Where There's a Will, There's a Way

A formal will enables family, executors, and probate courts to follow your wishes in the disbursement of your residual assets. It removes the guesswork, protects your legacy intentions, and allows you to provide in specific ways for family, friends, and charitable organizations. Without a validated will, a probate court can override your stated wishes.

We Don't Like to Talk About Wills

Discussions about estate planning can bring up emotions we may want to avoid. But those who have gone through the process often emerge with an abiding sense of relief and confidence knowing that their plans are secure.

Wills Don't Have to Be Complicated

A will can be as simple as a handwritten document outlining the testator’s wishes for handling their estate upon their passing. Known as a holographic will, this can be more difficult to establish validity, particularly if it has not been notarized and signed by witnesses.

There are also online will-writing services that help you draft your own will, which you can then take to an estate attorney to complete and validate.

Working with an estate attorney, you will typically designate: 
•    The person who will manage your estate distribution, known as an executor
•    Your beneficiaries—those who will receive any part of your assets
•    A guardian or caregiving successors for minor children, aging parents, and pets
•    Bequests to nonprofit organizations you wish to support
•    Financial planning to reduce taxes
•    Other details specific to your situation, including the establishment of trusts to minimize applicable taxes and to address what happens if you and your spouse pass at the same time

Women Have Their Own Unique Reasons to Need a Will 

All adults should consider creating a will, but women may have an even greater need for a will than men.

•    Women typically live longer than men (statistically, up to five years), so they need to plan for a longer retirement. 
•    Meeting longer-term health-care costs will require greater resources. 
•    While gender roles have evolved, women are still more likely to be the family caregivers for children or aging parents. They need to choose their successors in this role. Without this directive, estate courts will likely determine who will assume these responsibilities

Creating Your Will

•    Prepare by making the basic decisions explained above.
•    Make a complete list of your key assets.
•    Gather the names and addresses of each recipient in your will.
•    Find an estate attorney you would like to work with. 
•    Have your will notarized and signed by two adults who do not stand to benefit from your will.
•    Some states also require a separate, self-proving affidavit that certifies you are of sound mind and have mental capacity. This also needs to be signed by witnesses.
•    It is possible to create a will on your own (you will still need to have it notarized and signed by two adults) but especially in cases of complex estates, working with an attorney is advised.

Please note: Dartmouth’s Gift Planning Office does not provide tax or legal advice. Please consult your attorney or tax advisor prior to entering into any gift planning arrangement.