What Is A Will Example?

Learn what a will is, its importance, and how to draft one. This friendly guide covers all essentials using real Utah laws to help you make informed estate planning decisions.

What Is A Will Example?

Creating a will is an essential aspect of estate planning that ensures your wishes are honored when it comes to the distribution of your assets after your death. It might seem like a daunting and complex task, especially with all the legal jargon, but by breaking it down into simpler terms, you can easily understand its fundamental principles and regulations. In this friendly guide, we’ll walk you through everything you need to know about wills using real laws from Utah to shed light on the topic. Let’s empower you with the knowledge to make informed decisions and protect your loved ones.

Understanding What a Will Is

A will, legally known as a “last will and testament,” is a written document that specifies how you want your assets to be distributed after your death. It also allows you to name guardians for your minor children and an executor to oversee the distribution of your estate. In the state of Utah, a will must meet certain legal requirements to be valid. According to Utah Code § 75–2–502, it must be in writing, signed by the testator (the person making the will), and witnessed by two individuals who are present at the same time.

Watch this video on understanding the basics of wills

Why Having a Will Matters

Having a will is crucial because it allows you to dictate how your belongings and assets will be handled after you pass away. Without a will, your estate could be subject to intestate succession laws, meaning the state decides how your assets are distributed. This might go against your personal wishes and could result in unwanted consequences for your heirs. For instance, in Salt Lake County, Utah, if a person dies without a will, their estate is distributed according to the Utah Execution of Wills Act.

Drafting a Will: What to Include

When drafting a will in Utah, you need to consider several key elements:

• Identification of the Testator: Clearly state your full name and address to identify yourself as the person writing the will.
• Revocation of Previous Wills: Declare that this will revokes any prior wills and codicils (amendments).
• Appointment of an Executor: Name a trusted person as your executor, who will carry out the terms of your will.
• Specific Bequests: Detail any specific items or sums of money you wish to leave to particular individuals or organizations.
• Residuary Estate: Outline how the remainder of your estate should be distributed after specific bequests are made.
• Guardianship Provisions: If you have minor children, nominate a guardian for their care.
• Signatures and Witnesses: Ensure your will is signed by you and witnessed by at least two individuals as required by Utah Code.

Real-World Example: Creating a Will in Utah County

Let’s consider an example of Jane, a resident of Provo in Utah County, who wants to create a will. Jane is 45 years old, has two minor children, and owns a house, a car, and multiple bank accounts. She wants to ensure her children are cared for and her assets are distributed according to her wishes.

Jane sits down with an estate planning lawyer to draft her will. She decides to appoint her sister as the guardian of her children and her best friend as the executor of her estate. Jane specifies that her house should be sold, and the proceeds divided equally among her children upon reaching adulthood. She also leaves her car to her nephew and earmarks $10,000 for her favorite charity. Her lawyer ensures the will complies with the Utah Code and that two witnesses are present to sign it.

Common Misconceptions about Wills

There are many misconceptions about wills that can lead to confusion. Let’s debunk some of the common ones:

• “I don’t need a will because I don’t have many assets.” Regardless of the value of your assets, a will is essential to ensure they are distributed according to your wishes.
• “Once a will is made, it cannot be changed.” You can revise your will at any time through codicils or by drafting a new will.
• “Only the wealthy need estate planning.” Estate planning, including a will, is important for everyone to provide for their loved ones.
• “Wills are only about distributing assets.” Wills also allow you to appoint guardians for your children and specify your funeral preferences.
• “Verbal promises are legally binding.” Only written and properly executed wills are legally recognized.

Legal Protections Provided by Wills

A properly drafted will provides several legal protections:

• Ensuring Your Wishes Are Honored: The will reflects your explicit instructions for asset distribution.
• Protecting Minor Children: By naming guardians, you ensure your children are cared for by individuals you trust.
• Avoiding Intestate Succession: A will prevents the state from deciding how your estate is divided based on intestate laws.
• Reducing Family Disputes: Clear instructions can prevent conflicts among surviving family members.

How a Will Can Resolve Disputes

Disputes among heirs are common when there’s no clear instruction on asset division. For instance, without a will, disagreements can arise over who inherits the family home. In Canyon County, this scenario could lead to lengthy probate proceedings, increasing emotional and financial stress for the family. A well-prepared will avoids such conflicts by providing a transparent and legally binding distribution plan.

Steps to Drafting a Will in Salt Lake City

To guide you through drafting a will in Salt Lake City, here are some steps you can follow:

1. Consult an Estate Planning Lawyer: Seek professional advice to ensure your will adheres to Utah law. Here is a link to a reputable estate planning lawyer in Salt Lake City.
2. Inventory Your Assets: List everything you own, including property, vehicles, bank accounts, and personal belongings.
3. Decide on Beneficiaries: Choose who will receive your assets and in what proportion.
4. Choose an Executor: Select someone you trust to carry out the terms of your will.
5. Nominate Guardians for Minors: Appoint guardians for any minor children.
6. Sign and Witness Your Will: Ensure your will is signed by you and witnessed by two individuals.
7. Store Your Will Safely: Keep your will in a secure location and inform your executor where it is stored.

FAQs about Wills in Utah

1. How often should I update my will? It is advisable to review your will every few years or after major life events such as marriage, divorce, the birth of a child, or a significant change in assets.
2. Can I write my own will? While you can draft a will yourself, consulting an estate planning lawyer ensures your will complies with Utah law and reduces the likelihood of errors.
3. What happens if I die without a will in Utah? If you die intestate (without a will), Utah’s intestate succession laws will determine how your assets are distributed. Typically, your estate will go to your closest relatives.
4. Can a will be contested? Yes, a will can be contested on grounds such as undue influence, lack of testamentary capacity, or improper execution. To minimize the risk of disputes, ensure your will is properly drafted and witnessed.
5. Do wills cover digital assets? Wills can include instructions for digital assets like online accounts and social media profiles. Clearly outline your wishes for these assets in your will.

Conclusion: Why Understanding Wills Matters

Understanding wills and the legal processes involved is crucial for planning your estate effectively. It ensures your loved ones are cared for and your assets are distributed according to your wishes. Recognizing the importance of wills helps you avoid common pitfalls and navigate potential legal challenges confidently.

To speak with an estate planning attorney, call Lawyer Jeremy Eveland at (801) 613–1472. For further assistance, you can also check this location on Google Maps.

If you found this article helpful, please clap, leave a comment, and subscribe to our Medium newsletter for updates. Jeremy Eveland 8833 S Redwood Rd West Jordan Utah 84088 (801) 613–1472

The information contained in this article is for information purposes only and is not legal advice. For legal advice, hire a competent lawyer in your jurisdiction.