A will is a written document in which you designate how you want your property and personal affairs to be handled after you die. Your will has no legal effect until you die. In your will, you name who you want to (1) receive your property, (2) care for your children if they are minors or incapacitated when you die, and (3) serve as executor--the person who is responsible for seeing that all of the matters involved in settling your estate are properly handled. You can also include in your will a statement of your spiritual beliefs, values, and other personal sentiments that may comfort and encourage your loved ones after your death.
To be valid, your will must be a written document that you have signed at the end of the document in the presence of at least two witnesses. Therefore, oral promises, unwitnessed letters, and names taped onto objects do not have any legal effect. Your witnesses should not be related to you or named in your will in any way, such as beneficiary, guardian of minor children, or executor. You must be of sound mind and not acting under any restraint when you sign your will. Sound mind means that you are able to understand what you are doing. Not acting under any restraint means that you are signing your will freely and voluntarily because you want to, not because anyone or anything is making you sign your will.
If you already have a will and want to change or revoke it, please talk to your lawyer about how you should do that because you cannot just change your will by writing on it. Changes have to be made in a very special way, just like signing your will. The same goes for revoking your will. If you have a will, don't like it, and don't want it anymore, please call your lawyer about how to revoke your will.
A will may be the only document or one of a number of documents in your estate plan. For example, if you retain complete ownership of your property--that is, you make no other arrangements that will control how your property passes when you die--your will is your estate plan if the will disposes of all of the property that you own. On the other hand, if you have established various other property arrangements (such as JTWROS, RLT’s, or beneficiary designations on assets), very little of your property may pass under your will. In that event, your will may not be a very significant document in your estate plan, but your will is still a necessary document because you do not know how and under what circumstances you will die. If you are married, both you and your spouse each need a separate will.
If you die without a will, the state has written one for you by what is called the law of descent and distribution. There are other important reasons why you still need a will, such as appointing your executor and guardian for your minor children and dispensing with bond for these persons, which can be quite costly.