Will Planning

What is a Will?

A Will is a document you create with directions for what happens to your assets after you pass away. It is way for you to protect your family and loved ones. The Will you create will generally go through probate court.  With a Will, you can do the following:

• Designate legal guardians for your minor children.
• Appoint who will receive assets that are not passed on through joint ownership or beneficiary designations.
• Name a trusted individual to watch over and manage assets for your minor children.
• Designate if beneficiaries are to receive assets in a trust or outright.
• Name your personal representative or executor. The personal representative will pay your bills, final expenses, and taxes, and make sure your beneficiaries get their share of assets. For more information on what the executor’s role is, check out our article on probate.

What are the requirements for a Will to be valid?

There are some requirements for a Will to be legal. If these are not followed, then the Will can be found invalid.

• The testator (person making the Will) must be 18 years or older and of sound mind.
• The Will must be written. Oral Wills or testaments are not legal.
• The Will has to be signed in front of two witnesses.
• The two witnesses must also sign the Will.
• The witnesses should not be your heirs at law or beneficiaries.

How do I update my Will?

If you wish to make any changes to your Will, you have two options. One option is to create a new Will. Your new Will may contain language revoking any prior Wills. The second option is the add a codicil to your existing Will. A codicil is a supplement to your Will and includes your new changes. A codicil must follow the same rules as a Will, in that, you will need two witnesses to witness your signature and the witnesses must also sign the codicil.

Can a Will allow my family to manage my affairs if I’m in the hospital?

A Will does not allow people to make financial or health decisions for you if you become incapacitated. A Will only goes into effect when you pass away. Therefore, to cover yourself if you become incapacitated, you will need to make separate financial (durable) and health care powers of attorney.