Frequently Asked Questions:  Wills

 
WHAT IS A WILL?
A will is a legal document that takes effect upon your death and in which you identify the persons or institutions who you want to receive your property and possessions upon your death.
 

WHY SHOULD I HAVE A WILL?
A will is a way of insuring that your property and possessions go the persons or organizations that you want them to go to after your death. With a will you can name:

• Your beneficiaries or the persons who will inherit your "estate" or the things you own

• A guardian or the person who you want to take care of your children in case your and your spouse die when the children are minors.

• An executor or the person or institution who will collect all your property and assets, pay your debts, and distribute your estate to your named beneficiaries.
   

WHAT HAPPENS IF I DON'T HAVE A WILL?
If you die without a will, your assets and property will be distributed according to state law. If you are married, you community property goes to your spouse. If you don't have any children, your separate property will also go to your spouse. If you have children, your separate property is divided between your spouse and your children depending on the number of children you have. If you should die without any living relatives, the state gets everything you own.
 

CAN I CHANGE MY WILL AT A LATER TIME?
Yes. In order to keep your will up-to-date, you can change your will through a "codicil," which is a legal document that becomes an addition to your will. However, for extensive changes, it is best to write a new will.