Here's what you need to know about the basics
of making a will.
The most basic part of just about any estate plan is a will. In some situations, it may
be all you need.
What happens if I die without a will?
If you don't make a will or use some other legal method to transfer your property when you
die, state law will determine what happens to your property. This process is called
"intestate succession." Your property will be distributed to your spouse and
children or, if you have neither, to other relatives according to a statutory formula. If
no relatives can be found to inherit your property, it will go into your state's coffers.
Also, in the absence of a will, a court will determine who will care for your young
children and their property if the other parent is unavailable or unfit.
Do I need a lawyer to make my will?
Probably not. Making a will rarely involves complicated legal rules, and most people can
draft their own will with the aid of a good self-help book or software program. You just
need to know what you own, whom you care about, and have a good self-help resource to
guide you.
But if you have questions that aren't answered by the resource you're relying on, a
lawyer's services are warranted. Even so, you don't have to turn over the whole project;
you can simply ask your questions and then finish making your own will.
For more information, see Do You
Need a Lawyer to Make Your Will?
I don't have much property. Can't I just make a handwritten will?
Handwritten wills, called "holographic" wills, are legal in about 25 states. To
be valid, a holographic will must be written, dated and signed in the handwriting of the
person making the will. Some states allow you to use a fill-in-the-blanks form if the rest
of the will is handwritten and the will is properly dated and signed.
If you have very little property, and you want to make just a few specific bequests, a
holographic will is better than nothing if it's valid in your state. But generally, we
don't recommend them. Unlike regular wills, holographic wills are not usually witnessed,
so if your will goes before a probate court, the court may be unusually strict when
examining it to be sure it's legitimate. It's better to take a little extra time to write
a will that will easily pass muster when the time comes.
