8 Commonly Asked Last Will and Testament Questions

It might be intimidating to begin an estate plan, and you certainly have a lot of questions. You're not alone. As they begin to consider estate planning, the following are eight frequently asked questions about last wills and testaments.

1. Aren't Wills Just for Rich People?

This is a typical myth. Wills also referred to as last wills and testaments, are not only used by the wealthy. You can specify who you want to inherit your possessions—including cash, real estate, and items with sentimental value—in a will.

It would also be wise for you to have a prepared will in which you name a guardian if you have children who have not yet reached adulthood. You should make a final will even if you don't think you have enough property to warrant one so that you can specify how and to whom you want your assets divided after your passing.

2. How Long Are Wills Valid?

The last thing you probably want to do after spending the effort to write a will is to do it again. A last will does not, fortunately, expire.

However, your most current property and life developments should always be reflected in your estate planning documents. Reviewing and amending your last will and testament is a wise idea, for instance, if you get married, divorce, have kids, gain or lose property. Think about having a lawyer review your will and other estate planning documents at least once every ten years.

3. My Will: Is It Valid?

In accordance with the laws of your state, you should make sure that your final will and testament is legal. Each state has its own criteria for wills, but generally speaking, a person must be at least 18 years old and the document must be in written, signed, witnessed, and notarized. This is why it is essential to work with a skilled estate planning lawyer while creating these forms.

A last will that meets the legal criteria in your present state may be transferred to the new state if you move there. However, you should always evaluate and amend your will as necessary by working with a knowledgeable in-state estate planning counsel.

4. Does My Last Will Protect All of My Assets?

Any property that you possess entirely in your name can pass through your will. However, you must specify in your last will and testament the assets you want to leave to your heirs. If you do not include property in your will, there are a number of ways that it may transfer to your heirs. In the event that you have other estate planning agreements (such as an irrevocable trust), the provisions of such papers will control how the assets subject to them pass to your heirs.

State law, known as intestate succession, controls how your property is distributed if you pass away without leaving a will. Following are further details about intestate succession.

You can specify in your will who you wish to act as your children's guardian in the event that you pass away if you have small children. Without a will, your estate administration may be more expensive, which would reduce whatever inheritance your children may otherwise have received. Additionally, you can think about including information about your pet-related plans in your will.

5. Is it Required by Law for Me to Have a Will?

In general, the law does not require you to draft a final will and testament, however legislation may differ from state to state. But in the event that you pass away without a will, your state's intestacy rules will determine who gets your possessions. This implies that any wishes you may have had regarding the donation of particular assets to particular persons in your life or to a charity you wished to support will not be taken into account.

Death without a will is referred to as an intestate death. A state's intestacy laws determine how to distribute an intestate person's assets through a procedure known as intestate succession. State-by-state intestacy laws vary, but normally close family members inherit a portion of an intestate person's assets. Your spouse, children, parents, and siblings—your immediate family—will frequently inherit first. If you do not have close relatives, such as grandparents, your property may pass to more distant relatives through an intestate succession.

6. Will My Spouse Automatically Acquire Everything if I Pass Away First Even Without a Will?

No, if you pass away without a last will and testament your spouse will not automatically receive your possessions. If you are married with kids and your property goes through intestate succession, your spouse often gets a spousal part of your estate. The size of a spousal share may differ depending on the rules of your state.

7. Why Is a Do-It-Yourself Negative?

Self-written last will have grown in popularity during the past few years. However, you should exercise caution when including a DIY last will in your estate plan because the laws governing estate planning are complicated and can differ greatly from state to state. DIY last will frequently have the following problems:

• 
  They are typically not reviewed by a licensed attorney.
• It's possible that they don't adhere to your state's particular legal specifications for making a valid will.
• Your entire estate might not be liquidated by it.
• A DIY may not completely meet your specific needs if you have a blended family, minor children, a second property, or a company.

8. Do I Require More Than a Will?

Your estate plan must include a last will and testament. Although it's a wonderful beginning, certain powers are not implied. You might wish to think about adding more important estate planning documents to it. Assume, for instance, that you are unexpectedly rendered incapacitated and are unable to manage your affairs or express your intentions. A health care directive would be beneficial to you if it outlined your preferences for whatever medical care you get. With a durable power of attorney in place, you may also make sure that someone you can rely on makes decisions regarding your financial, legal, and medical requirements.

Even though everyone would benefit from having a will, the majority of Americans do not yet have any sort of estate plan in place. To learn how to maximize the effectiveness of your estate plan, speak with an experienced estate planning lawyer in your area.