wills in washington: questions, answers and options
DESCRIPTION
This presentation talks about wills in Washington and aims to answer various questions people may have about them.TRANSCRIPT
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WILLS IN WASHINGTONQUESTIONS, ANSWERS, AND OPTIONS
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WHAT IS A WILL?1
A will, sometimes called a last will and testament, is a legal document.
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Washington law allows you to make specific choices through your
will that you cannot make in any other way
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WHAT CAN YOU DO WITH YOUR WILL?2
There are several key choices you get to make when making a last will and testament
Here are some of the most important:
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Leave inheritances when you die
Choose someone to become a guardian of your young children
Direct the creation of a trust to hold property until your children are old enough
Nominate someone who will manage your property after you die until it can be transferred to new owners
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WHAT IS AN ATTESTED WILL?3
The state of Washington allows people to create different types of wills, but an attested will is the most common
and least problematic
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Legal Requirements
In writingYou must make an attested will in writing. It must be printed as a document.
SignedIf you make a will you have to sign the document personally. If you are physically unable you can direct someone else to sign it for you.
WitnessesAttested wills must also be signed by two competent adult witnesses. The two witnesses should see you sign the document and then sign it in your presence.
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ARE THERE OTHER TYPES OF WILLS?4
Washington also allows for
oral wills, but not handwritten wills
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Oral Wills (called nuncupative wills)
You can create an
oral will simply by voicing your choices in the
presence of witnesses
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You can only make an oral will to dispose of personal property worth no
more than $1,000
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However, if you are member of the Armed Forces you can also use an oral will to dispose of your wages or personal property.
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WHO CAN MAKE A WILL?5
The ability to make a last will and testament is known as
“capacity”
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In order to have capacity in Washington you must meet specific requirements
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ADULT Only someone age 18 or older can make a will
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SOUND MIND You can only make a will if you have the mental capacity to make choices and understand their effects. Most people have legal capacity, but if a court has determined that you are incompetent or you are suffering from a medical condition that makes you unable to make knowing choices, you do not have capacity.
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WHAT IS A TESTATOR?6
Anyone who makes a last will and testament is referred to as a testator
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Sometimes the word “testatrix” is used when a woman makes a will, but “testator” is often used
to refer to either men or women
To be a testator you must have capacity
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WILL CLAUSES7Wills can include any number of clauses
While state law imposes specific requirements, there are a range of optional
clauses that, though not necessary to create a legally valid will, are very important
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Choosing a Representative
After you die, someone will have to manage your affairs and take care of your property until it can be
distributed to new owners
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This person is known as anexecutor or personal representative
You can choose whom this person is by nominating that person, as well as alternates, in your will
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If you die someone will have to care for your young children
Guardian
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This person is known as a guardian,
and you can select whom you want this to be in your
will
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Testamentary Trust
Your young children will not be able to legally own any property you leave to them
until they are adults
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You can use your will to create a trust that will manage that property until your
children are old enough
You can also select a trustee who will manage the property on behalf of the children
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Pour-over
If you create a will to complement a living trust, you can create a clause that says all of the property you leave behind will be transferred to the living trust to distribute
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NOT HAVING A WILL8The main reason people should create a will is because you have legal choices that you can only make through your will
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Washington Chooses
If you fail to create a will the state of Washington has adopted
laws that effectively make your choices for you
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Only by creating a will can you ensure that your choices are honored
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Family Conflict
A will allows you the chance to not only help your family by giving them property, but it also gives you a chance to make sure that they know
what you want after you die
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If you don’t leave a will and specifically address the important choices you can make, your family may end up fighting because they cannot agree about what you would have wanted
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DO I HAVE TO REGISTER MY WILL?9
NOEven though the state of Washington has a will repository, you do not need to use it in order to create an effective last will and testament
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Someone will have to submit your will to a Washington probate court after you die, but you do not need to register your will with any government office before then
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CAN I CHANGE MY WILL LATER?10
ABSOLUTELYA will is simply an expression of your choices
If you create a will and later change your mind, all you have to do is update the will
to reflect your new wishes
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Revocation
If you want to completely get rid of your will
you can revoke it
You can revoke your will by either physically destroying it or making a new will that specifically states the old document is no longer valid
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New Will
You can choose to create a new will at any time as long as you remain of sound mind
You can change any or all of your prior choices when you create a new will
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Codicil
Codicils are will amendments that you can use to change mistakes or terms in the previous will
Codicils have to meet the same legal requirements as your will, and are typically used to make minor changes
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ACT NOW11
Far too many people delay making a will because they believe there will be time to do it later
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This procrastination can cause significant problems for your family
It’s always better to act now even if you don’t believe you have a lot of property to give away
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A GOOD PLACE TO START12
While creating a will is an excellent
choice, it is not enough
A good estate plan contains many key elements that address specific legal issues not covered under your last will and testament
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Medical Wishes
A living will is a document in which you state the kind of medical choices you would want to
receive if you are disabled
Living wills and wills are not the same thing
You can also create a durable power of attorney in which you name someone to represent your medical
wishes if you are incapacitated
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Financial Management
Someone will also have to manage your financial affairs when you’re incapacitated, and because a will only applies after you die, you cannot
use your will to appoint someone to this position
You can, however, create a
financial power of attorney to do this
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Other Elements
Planning on long-term care, creating trusts that minimize estate tax burdens, and other issues that you’ll need to consider with tools other than a will
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