Did you know…not everyone will need a will? If you have no relatives and don’t care if the state gets everything you own, you may not need a will. Or, if you have no assets or possessions or you’re okay with your closest relative (such as a parent or a sibling) inheriting everything you own, then you may not need a will in that situation, either. Even so, beware: states vary in how things are divvied up once you pass away.
That’s why taking the time to write a will is important if you want control over what happens to your assets, property and possessions. We offer a do-it-yourself will kit for Washington State that makes it super easy to write down your wishes. But before we get to that, let’s look at some of the basics.
What a Will Does and Doesn’t Cover
A will is a legal document that explains your wishes for distributing your property and assets. Some things aren’t established in a will, though. For instance, according to EstatePlanning.com, a service provided by The WealthCounsel Companies, if you name a beneficiary on your life insurance polity or retirement accounts, a will is not needed for that beneficiary to inherit the asset. But that also means you can’t name someone else to inherit this asset in your will, either.
Requirements for Creating a Will
You’ll need to be legally capable of creating a will, which is why witnesses are required (see below). You must also be 18 years of age or older to make a will. Once you create a will, you need to store it somewhere. If you want your loved ones to find your will, make sure to tell someone where to find it upon your death. If no one can find your will, the state will determine who inherits your property.
Decide Who Inherits What
Decide who inherits your assets, property and possessions. Don’t forget digital assets. When filling out a will, use the recipient’s whole name, rather than identifying them as your wife or child, as this helps eliminate confusion, says Megan Leonhardt in an article written for Money magazine. She also recommends being very specific about assets, such as providing the address for property or writing down precise descriptions of personal property you plan to leave in your will.
RELATED: Click here to read our blog post about 5 things you need to know about digital assets.
According to a blog post by Redmond-based Pacific Northwest Law Group (PNWLG), your will must be signed in the presence of two or more witnesses. Otherwise, the will may not be valid. Holographic wills, which are written by hand and do not have witnesses), are not valid in Washington state, says PNWLG. But PNWLG says that if a holographic will was created in a state in which they’re allowed, then Washington state honors the will.
Why worry what will really happen when you can instantly download our do-it-yourself will kit, fill it in, get it witnessed by two people and you’re done? If you have questions or want to divvy up your assets in a way that requires more detailed planning, check out our lawyer referral listings.
Click here to buy an instant download of our DIY Will Kit. If you prefer, you can order a print copy, and we’ll mail the kit to you.
This blog post is not offered as specific advice, which may only be provided by an attorney based upon each individual situation. To find an attorney, click here to visit our attorney referral page.