Life Events

A will is the basic document that says who receives your property when you die and who will look after your minor children. Rules vary by state, and this article gives general information only.

Why do I need a will?

Without one, state law decides who inherits your property, and that may not match your wishes. A will lets you name beneficiaries, choose an executor to manage your estate and, if you have minor children, nominate a guardian for them.

What happens if I die without a will?

Your estate is distributed under your state's intestacy laws, generally favoring a spouse and relatives in a set order. A court then appoints someone to administer the estate. The process can be slower, costlier and more stressful for your family.

What makes a will valid?

Each state sets its own requirements. Typically, the person making the will must be an adult of sound mind, the will must be in writing and signed, and witnesses must sign as well. Handwritten or informal documents may not be accepted. Have an attorney licensed in your state prepare or review your will.

Does a will avoid probate?

No. A will generally goes through probate, the court-supervised process of validating the will and distributing assets. Some assets pass outside it, including accounts with named beneficiaries, jointly held property with survivorship rights, and property held in certain trusts. Retirement accounts and life insurance follow their beneficiary designations, not your will, so make sure those are current.

Who should be my executor?

Choose someone organized, trustworthy and willing to serve, and name a backup. The executor collects assets, pays debts and taxes, and distributes what remains.

When should I update my will?

Review it after marriage, divorce, the birth or adoption of a child, a significant change in assets, a move to a different state or the death of a beneficiary or executor. Do not make handwritten changes to an existing will, since they can create problems; use a formal amendment or a new will.

Is a will enough?

For many people, it is a good start, but a complete plan often includes a durable power of attorney, a health care directive and sometimes a trust. Large estates or complex families may need additional planning, and tax rules on estates and gifts can change, so ask about the current rules.

We work alongside your attorney on the financial and tax side of estate planning. Reach out to discuss your situation.