Estate Planning

What Is a Will?

A will is a document that is effective when you die, in which you leave your assets to your heirs. You can also use a will for other purposes, such as to provide instructions on how you want to be buried, to disinherit one of your heirs, or to nominate a guardian for your minor children. The person who creates a will is called a “testator” and those who the will names as beneficiaries are called the “devisees”. A will must either be properly executed and witnessed in order to be valid or be a "holographic will" that is entirely in the testator's handwriting and signed and dated by him or her. Once a will is executed, it can usually be changed or cancelled throughout the testator’s lifetime.  Having a will does not avoid probate.  A court order for distribution at the conclusion of a probate proceeding will be required before title companies, banks, investment companies and stock brokerages will recognize your heirs as the owners of your estate.

Do I Need A Will?

If you die without a will (a.k.a. dying intestate) the administration and disposition of your assets will be decided by a probate court following the laws of intestate succession in an estate administration proceeding. If you want to control who your assets will go to and how much will go to each one, you will need to create a will. A will is necessary if you want to change your beneficiaries from those determined by law to include those who would not normally inherit if you died without a will. You would also need a will in order to make unequal distributions or specific gifts to a particular beneficiary. A will is also necessary if you want to disinherit a child or other usual beneficiary.