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Estate Planning Guide |
A guide to understanding your Will: |
| Your Family
In this section: A spouse has certain basic rights to one's Estate in a Will. Each jurisdiction has different laws governing a spouse's minimum entitlement to an estate and the effects that a marriage or divorce has before or after a Will is prepared. Because each state has varying rules relating to a spouse’s entitlement, BuildaWill™ does not accept users who wish to disinherit their spouse in their Will. We urge individuals to seek the advice of a qualified lawyer in the jurisdiction where they live if they wish to leave little or no part of their estate to their spouse. For purposes of most Wills, including the BuildaWill Will, children include all natural or adopted children including those born or adopted after the completion of a Will. As it relates to stepchildren, it is recommended that individuals be specific when preparing their Will and declare their intention to include stepchildren in their Will or to specifically exclude them. If it is the intent to include stepchildren in a BuildaWill Will, then any or all named stepchildren will be treated and defined as “children” as a whole in regards to the Will. The only exception to this occurs when the Testator is choosing a Guardian for their minor children. The Guardian section applies only to natural or adopted children of the Testator. Children may be named as Beneficiaries to the Residue of the Estate or receive specific gifts. If a minor child is named as a Beneficiary or receives property or cash gifts, then a Trust can be set up for the child to receive his or her inheritance at a specified time. If no trust is set up, then the inheritance will remain in a custodianship account until the child reaches legal age. If a Testator decides to name children as Beneficiaries to the Residue of the Estate and chooses the option “each of my children” in BuildaWill™, then property will be distributed evenly among all children, including children born or adopted after the Will is completed and any stepchildren named and included in the Will. If this is not the intent, then the Testator may choose to divide the Residual Estate in unequal shares among specific Beneficiaries. Lineal descendants are the children of your children, and the children of your children's children, etc. If a gift is left to a Testator’s child, and that child predeceases the Testator, then it is common to have that gift pass on to the lineal descendants. For example, if a child of a Testator is left $100,000 in a Will, that child dies before the Testator, and it was the Testator’s wish to have the gift pass to that child’s lineal descendants, then the deceased child’s children would receive the money to be distributed evenly among them. This is commonly known as distributing property "per stirpes." The form to make this election is available in BuildaWill™.
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