Last Will and Testament

What is a Last Will and Testament?

A last will and testament is a legal document that outlines what should be done with your property and other affairs after you pass away.

You can leave charitable contributions and other bequests by including them in your last will. Finally, you can describe how you want your funeral conducted, and set aside money for it.

To make or witness a will or serve as an executor, you must be old enough. This is 18+ in most states. A notable exception is Georgia (14+). In certain situations, you can make a will when you’re younger — for instance, if you’re in the armed forces or married.

If you die without a will — known as dying intestate — your state’s laws define who your property goes to and who cares for your children. You need a last will if you want to make your own choice about what happens to your property and loved ones after you pass away.

A will can be created as an alternative or in addition to a revocable living trust.  It’s crucial that you understand the differences between a will vs trust, and which is right for you.

How to Write a Will

If you want to write your own last will and testament, you need to understand the following key terms:

• Testator (or testatrix for women): you, the person making the will
• Probate: the legal process carried out in court after you, the testator, pass away — specifically to assess your last will, and make sure it’s valid
• Executor (or executrix for women): the person you name to settle your affairs and make sure your wishes, as outlined in your will, are carried out
• Guardian: the person you want to look after your children, elders, and/or pets if your spouse is also deceased or cannot care for them
•  Beneficiary: the people or organizations who you want to receive your assets
• Assets: money, property, and other items of value
• Witness: someone mentally fit and of legal age who signs your last will and can verify its authenticity

To write your will — for example, by using our free will template — simply fill in the blanks with your information. You’ll need to have this simple will template witnessed and notarized according to your state’s laws for it to come into legal effect.

When writing your own, there are several steps you need to follow:

Appoint an Executor

The executor is the person you want to settle your affairs and make sure your last will is fully carried out.

Your will should also name a backup executor in case your first-choice executor passes away first or can’t serve for some other reason (for instance, because they disappear or suffer from a mental health condition).

You can arrange for the executor to be paid for their time. This payment can be a percentage of your estate or a flat or hourly fee.

Designate Guardians

A guardian takes responsibility for your dependent minors (children) or elders if you and your spouse are deceased, or if your spouse cannot care for them after you pass away.

You can also use your last will and testament to appoint a pet caretaker and set aside money for your pet’s care.

If you want to compliment your will with a trust, you’ll need to learn about the types of trusts available, and the differences between a revocable vs irrevocable trust.

Identify Assets and Beneficiaries

Your assets are your money and property. They can be either real assets (for instance, tangible personal property, land, and houses) or digital assets (such as online accounts, including social media accounts and domain names, and money in various online accounts).

Identify all of your assets in your last will and testament and what you want to be done with them after you pass away.

Beneficiaries are people and organizations who you want to receive your assets. Most commonly, these are family and friends, but they can also be charitable organizations and other institutions you donate your assets to (like a university or church).

Before your assets are distributed to your beneficiaries, debtors collect what you owe them from your estate. The remainder is your residuary estate.

Also note that only assets owned solely by you at the time of your death are included in your estate.

For example, a joint bank account in the name of you and your spouse will not be part of your estate, as it becomes your spouse’s property. This also applies to homes, automobiles, land, life insurance, and any asset that includes more than one owner on the title or that specifies in the title who the beneficiaries will be.

Plan and Pay for Your Funeral

When you fill out your will form, outline your funeral wishes. Include how and where you want it held, and allocate money for it.

Also, if you expect significant medical expenses in the days before your death, put aside funds to cover them.

Name a Witness and Sign

To make your last will and testament official, it must be signed by both you and at least two witnesses (the number depends on the law in your state).

State laws also differ on who can be a witness to a last will, but typically they must be a disinterested party, of legal age, and of “sound mind.”

If you want to change your will, you can either create a new one, or amend your existing one by using a codicil to your will.