TABLE OF CONTENTS
Why is having a Will important? 1
Do I need a lawyer to make a Will? 2
What happens if I die without a Will? 2
Who should be named as the executor of my Will? 2
What assets can be included in a Will? 2
Are there any assets that cannot be included in a Will? 2
Can I disinherit someone in my Will? 3
Should I keep my Will in a safe place? 3
Do I need a separate Will if I own property in multiple countries? 3
What is the role of a living Will? 3
Is a Will sufficient for estate planning? 3
Can my spouse and I have one joint Will? 4
When should I review my Will? 4
What is a Will?
According to the dictionary at Law.Com, a Will is “a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees) including portions or percentages of the estate, specific gifts, creation of trusts for management and future distribution of all or a portion of the estate (a testamentary trust).” In layman’s terms, this means that a Will is a legal document that you use to distribute your possessions, both tangible and intangible after you die. There is no meaningful distinction between a Will and a “Last Will and Testament.”
Why is having a Will important?
There are many reasons why you should have a Will, but these are the most important reasons:
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A Will makes the probate process more efficient and faster for your loved ones, so that they receive disbursements faster.
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Having a Will ensures that you are the one who decides who gets your property after your death. It also allows you to exclude people whom you don’t want to inherit.
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It allows you to choose a legal guardian for your children.
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It helps you plan to save money on taxes.
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A Will allows you to name an executor to manage your affairs, rather than having the court appoint someone.
Do I need a lawyer to make a Will?
No state makes it a legal requirement for you to hire a lawyer to draft a Will. If you have a large estate, consulting with a lawyer might be in your best interest. However, online Will services, such as FastWill, can help you navigate the legal requirements.
What happens if I die without a Will?
When you die without a Will, lawyers call this “dying intestate." In such cases, the distribution of your assets will be determined by the laws of your state, which may not align with your preferences. The probate process takes longer and may increase the chances of disputes between family members.
Who should be named as the executor of my Will?
The executor is responsible for administering your estate and carrying out the instructions in your Will. It is advisable to choose someone you trust, like a family member, good friend, lawyer, or accountant, who is organized and capable of handling financial and legal matters.
Can I change my Will?
Yes, you can change your Will at any time as long as you are mentally competent. This is typically done through a legal process called a codicil, which amends specific provisions in the original Will, or by creating a new Will that revokes the previous one. When you draft a DIY Will with an online Will service, it’s easy to make changes without running up big legal fees.
What assets can be included in a Will?
You can include various assets in your Will, such as real estate, bank accounts (if you do not designate a beneficiary), vehicles, personal belongings, and even digital assets like cryptocurrencies. Certain assets, like those held in a trust or jointly owned, may not be governed by your Will. See question below.
Are there any assets that cannot be included in a Will?
Yes, certain assets generally do not pass through a Will. These include assets with designated beneficiaries, such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts. If you have an investment account that says it is “transferable on death” it probably cannot be included in the Will. Additionally, assets held in a living trust are not typically governed by a Will.
Can I disinherit someone in my Will?
In most jurisdictions, you have the right to disinherit someone from your Will, including family members. Most states now protect a surviving spouse from being completely disinherited. If you want to limit your spouse’s inheritance, you’ll need to do it by contract, i.e., through a prenuptial or postnuptial agreement.
Can a Will be contested?
Yes, a Will can be contested in court if someone believes that it is invalid or that its provisions are unfair. Contesting a Will can be a complex and expensive process, often resulting in family disputes that wind up costing the estate attorney fees.
Should I keep my Will in a safe place?
Yes, it is crucial to keep your Will in a safe place that is easily accessible to your executor or trusted family member. Consider storing it in a fireproof safe, a safe deposit box, or with your attorney. Inform your loved ones about its location and provide them with necessary access instructions.
Do I need a separate Will if I own property in multiple countries?
If you own property in multiple countries, it is advisable to consult with an attorney who specializes in international estate planning. Laws regarding cross-border assets can be complex, and having a separate Will or considering other estate planning strategies may be necessary.
What is the role of a living Will?
A living Will, also known as an advance healthcare directive, is a legal document that specifies your medical treatment preferences if you become unable to communicate your wishes. It primarily addresses end-of-life decisions, such as life-sustaining measures and organ donation. A living Will does not transfer property or allow anyone to take control of your finances.
Is a Will sufficient for estate planning?
While a Will is a critical component of estate planning, it may not be sufficient to meet everyone's needs. Depending on your circumstances, you might benefit from establishing a trust, creating powers of attorney, or implementing other strategies to protect your assets and minimize taxes.
Can my spouse and I have one joint Will?
Yes. A joint Will is a single legal document that applies to both spouses.A joint Will can’t be changed without the approval of both parties. This means when one partner dies, the other person can’t change their Will. Most experts recommend using mirror Wills instead. Mirror Wills are two documents, one for each spouse, which leaves their estates to each other in the event of their deaths. That means Mirror Wills are basically identical Wills, where each person mirrors the provisions made by the other. In essence, when one person passes away, the surviving partner receives the assets and inherits the estate according to the terms of the Mirror Will.
Can I Handwrite a Will?
Yes, you can handwrite a Will in some states, but in others handwritten (holographic) Wills are not legal. Experts recommend avoiding holographic Wills because of the strong possibility that they will not be accepted by the court. If the Will is not accepted, your estate will be treated as if you died intestate. For more information, see FastLaw’s guide to holographic Wills.
How much does a Will cost?
You can hire a lawyer to write a Will. At a minimum, this usually costs at least $500 for a basic Will. The price varies according to complexity, with most people paying at least $1,000 in lawyer fees. You can write your Will for free, but the chances of making a serious mistake are high because you would have to research the law yourself. You can use online services such as FastWill that have AI-generated legal forms that will help you create a legally valid Will in your local jurisdiction.
When should I review my Will?
It is advisable to review your Will annually or after major changes in your life such as marriage, divorce, birth or adoption of a child, sale or purchase of property, promotion or starting a new business, retirement, or moving to a new state. Regular reviews ensure that your Will remains up to date and accurately reflects your wishes.
