Why Should You Have a Will? Individuals to Whom You Did Not Intend to Give Your Assets

Wills What you need to know about creating a Last Will and Testament

What is a Will? A will is a legal document that gov- erns the disposition of your probate assets at your death. In your will, you may designate in your who will receive specific assets or cash amounts, or you may elect to have all of your assets distributed to one individual, to a trust then in existence, or to a charity or organization. In addition, your will may create a trust known as a testamentary trust at your death to hold assets for the benefit of individual(s) or an organization. The Executor of your will is charged with martialing your probate assets and coordinating the distribution of those assets pursuant to the terms of your will. Without a will, your probate assets will be distributed pursuant to Washington law and may pass to Why Should You Have a Will? individuals to whom you did not intend to give your assets. A will allows you to choose the individuals or organizations that will receive your probate assets at your death. executor has a fiduciary duty to follow the terms of your will. You should con- Without a will, your probate assets will the terms of your will. sult with your estate planning attorney be distributed pursuant to Washing- about the designations you have in ton law and may pass to individuals to Probate Assets: Probate assets are place. whom you did not intend to give your any assets that are subject to probate assets. In addition, a will can prevent under Washington law. These assets Tangible Personal Property: Your family arguments over who gets what are distributed pursuant to the terms tangible personal property includes and allows you to provide your fam- of your will. items such as jewelry, silver, art, ily with your last wishes regarding the sporting equipment, and sentimental distribution of your probate assets. Non-Probate Assets: Non-probate as- items. Tangible personal property can sets pass pursuant to beneficiary des- be distributed pursuant to a written Basic Terms ignations. For example, your life insur- list signed by you. However, any tan- Below is a list of terms that will help you ance as a designated payee, your bank gible personal property you own at understand the function of a will. account has a pay-on-death designee, your death not included on such a list and your retirements have designated will either pass as a specific bequest Executor: An individual needs to ad- beneficiaries. Non-probate assets pass (if indicated in your will), or with minister the terms of your will. This to the designated beneficiaries pursu- the residue (if no specific bequest is person is known as the executor. The ant to those designations rather than made).

A Washington State Bar Association consumer information guide created in cooperation with the WSBA Real Property, Probate & Trust Section Wills Beneficiary: A beneficiary is any in- Creating Your Will This pamphlet was prepared as a public ser- dividual, organization, or even your Your will is a legal document that can vice by the Washington State Bar Associa- pet that benefits from your will. For be changed at any time prior to your tion. It contains general information and is not example, if you leave all of your pro- death, so long as you have capacity. intended to apply to any specific situation. If you need legal advice or have questions bate assets to a single charity, then the Your will should be prepared by a le- about the application of the law in a particular charity is a beneficiary. Alternatively, gal professional. The terms of your will matter, you should consult a lawyer. if you leave all of your assets to your dictate how your probate assets will be children, then each of your children distributed after your death, and how Washington State Bar Association would be a beneficiary. It is important your expenses, debts and liabilities (if 1325 4th Ave., Ste. 600 to note that the term “beneficiary” is any) will be paid. Seattle, WA 98101-2539 also used with regard to trusts, retire- 800-945-WSBA • 206-443-WSBA ment accounts, and other financial Selecting an Executor www.wsba.org products. A beneficiary of your will Selecting an executor is a very personal may not necessarily be a beneficiary decision and should be a trustworthy of your trust or retirement accounts. individual. You can designate more You should consult with an estate than one individual to serve as your planning attorney to coordinate these executor and you should designate an designations. alternate executor.

Specific Bequest:A specific bequest is Maintaining Your Will a specific gift to a specific beneficiary Once your will is executed, it remains or group of beneficiaries. For example, in effect until you revoke it or revise it. if your will provides, “My executor There are several ways to revoke a will shall distribute my car to my sister, and to revise it. You should consult with Jane Doe,” then you have made a spe- your estate planning attorney if you cific bequest of your car to your sister want to revoke or revise your current Jane. If your will provides, “My execu- will. It is important to keep the original tor shall distribute $500 to each of my will in a safe place, such as a safe depos- living children,” then you have made a it box or a safe in your attorney’s office. specific bequest to each of your living children and each child will receive Revising Your Will $500. Specific bequests are the first You should review the terms of your distributions made from the probate will every five years, as well as any time assets after all liabilities and adminis- a major change occurs to your fam- trative fees have been paid. If the value ily situation or your financial situation. of the remaining probate assets is not For example, you should review your sufficient to satisfy your specific be- will to make sure the terms are consis- quests, then the amounts distributed tent with your wishes at the birth of a to the beneficiaries will change. For child, death of a family member, inca- more information on how this adjust- pacity of your spouse, or if a fiduciary ment is made, you should contact your appointed under your will is no longer estate planning attorney. willing to serve.

Residue: The Residue of your estate Fees and Costs Associated with consists of any Probate Asset remaining Your Will after all of your Specific Bequests have The fees for drafting a will vary, -de been satisfied and all of your debts and pending on the terms of the will and liabilities have been paid. Similar to a whether or not testamentary trusts are Specific Bequest, the terms of your will established under the will. You should dictate the individual(s) or organiza- consult with your estate planning at- tions that will receive the Residue of torney on the estimated costs. your estate.