Wills, Do We Really Need Them?
- thecompletenotaryn
- 2 hours ago
- 4 min read
A very popular misconception is that having a will as a young person is not necessary. Some believe that they don't own enough assets or have a high enough net worth to necessitate a will. There are also those who believe that securing a life insurance policy alone is enough. The mere fact is that death can happen at any age; a will serves as a critical safety net. This blog post aims to explain what a will is, its key components, how to get one, as well as the key reasons to have a will at any age.
What is a Will?
A will, or last will and testament, is a legal document that describes how you would like your property and other assets to be distributed after your death.
Important Legal Terms
Testator: The person who creates the will i.e. who the will is about.
Executor: The person appointed by the testator to carry out the will.
Beneficiaries: The persons (or organizations) who are left bequests (cash gifts or other assets) in the will by the testator.
Probate: is the judicial process whereby a will is proved in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at the time of death in the absence of a legal will.
When someone passes away with a will, the will is usually presented to a local probate court. This court then authorizes the executor to distribute your assets according to the instructions in your will—as long as there are no disputes or other problems. If one passes away without a will, it is called dying 'intestate.' In those cases, a local court will distribute your property according to your state's intestacy laws.
Components of a Will
Introduction / Declaration: first part of the will that identifies you, your residence, states that you are of sound mind (lucid, aware, mentally competent), and that this is your formal will.
Revocation: a statement that invalidates all previous wills and codicils.
Appointment of Executor: names the person (and alternate person) responsible for managing your estate, paying debts, and distributing assets.
Guardianship Designation: appoints a guardian for minor children.
Debts and Taxes: Instructions for paying final expenses and debts.
Distribution of Property/Bequests: details on who inherits specific assets (real estate, personal items, money).
Signatures and Witnessing: the document must be signed by you and usually at least two (2), disinterested witnesses.
Optional:
Executor Power Clauses: defines what the executor can and can not do.
Testamentary Trust: a trust created upon death, often for minor children or dependents.
Residual Clause: directs how to distribute ang remaining assets not specifically mentioned in other parts of the will.
Benefits of Having a Will
Simplifies the Legal Process: While most wills will go through probate, having one will speeds up legal processes as opposed to dying without one.
Control Over Asset Distribution: you get to decide who receives your money, property and/or personal belongings. Without a will state intestacy laws determine distribution which may not align with your views.
Designates Guardianship: for parents of minor children, a will is the only way to nominate a guardian to care for them if both of parents pass away; without a will a court will decide who looks after the children based on its own assessment.
Ability to Choose Executor: You get to select a trusted individual to manage your estate; if you do not name an executor, the court will appoint someone, often the first relative to ask.
Reduces Family Conflict: written instructions that are clear eliminate guesswork which helps to prevent stressful and costly conflicts among surviving family members.
Tax Maximization: strategic planning with a will can help reduce the potential tax burden on your estate, increasing the value passed on to your beneficiaries.
Protection for Unmarried Partners: Intestacy laws usually favor relatives; a will is essential to ensure that life partners, or close friends, or stepchildren are provided for after your passing.
Support for Charities & Pets: a will allows you to leave specific donations to organizations you support as well as name caretaker(s) for your pet(s), often including funds for ongoing care.
How to obtain a will
Securing a will is very easy, especially for simple estate planning. You can:
Use Online Services
Hire an Attorney
Use Statutory Forms
Need help drafting a will for a simple estate? We can help!
CONCLUSION
Life is unpredictable. If you are over 18, you have legal rights to assets and potentially debts, regardless of your net worth. Establishing a will early is a responsible step for peace of mind, enabling you to manage your affairs in case of unforeseen circumstances.
A will is essential at any age to ensure that your assets (or wishes) are carried out accordingly rather than by state law, after you die. It prevents family disputes, ensures your loved one are protected, and handles digital assets and pets among other advantages. Avoid intestacy by creating a legally sound will; also, it is advisable to consult an attorney to ensure your will document(s) is(are) properly executed and tailored to your situation.
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