Many people believe that they are too young to need a will, but planning for the future and protecting your assets is necessary, no matter your age. It is never too early or too late to start your first will, especially if you want to prolong your legacy and protect your family. WW Partners can help you understand the need for wills and testaments and create the proper documents that will set future generations up for success.
A will is a legal document that states your intentions for distribution of your assets and wealth after your death. A valid will will allow you to designate the caregiver for minor children, distribution of assets to beneficiaries, and providing a monetary living for your spouse. As soon as you have investments, property, or children, setting up a last will and testament will protect everyone when you inevitably pass.
What Information Goes Into A Will?
There are a few important pieces of information that need to be featured in a will. First you will designate who your property goes to. This can include property, belongings, money, or heirlooms. Those you designate to take your property are called beneficiaries and will only receive the assets you designate.
Wills will also name a personal representative who handles the distribution of assets and the rest of your estate. The executor of the will makes sure there is no frustration or competition between the family members over different assets.
The last piece of crucial information to include in your will is naming a guardian for children under 18. Naming a guardian or multiple guardians for your children will ensure they end up with someone with similar values or backgrounds, rather than a court appointed guardian.
Types Of Wills
There are multiple types of wills that can benefit different circumstances. Depending on how large and complicated your estate is, or what assets you currently own, some of these wills may not work for you.
Simple Wills
A simple will allows you to state your basic wishes and don’t include multiple stipulations. Although the name says simple, you can accomplish a lot with a simple will, including appointing an executor and designating a guardian.
Testamentary Trust Wills
Testamentary trust is also known as a trust under will that is written inside of your developed will. Testamentary trusts distribute assets how you want but the actual trust isn’t established until after you pass. These trusts will go through probate and are often used when your beneficiaries need care over an extended period of time, including those with special needs.
Joint Wills
Similar to a mutual will, a joint will has one document where the spouse is the initial beneficiary of the whole estate and the final beneficiaries are your children when both you and your spouse pass. A joint will is for two people and becomes irrevocable once one partner passes.
Online Wills
When done properly, an online will can provide adequate protection at a reduced cost. Instead of going the traditional estate planning route, online wills can help you save money and still have confidence in the legality of the document. Make sure to do plenty of research on the authority of the site and ensure that your document will hold up in court.
Deathbed Wills
The least effective type of will is a deathbed will as it is written in a dire state. When you are near your death, you may not be making the best decisions and could cause a myriad of problems. Deathbed wills often have missed assets or mistakes due to poor communication or mental state.
Holographic Wills
These wills are written and signed by hand which is not that common in today’s modern world. They are generally used after you experience an extreme or unexpected life situation and you don’t want to spend the time meeting with an attorney. Holographic wills are not recognized in all states.
Nuncupative Wills
These are spoken wills and aren’t recognized the same way in every state, so you may need to do research if you feel a nuncupative will is best. Nuncupative wills may need witnesses to write down your wishes after they are spoken out loud.
Planning With WW Partners
Working with an estate attorney is important to the validity of your will. Our team at WW Partners can help you formulate your last will and testament with confidence. Our lawyers specialize in many different things and have expertise in a variety of areas, to serve many clients in the Salt Lake area. Reach out to us to plan for your future and protect everything you have worked so hard for.
Client-Focused & Results-Driven
Frequently Asked Questions
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How Much Does A Will Cost?
Depending on the type of will you choose and what needs to be put in your will, the cost can significantly vary. A typical will that is developed with an attorney can range from $200 to $1,000. Complex estates or comprehensive services may cost upwards of $3,000.
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What Should You Not Put In Your Will?
Digital estate items, life insurance, joint property, and funeral plans. Working with your attorney will ensure you put the best assets in your will or keep things out that could hurt you down the line.