What is included in a will?

Estate planning can seem like a daunting task, but creating a last will and testament does not have to be complicated. In fact, with an online self-help resource like FreeWill, you can create your will quickly, easily, safely, and for free. It often only takes 20 minutes to fill out the information needed to create your last will and testament!

Before you begin, it may be helpful to learn about some basic things that your will can accomplish.

Name an executor for your will

The executor of a will (also known as a “personal representative”) is the person responsible for carrying out your final wishes, as set forth in your will. You can use your will to nominate the person you most want to serve as your executor, and even to name alternate options in case your first choice is unable or unwilling to serve.

Once your executor has been approved by the local court, he or she will be legally empowered to take actions to wind up your estate; for example, your executor can (i) distribute your property as specified in your will, (ii) sell off other property of yours if necessary to satisfy your outstanding debts and taxes, and (iii) close your financial accounts.

Name beneficiaries

In the context of a will, a “beneficiary” is a person or organization who will receive a gift or inheritance from your estate. The beneficiaries of your will can include your spouse, children, other relatives, friends, and charities.

You can use your will specify that a certain piece of property you own should be given to a certain beneficiary. For example, you might choose to leave your watch to your grandchild, or your stamp collection to a neighbor.

You can also use your will to indicate who should receive the property that remains after all the specific distributions you’ve listed are made. This remaining property is known as your “residuary” and the recipients of it are “residuary beneficiaries.”

Furthermore, for any gift in your will, you can also name alternate beneficiaries, who will receive the property only if the original beneficiary has passed away before you (or otherwise cannot do so).

Name guardians for your minor children

When the parent of a minor child passes away, the child’s other parent will typically have legal responsibility to provide for that child’s care. However, when both parents of a minor child have died, a court proceeding to appoint a guardian for the child may be necessary. (Guardians are people given legal authority and responsibility to provide for a minor’s care, custody, and property.)

If you have minor children, you can use your will to nominate specific individuals to act as their guardian, should it ever become necessary. In most instances, the court will approve your choice (unless he or she declines to accept the responsibility). This lets you have some assurance that the person appointed to take care of your children is someone you trust, and someone your children like.

In the absence of a nominee, the court will apply state laws to determine what will happen to your minor children. Typically, a close blood relative is selected to act as guardian. However, these laws will not always result in the outcome you would choose, so it’s important to make sure your wishes are made clear by naming a guardian for your minor children in your will.

Name caretakers for your pets

Most state laws consider pets to be property. To make sure your pet will be cared for, you can use your will to name an individual to receive your pet as a gift, and ask that he or she be responsible for its care. You may also consider leaving that caretaker a sum of money to help with the pet’s care.

Make sure you follow your state’s laws governing the will’s execution

The legal requirements for a valid will are determined on a state-by-state basis. Most require you to sign your will in front of two witnesses, who will attest that the will is genuine and represents your intentions and desires. The free online self-help tools available through FreeWill will provide you with instructions, explaining just what you need to execute a valid will in your state of residence.