What is a will?

 

A last will and testament (also known as a “will”) is “a written document…[that directs] who will own the property owner’s property upon the property owner’s death.” Examples and Explanations, 7th Edition, p.5. A property owner who, in the presence of at least two witnesses, drafts a will to distribute his or her property or has a lawyer draft a will on his or her behalf is called a testator.

 

In a will, can I name a guardian for my minor children?

 

Yes.

 

What type of person or family is a will usually the right fit for?

 

Everyone! A will is usually best for people who have a relatively low net worth; one piece of real property, such as the homeplace; 1 or 2 motor vehicles; 1 or 2 bank accounts; assets naming payable on death beneficiaries; and only adult heirs. However, even if you have a trust, you still need a will too because a will distributes anything that may not have been transferred to the trust to the trust.

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Can I change my will once it is executed?

 

Yes. You can revoke your will, but you do not have to revoke your will in order to change it. If you want to change just part of your will, you can amend your will by drafting a separate document.

 

Should I get a will if I have a durable power of attorney or a trust?

 

Yes. A durable power of attorney gives someone else the power to manage your property while you are still living but not upon your death. The durable power of attorney terminates upon your death. A will directs who will own your property at death but not while you are still living. A will does not become effective until your death. A will can pour assets that you have at death into any trust that you have had created even when you didn’t deliver those assets to the trust before death.

 

Does a will avoid probate?

 

No. To avoid probate, you need to pass your property either through a revocable living trust or by a pay-on-death designation.

 

Does a will avoid taxes?

 

In general, a will has no effect on taxes.

 

What else does a will not do?

 

A revocable trust has no effect on health care decision and does not shield assets from Medicaid.

 

Does a will need any other supporting documents?

 

No. However, even though they are not necessary for your property to be distributed, you should also get an advanced directive and a durable power of attorney. An advanced directive is essential for you to manage your health care. A durable power of attorney gives someone else (your attorney-in-fact) the ability to pay for that health care on your behalf by giving that person control over your financial resources, real property, and possessions.