What is a Will?

A will, also known as a last will and testament, is a legally binding document that sets out your wishes for the distribution of your estate after your death. Think of it as your final set of instructions: it allows you to specify who will inherit your property, manage your financial and legal affairs, and perhaps most crucially, who will take care of your minor children if you have any.

Beyond just distributing assets, a last will and testament creates a clear framework for your loved ones, offering clarity in a time of uncertainty. Without a will, decisions about your estate fall to the laws of intestacy, which are government-defined rules that may not align with your personal wishes.

Understanding what a will is ensures that your voice is heard even after you’re no longer there to speak for yourself. By putting your decisions in writing, you help avoid potential conflicts among family members, which can often arise during emotionally charged periods.

‍

Why Everyone Should Have a Will

You might think a will is something only older folks or the wealthy need, but that’s a misconception. Honestly, having a will is a smart move for everyone, no matter your age or financial situation. Picture it like this: a will is your chance to lay out exactly what you want to happen with your stuff and your decisions, just in case something unexpected happens.

Even if you’re young and don’t have much, a will can cover things like who should look after your pet or how your digital accounts should be managed. It’s not just about what you leave behind; it’s about making sure everything is handled the way you’d want and taking a load off your loved ones during a tough time. So, why not make it easy on everyone and set things up now?

Types of Wills

Understanding the different types of wills can help you choose the best one for your situation. Here are the most common types:

1. Simple Will

The simple will is the most basic form of a last will and testament. It outlines who will inherit your property, names guardians for your children if needed, and appoints an executor i.e. the person who manages your estate after your death.

2. Living Will

A living will detail’s your medical care preferences if you become incapacitated. Although it does not address the distribution of your estate, it works alongside a last will to cover healthcare decisions.

3. Joint Will

A joint will is made by two people, usually a married couple. It ensures that after one spouse dies, the other inherits everything. It cannot be changed after one spouse passes away, which can be limiting.

4. Holographic Will

A holographic will is handwritten and signed by the testator (the person creating the will) but lacks witnesses. While it may be valid in some states, its informal nature can lead to disputes.

‍

Can I Update My Will?

Yes, you can update your will when significant life changes occur, such as a new child, marriage, or changes in financial status. Knowing when to update your last will and testament is part of understanding what a will is and how it evolves over time. This ongoing awareness of what a will is and its role can make a significant difference in ensuring your wishes are met.

Make Your Last Will and Testament Easy with Timely

Creating a will doesn’t have to be complicated or time-consuming. With Timely, you can draft your last will and testament in about 15 minutes online, from the comfort of your own home. Timely’s user-friendly platform makes it simple to create a will that ensures your wishes are clearly documented and binding.