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

Wills

A Washington State Bar Association consumer information guide

created in cooperation with the WSBA Real Property, Probate & Trust Section

Wills

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

specic assets or cash amounts, or you

may elect to have all of your assets dis-

tributed to one individual, to a trust

then in existence, or to a charity or or-

ganization. In addition, your will may

create a trust known as a testamentary

trust at your death to hold assets for

the benet of individual(s) or an orga-

nization. e Executor of your will is

charged with martialing your probate

assets and coordinating the distribu-

tion of those assets pursuant to the

terms of your will.

Why Should You Have a Will?

A will allows you to choose the indi-

viduals or organizations that will re-

ceive your probate assets at your death.

Without a will, your probate assets will

be distributed pursuant to Washing-

ton law and may pass to individuals to

whom you did not intend to give your

assets. In addition, a will can prevent

family arguments over who gets what

and allows you to provide your fam-

ily with your last wishes regarding the

distribution of your probate assets.

Basic Terms

Below is a list of terms that will help you

understand the function of a will.

Executor: An individual needs to ad-

minister the terms of your will. is

person is known as the executor. e

Without a will, your probate assets will be distributed pursuant to Washington law and may pass to

individuals to whom you did not intend to give your assets.

executor has a duciary duty to follow

the terms of your will.

Probate Assets: Probate assets are

any assets that are subject to probate

under Washington law. These assets

are distributed pursuant to the terms

of your will.

Non-Probate Assets: Non-probate as-

sets pass pursuant to beneciary des-

ignations. For example, your life insur-

ance as a designated payee, your bank

account has a pay-on-death designee,

and your retirements have designated

beneciaries. Non-probate assets pass

to the designated beneciaries pursu-

ant to those designations rather than

the terms of your will. You should con-

sult with your estate planning attorney

about the designations you have in

place.

Tangible Personal Property: You r

tangible personal property includes

items such as jewelry, silver, art,

sporting equipment, and sentimental

items. Tangible personal property can

be distributed pursuant to a written

list signed by you. However, any tan-

gible personal property you own at

your death not included on such a list

will either pass as a specific bequest

(if indicated in your will), or with

the residue (if no specific bequest is

made).

Wills

Beneficiary: A beneficiary is any in-

dividual, organization, or even your

pet that benefits from your will. For

example, if you leave all of your pro-

bate assets to a single charity, then the

charity is a beneficiary. Alternatively,

if you leave all of your assets to your

children, then each of your children

would be a beneficiary. It is important

to note that the term “beneficiary” is

also used with regard to trusts, retire-

ment accounts, and other financial

products. A beneficiary of your will

may not necessarily be a beneficiary

of your trust or retirement accounts.

You should consult with an estate

planning attorney to coordinate these

designations.

Specic Bequest: A specic bequest is

a specic gi to a specic beneciary

or group of beneciaries. For example,

if your will provides, “My executor

shall distribute my car to my sister,

Jane Doe,” then you have made a spe-

cic bequest of your car to your sister

Jane. If your will provides, “My execu-

tor shall distribute $500 to each of my

living children,” then you have made a

specic bequest to each of your living

children and each child will receive

$500. Specic bequests are the rst

distributions made from the probate

assets aer all liabilities and adminis-

trative fees have been paid. If the value

of the remaining probate assets is not

sucient to satisfy your specic be-

quests, then the amounts distributed

to the beneciaries will change. For

more information on how this adjust-

ment is made, you should contact your

estate planning attorney.

Residue: e Residue of your estate

consists of any Probate Asset remaining

aer all of your Specic Bequests have

been satised and all of your debts and

liabilities have been paid. Similar to a

Specic Bequest, the terms of your will

dictate the individual(s) or organiza-

tions that will receive the Residue of

your estate.

Creating Your Will

Your will is a legal document that can

be changed at any time prior to your

death, so long as you have capacity.

Your will should be prepared by a le-

gal professional. e terms of your will

dictate how your probate assets will be

distributed aer your death, and how

your expenses, debts and liabilities (if

any) will be paid.

Selecting an Executor

Selecting an executor is a very personal

decision and should be a trustworthy

individual. You can designate more

than one individual to serve as your

executor and you should designate an

alternate executor.

Maintaining Your Will

Once your will is executed, it remains

in eect until you revoke it or revise it.

ere are several ways to revoke a will

and to revise it. You should consult with

your estate planning attorney if you

want to revoke or revise your current

will. It is important to keep the original

will in a safe place, such as a safe depos-

it box or a safe in your attorney’s oce.

Revising Your Will

You should review the terms of your

will every ve years, as well as any time

a major change occurs to your fam-

ily situation or your nancial situation.

For example, you should review your

will to make sure the terms are consis-

tent with your wishes at the birth of a

child, death of a family member, inca-

pacity of your spouse, or if a duciary

appointed under your will is no longer

willing to serve.

Fees and Costs Associated with

Your Will

e fees for draing a will vary, de-

pending on the terms of the will and

whether or not testamentary trusts are

established under the will. You should

consult with your estate planning at-

torney on the estimated costs.

This pamphlet was prepared as a public ser-

vice by the Washington State Bar Associa-

tion. It contains general information and is not

intended to apply to any specic situation.

If you need legal advice or have questions

about the application of the law in a particular

matter, you should consult a lawyer.

Washington State Bar Association

1325 4th Ave., Ste. 600

Seattle, WA 98101-2539

800-945-WSBA • 206-443-WSBA