Will

What is a will?

If you die without a legal will (or a Trust) in place, state law will determine how to distribute your assets and who will become the guardian of your minor children (if applicable). A will helps you take control of your estate planning. Your estate refers to the sum of your assets—including property and possessions—at the time of your death, minus any debts or liabilities.

In addition to asset distribution, a will can also designate guardians for minor children and an executor of your estate. 

In short, a will does do the following: 

• Designate beneficiaries of your estate 
• Determine the distribution of your assets
• Name the guardian(s) of minor children 
• Assign an executor of your estate

A will doesn't govern non-probate property—assets owned by a trust or those that have named beneficiaries. The following are common examples:

• Joint property 
• Pay on death bank accounts
• Life insurance
• Retirement accounts

For more information on wills, check out this estate planning guide.

FAQs 

What makes a will valid?

That depends on state laws. However, most states require the following for a valid will execution:

• Signed by the testator (person making the will) while they are sound of mind
• Signed by two witnesses who are competent adults and not a beneficiary

Are wills legally binding?

A will is typically legally binding as long as it's valid based on state law. 

Can you write your own will?

Yes, you're legally allowed to write a will yourself. However, it's wise to seek legal advice. Consulting an estate-planning attorney may cost more money upfront, but it could save your loved ones a lot of time, money, and stress in the future by helping ensure a smooth probate process.

What is the difference between a will and a trust?

A last will is quicker and easier to set up, but it needs to go through the court probate process after your death. Probate court can be time-consuming and expensive, depending on your state. A living trust allows your loved ones to avoid the potential hassle of probate court. But trusts require you to change the title to most of your assets, which means more paperwork and ongoing maintenance. For more information, please see the difference between a will and a trust.