Everybody Needs a Will

(also known as “Last Will and Testament”)

A will allows you to control what happens to your assets (money, investments, real estate, personal belongings, etc.) after you die. A will allows you to spell out who gets what (beneficiaries). It also allows you to name guardians for your minor children and appoint an executorExecutorA person who is appointed by to execute the the legally binding will of another. to carry out your wishes. A will must go through a court supervised probate process, unless the value of the estate’s probate assets are below a certain minimum.

If you die without a valid will, the courts will distribute your property in accordance with your state’s laws. Without a will, or another type of properly executed guardian appointment document, the state will also be responsible for appointing a guardian for your minor children.

*State laws vary with respect to what constitutes a legally binding will. Many states require a will to be signed by two witnesses and notarized.