If you care about who gets your assets after you die, you know you need a will. However, there are many things about wills that a lot of people don’t know.
Here are four of them, says a story on DailyFinance.com:
1) You have to follow formalities, even in the digital age
Laws concerning wills are among the oldest on the books. They haven’t kept up with the times. You can’t do a will on your smartphone. You must sign in the presence of witnesses who may then need to testify in court after your death that the will was validly signed. In some cases, their signatures may be able to be notarized, eliminating the need to testify.
2) You may need a will even if you have few assets
Many young couples don’t have wills because they don’t have many assets. But a will covers things other than assets. It can name the person you’d like to care for your children if something happens to you, to name one. If you don’t name a guardian, a judge will do it.
3) If you don’t update your will, state laws will make decisions for you
If you get married and you don’t update your will, the law in many states will grant your spouse a share of your estate at your death, for example. If you don’t want that to happen, you have to update your will.
4) Your will can’t control who gets certain assets
Many exceptions exist. These include accounts that require beneficiaries such as life insurance policies and retirement accounts.
