnesses must witness your signature.

What Are the Types of Wills?

There are several types of wills that may be available to you, depending on your state’s laws. They are the following:

• Simple will: A simple will is suitable for people without incapacitated beneficiaries or many assets. It directs assets directly to your beneficiaries.
• Complex will: A complex will addresses more complicated situations, like creating a special needs trust for a disabled dependent, for example. You can also create a trust for your minor children.
• Holographic will: A holographic will is a handwritten will. They are only valid in some states. Requirements for these wills vary. Generally, it must be in your handwriting, and you must sign it.
• Pour-over will: A pour-over will is a special type of will used with a revocable living trust. A pour-over will moves assets not already owned by your trust to the trust.
• Codicil: A codicil is an amendment to your existing will. You can use one to make small changes to your will when your circumstances or wishes change.

What Happens If I Don’t Have a Will?

Intestacy is when you die without a will. Every state has laws that deal with an intestate estate. You can think of these laws as a default will.

In most states, your surviving spouse will receive a part of your estate. Your children and parents may also get part of your estate.

Contact an Estate Planning Lawyer for Help

Your will is the central piece of your estate plan. It lets you control your assets after you die. You can find templates for creating your own will. But these wills may not meet your specific requirements. An experienced estate planning attorney can help you decide what type of will and estate planning documents will work the best for your situation.