Educational Article
What is a Will?
A will is an essential part of your estate plan. Learn about what you should include in yours.
A will is the cornerstone of an estate plan and outlines who should receive assets, nominates a guardian for minor children, and names an executor to carry out your wishes.
Types of wills
Since a will is a legal document, there are general rules that must be followed. While written wills are preferred, an oral will may be considered valid if certain requirements are met. In most cases, you will need two witnesses who may be called upon if a will is contested in court.
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Written wills
are typed documents signed by the person and witnesses that outline how assets should be distributed. -
Oral wills (nuncupative)
are spoken and declared in front of witnesses, and may not be permitted in some states. -
Holographic wills
are handwritten and signed by a person without witnesses and may not be allowed under state law.
Considerations for your will
Once a will is written, it can be changed or updated. A will does not become effective until death; at which point it cannot be changed. Therefore, it is important to act while you are able.
Some things to consider when writing your will include:
- If you have children, who should be the guardian and if money is involved, who should be the conservator who acts for the children’s benefit?
- If you own pets, what should happen to them?
- Who should act as executor to administer your estate? You may also want to list an alternate in the event that person is unable or unwilling to act.
Requirements for a will
Mental competence and age are two key points for a will to be valid. When a will is executed, you must be of sound mind and the age of majority (age 18 in most states). Additionally, most states require one or more witnesses (who are not related to you and do not have an interest or inheritance from your estate) to sign and attest to your mental state.
The Journey of Your Will
A deceased person’s will undergoes a formal validation process in court, called probate, and the court officially appoints the executor named in the will. Probate serves to ensure the orderly transfer of assets to the rightful heirs or beneficiaries.
However, the probate process also allows for challenges to the will. These challenges typically arise if there are concerns about the will’s validity. To avoid potential challenges and ensure the will is legally sound, it is essential to adhere to the specific requirements for proper execution and witnessing as dictated by your state’s laws.