Wills Explained: What a Will Does (and Doesn’t Do)
A will is a legal document that outlines how your assets and property should be distributed after your death. It allows you to designate beneficiaries, name guardians for minor children, and specify other important instructions, ensuring your wishes are carried out according to your plan.
Without a will, state laws determine how your property is distributed, which may not align with your preferences. This process, called intestate succession, can lead to delays, disputes, and unintended outcomes for your loved ones.
Why You Need a Will
A will gives you control over the distribution of your estate, protects your family, reduces conflict, and ensures your assets go to your chosen beneficiaries.
It can also help simplify the probate process, saving your heirs time, money, and emotional stress.
Key Components of a Will
1. Executors
An executor is the person you appoint to carry out the instructions in your will. They manage your estate, pay debts, and distribute assets to your beneficiaries.
2. Beneficiaries
Beneficiaries are the individuals or organizations you designate to receive your property. You can name primary and contingent beneficiaries for a smooth transfer of assets.
3. Guardians for Minor Children
If you have children under 18, your will allows you to appoint a guardian to care for them, ensuring they are looked after by someone you trust.
4. Assets and Property
Clearly identify your assets in your will, including real estate, bank accounts, investments, personal property, and digital assets.
How to Create a Will
You can create a will with the help of an estate planning attorney or through state-specific templates and online tools. An attorney ensures your will is legally valid and tailored to your situation.
Most states require a will to be written, signed, and witnessed. Some also allow notarization. Following these formalities is essential to avoid challenges after your death.
Common Questions About Wills
Can I Write My Own Will?
Yes, but mistakes or unclear language can create legal complications. Using a lawyer or state-specific template reduces the risk of disputes and ensures your intentions are enforceable.
What Happens If I Don’t Have a Will?
If you die without a will, your state’s intestacy laws determine who inherits your property. This may result in unintended distributions and a longer probate process.
How Often Should I Update My Will?
Review your will every few years or after major life events to ensure it reflects your current wishes and circumstances.