AAR31 - What is a Will?

What It Covers

Dave Ahern explains why wills matter, how to create one through attorneys or LegalZoom for around $100, what happens without one, and the difference between wills and trusts for estate planning.

Key Questions Answered

• •State probate delays: Without a will, estates enter state probate with backlogs of six to eight months, leaving spouses unable to access bank accounts, homes, or vehicles even with marriage certificates as proof of relationship.
• •Beneficiary designation: Add beneficiaries to all bank and brokerage accounts as a minimum protection step. Loved ones can then access funds immediately with just a death certificate and ID, bypassing lengthy probate processes entirely.
• •Will creation options: Create a will through LegalZoom for approximately $100, write it yourself with notarization in certain states, or hire an attorney for complicated estates. Update after major life events like marriage, divorce, or property purchases.
• •Document storage system: Store original wills in fireproof safes, make five physical copies for family members, scan digital versions to cloud storage, and maintain a binder with all passwords, account numbers, and insurance information for easy access.