When it comes to estate planning, most people are familiar with the last will and testament. However, you may not be clear on what this document can do for you and your family, or if it’s truly necessary. To address your queries, take a look at these frequently asked questions about wills.

4 FAQ About Drafting a Will

Why do I need a will?

If you pass away without a will, the probate court would take control of your estate. After paying off your debts and taxes, they would distribute the remainder to your next of kin, starting with your spouse and children.

However, this distribution arrangement may not be to your liking—such as if you and your spouse were separated, and you were in a relationship with someone else. Plus, there would be no specificity when distributing assets to your beneficiaries—such as if you wanted your son to have your baseball card collection, and your best friend to inherit your classic car.

What’s the difference between a last and living will?

A last will is used to designate certain assets to certain beneficiaries. These individuals will receive their parts of your estate once you pass away. A living will makes arrangements for your end-of-life care.

For example, it might state which hospital you’d like to be placed in, who you’d like to read your last rites, and whether you’d like a burial or cremation.

What can a will do that a trust can’t?

While a trust can be used to set aside assets for beneficiaries, it can’t be used to name guardians. Therefore, if you have minor children, you’ll need a will to designate their new guardians after you pass. You can also use a will to choose a new owner for a pet.

Wills also allow you to make arrangements for leftover assets—those you forget to explicitly list out. You can simply state that the remainder of your estate be left to a certain individual or charity, instead of listing out every single object you own.

How can I change my will in the future?

If you experience a major life change, such as a remarriage, the birth of a child, or estrangement from a close relative, you should draft a new will to avoid confusion. However, if you need to make a small change—such as a new address, or a beneficiary who changes their last name—you can amend your will with a document called a “codicil.”

If you’re ready to draft a will and leave a legacy for your loved ones, let Stayton Law step in. They cater to clients throughout Willamette Valley, OR, and they have two decades of experience creating personalized legal strategies. In addition to estate planning, they can also help you set up a business, protect your elderly loved ones, and manage real estate transfers. To learn more about their areas of practice, visit the website. You can also call (503) 769-7741 to schedule an estate planning consultation.