Many people believe that wills are only for the wealthy or for those who own property. That's simply not true. If you have specific wishes - such as donating to your favorite charity or providing guardianship to your minor children or pets - then you need a will. Watch this video clip for details on drafting a will, powers of attorney, trusts, what happens to your estate when you don't have a will, and more. Access all the material referenced in this video and more here.
Write a Will Video Transcript
Many people believe that wills are only for the wealthy or for those who own property. That's simply not true. If you have specific wishes - such as donating to your favorite charity or providing guardianship to your minor children or pets - then you need a will.
Have a will prepared by a lawyer whom you trust. It will give you peace of mind that your final wishes, consistent with your state laws, will be followed.
And before visiting your lawyer, review the estate planning checklist on lawyers.com to ensure you're collecting the relevant information that will facilitate your meeting.
What if you die without a will? State law will dictate how to divide your property, who the guardians for your minor children will be, and who will be appointed executor to administer your estate. As you can imagine, the choices made by the state may not match your final wishes. That's why it's critical to draft a will.
Once you draft a will, remember that it's just as important to keep it updated. If you have a life event, such as having a child, getting a divorce, or relocating to another state, you should update your will. Do you need an entirely new will? Not necessarily.
If the change is simple, doesn't affect the meaning of the will, and creates no conflicts, then you may be able to draft an amendment, called a codicil. Since a codicil must be signed in the same way as a will, you will need to contact your lawyer to ensure your codicil is valid. For more information on codicils, visit lawyers.com.
Last but not least, always keep your will in a safe place where it can be easily found after your death. Remember, a will that can't be located is the same as not having a will at all. When that occurs, state law determines what should happen to your estate.
Have additional questions about wills? Contact an estate planning attorney in your area by going to the "Find a Lawyer" section on lawyers.com.
Have questions about other life events? Then go to the Life Events section on lawyers.com for more helpful video tips.
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