Last Will and Testament

The Basics

A will is a document that outlines how a person's estate and assets will be distributed upon death. Unlike trust, wills are not living documents (they only come into effect after death) and must go through probate. however, wills can be useful for individuals with relatively simple estates.

For a will to be valid, generally three things are required:

1. The will must be writing
2. The will must be signed by the testator (the person making the will)
3. The will must be witnessed by two "disinterested witnesses"

Wills can also be "self-proving," meaning that wills can be notarized. This is important because if the will is not notarized, in the probate proceeding, the witnesses to the will must testify that the will was signed properly. Luckily, every GoGo Estate will comes with a notary affidavit to allow the will to be self-proving.

Who Should Have an Essential Plan?

Generally, the following types of customers could benefit from having an Essential Plan:

1. Those with less than $250,000
2. Those with adult children or no children at all
3. Those with simple estates

The Details

The Will included in our Essential Plan covers a wide range of matters, including the appointment of a personal representative. The personal representative (sometimes called the "executor") is the person responsible for handling the estate and shepherding the will through probate.

The Will also includes distribution provisions. Prior to distribution of probate assets, the personal representative must pay any remaining debts, taxes, and expenses out of the testator's estate. Once those are paid, then the personal representative can distribute the remaining assets.

Some states allow for the testator to keep a separate written list disposing of tangible personal property. You can see which states allow this type of planning here. If your state allows this, the Will included with your Essential Plan will have such a list. If you don't keep a list, or if a list isn't allowed in your state, your designated beneficiaries can agree amongst themselves how the tangible personal property will be divided.

Speaking of beneficiaries, for married couples or those in domestic partnerships, your spouse or partner will be considered your primary beneficiary. If your spouse or partner dies before you, then you can designate who the remainder beneficiaries will be. If you are single, then your assets will go to whomever you designate as beneficiaries.

A word of caution: If you come from a blended family, the surviving spouse or partner will inherit the assets and can then do with them as they please. In other words, once you die, your spouse or partner can write your children and grandchildren out of their will. This is why so many people from blended families choose to purchase a Complex Plan instead of an Essential Plan.

The remaining provisions of the Will included in the Essential Plan is relatively standard. The provisions include how the estate will be administered, the powers of the personal representative (both given by statute and by the terms of the Will), and definitions of certain terms found throughout the Will. The Will also includes an incontestability clause so that any beneficiary challenging the terms of the Will in court will be disinherited from your estate. When the Will is signed in accordance with the instructions provided, it becomes legally binding and enforceable.

Create a Will Online

If you are in need of a simple Will, GoGo Estate has your back with our Essential Plan. Consider creating an Essential Plan today!