Is Getting a Will Worth It?

Everyone has an estate, regardless of how big or small it is. An estate includes any property you own, including real estate, bank accounts, retirement accounts, and life insurance policies.

“A will is one of the legal documents that disposes of your estate when you die. It also sets the terms under which people are going to inherit,” says Jeremy D. Rachlin, an estate planning attorney at Bulman, Dunie, Burke, & Feld in Bethesda, Maryland.

Many Americans don’t have a will, despite it being a relatively straightforward document to create and modify. For legal help creating one, reach out to an experienced wills attorney.

Why Everyone Should Have a Will

“Sometimes I meet with clients who say, ‘If I die …’ and I say, ‘No, it’s when,’” says Barbara Sherland, an estate planning attorney from Seattle. “We know this is going to happen. Let’s try as best we can to plan for it.”

Estate planning brings peace of mind. It’s also about determining what type of legacy a person wants to leave behind. “You’re hitting right at the core of one’s essence and values,” says Sherland.

Carrie Simchuk, a partner at Perkins Coie in Seattle, agrees that creating a will isn’t something that should be put off. “I can’t think of anything that is more important than making sure that your family will be planned for and there will be a smooth transition if something were to happen to you prematurely or unexpectedly. I don’t think it’s a place to cut corners.”

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Eight Ways a Will Gives You Peace of Mind

Here are some of the main ways that a will brings peace of mind:

1. Make your final wishes known. A key function of a will is to give loved ones clarity about your intentions for your estate.
2. Guide probate court procedures. Probate is the court-administered process of distributing your assets. With a legally valid will in place, probate will be guided by your intentions.
3. Control how your assets are distributed. A will dictates how your assets are distributed to beneficiaries. Assets include everything from family heirlooms to financial accounts. Beneficiaries are the specific people or entities you name to receive assets from your estate.
4. Avoid intestacy. If you die without a will, state laws known as intestacy laws kick in to determine how your estate will be distributed. The order of intestate succession could diverge from your wishes.
5. Name your personal representative. A personal representative or executor is the person who will file your will with the local probate court and guide your will through the entire probate process.
6. Minimize family disputes. A well-crafted estate plan can reduce the likelihood of legal battles, including loved ones or family members challenging a will. A no-contest clause can be included in a will to say that any person who challenges it will be disinherited.
7. Settle estate taxes and personal finances. If your estate is large enough to qualify for state or federal estate taxes, you can address how you would like these tax matters to be handled. Additionally, if you have remaining debts or expenses, you can direct how those should be settled from your estate.
8. Name a guardian for minor children. If you have dependents who are under 18 years of age, you can name a guardian who will be responsible for providing for your dependents if you pass away.

A will is one of the legal documents that disposes of your estate when you die and also sets the terms under which people are going to inherit.

Requirements for Creating a Will

Generally speaking, to create a valid will, the testator must be an adult (18 years or older) and of sound mind.

The will must be in writing in most states, and the testator must explicitly state that it contains their final wishes. Additionally, the testator must sign and date the will in the presence of witnesses who also sign and date the document (the required number of witnesses varies by state).

Depending on the state, you may need notarization to make a valid will. However, if you have witnesses sign a self-proving affidavit attesting to your will’s validity, you will not need notarization.

Does Anything Override a Will?

“A will is just one of the documents that can convey assets after a person passes away, and it’s very important to understand that there are other documents that actually override a will,” says Rachlin.

“For example, a beneficiary designation on a life insurance or retirement plan will control that asset. So, if a will says, “I bequeath everything to Dylan when I die,” but there’s a beneficiary designation on file that says Toni inherits the life insurance policy, then it doesn’t matter what the will says. The will does not govern the life insurance policy. It passes out of probate to Toni,” explains Rachlin.

“So, it’s very important to make sure that the will and beneficiary designations are working in concert and not at cross purposes. If beneficiary designations and a will are inconsistent, it can lead to some hairy situations.”

What if I Need To Make Changes to My Will?

If you are holding off on creating a will because you’re concerned about needing to make changes in the future, you don’t have to wait. Life circumstances are unpredictable, and you cannot wait until you a will need to make one.

Making changes to a will is straightforward. You can add amendments that alter your original will to reflect your current wishes. For example, you can change your will to reflect your new wishes after ending a previous marriage. The requirements for making a valid change are essentially the same as the requirements for making a valid will in the first place.

If you keep waiting to make a will so you won’t have to alter it in the future, that plan can backfire. It’s better to have a will in place. Then, if matters change, you can easily alter it with the help of an estate planning lawyer.

Do You Need Estate Planning Documents in Addition to a Will?

Depending on your financial situation, other estate planning documents could be helpful. For example, one way to ease the tax consequences of inter-generational wealth transfers is to establish a trust. Parents can tailor trusts to suit their situation by choosing an age at which children can access the trust funds, or the circumstances under which it would be available at a younger age.

Families with considerable assets often create their own charitable foundations as a way to leave a meaningful legacy and also reduce the taxes on transferred wealth. “Children can serve on the board of the foundation and work together with parents to decide which charities should benefit from their family wealth,” says Simchuk.

“It’s a way to teach family members [and] second and third generations about wealth preservation and/or doing well for others through charitable donations. And after the parents pass away, the children would continue to serve on that board and continue to make decisions concerning which charities they want to support.”

Create a Will With Legal Assistance

Taking the time to draft a will is one of the most meaningful ways to protect your family’s future. It clarifies your intentions, appoints trusted decision-makers, and reduces the likelihood of disputes. Even if your circumstances evolve, your will can be easily updated with professional help.

Visit the Super Lawyers directory to find an experienced wills and estate planning attorney in your area for guidance through the legal process.