Embarking on estate planning can be overwhelming, and it’s natural to have numerous inquiries. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning.

1. Aren’t Wills Only for Wealthy People?

Dispelling a prevalent misconception, last wills and testaments, commonly known as wills, are not exclusive to the wealthy. In a will, individuals can delineate the beneficiaries of their assets upon their demise, encompassing finances, real estate holdings, and items of sentimental value. Additionally, for parents of minor children, it’s prudent to designate a guardian in a valid will. Regardless of the extent of one’s assets, expressing preferences regarding the distribution of property posthumously holds significance.

2. How Long Do Wills Last?

Thankfully, a last will does not have an expiration date. Nevertheless, it’s imperative to periodically review and update estate documents to align with any changes in assets or life circumstances. Events such as marriage, divorce, parenthood, and property acquisitions or disposals warrant revisiting and potentially amending one’s last will and testament with legal counsel.

3. Is My Will Valid?

Validating the legality of a last will and testament hinges on adherence to state-specific regulations. While requirements may vary, typically, a person must be of legal age, and the document should be written, signed, witnessed, and notarized. Engaging an experienced estate planning attorney ensures compliance with legal stipulations, safeguarding the validity of these crucial documents.

4. Does All My Property Pass Through My Last Will?

Assets solely owned by an individual can be passed through a last will. However, it’s essential to itemize desired property allocations within the will, as omitting assets may lead to unintended distribution. Intestate succession laws govern the dispersal of assets in the absence of a will, potentially deviating from one’s preferences. Additionally, appointing guardians for minor children and outlining arrangements for pets within the will fosters clarity and mitigates potential complications.

5. Does the Law Require Me to Have a Will?

If you pass away without a will, known as dying intestate, your state’s laws step in to determine how your assets are distributed. This means that your specific preferences regarding who should inherit certain belongings or support particular causes might not be honored. Intestate succession, the legal process governing this scenario, varies from state to state. Typically, immediate family members like your spouse, children, parents, and siblings are prioritized in inheriting your property. If you lack immediate family, more distant relatives such as grandparents may become beneficiaries through intestate succession laws. It’s essential to recognize that without a will, your wishes might not align with the default distribution outlined by these laws.

6. Even if I Don’t Have a Will, Won’t My Spouse Automatically Get Everything if I Die First?

No, your spouse may not immediately inherit your property if you die without a last will. Usually, if your property passes through intestate succession and you are married with children, your spouse receives a spousal share of your estate. The amount of a spousal share can vary depending on your state’s laws.

7. What’s Wrong With a DIY Will?

Over the past several years, do-it-yourself last wills have become popular. However, you should be cautious about adding a DIY last will to your estate plan, as laws regarding estate planning are complex and can vary widely by state. Some common issues with DIY last wills include:

• A licensed attorney does not usually review them.
• They may not comply with legal requirements for creating a valid will that are specific to your state.
• It may not dispose of your entire estate.
• If you have a blended family or children who are not yet legal adults, or you own a second home or a business, a DIY will may not address all of your unique needs.

8. Do I Need More Than a Will?

While a last will is crucial for estate planning, it doesn’t cover everything. Consider adding other important documents to your plan. For instance, if you’re unable to make decisions for yourself due to illness or injury, a healthcare directive can outline your medical preferences. Additionally, a durable power of attorney allows a trusted person to handle financial, legal, and medical matters on your behalf.

Despite the fact that everyone would benefit from having a will, the majority of Americans have not yet put together any type of estate plan. Consult an estate planning attorney to discuss how to get the most out of your estate plan.