What is a Statutory Will?

A statutory will is a very simple standard will form that can be completed by a testator by checking boxes and filling in certain blanks.  This type of will is legally valid and binding in only a few states, so you must be sure and confirm that a statutory will is valid under your state’s law before relying on this estate planning method.  Also, because they are purposely written in very simple and very general terms, you may find it difficult to complete the statutory will so that it addresses all of your estate planning needs. 

Coverage, Protection, and Asset Distribution

Due to its simplicity, the statutory will only covers a limited amount of very simple estate plans, and you may find that your assets and/or proposed distribution plan simply does not fit into the form that is available.  For instance, one state’s statutory will version does not permit you to leave your assets to more than one beneficiary.  Thus, if you wish to leave your assets to more than one beneficiary, the statutory will form may not fit your situation.  Plus, if you attempt to alter or add to the form in any way, you risk invaliding the form altogether, since it technically would not longer qualify as a statutory will.

While statutory will forms tend to contain some consumer warnings to testators who are attempting to use the forms, there is no substitute for the advice of an attorney.  If you execute a legally valid statutory will, and, after your death, it is discovered that you omitted an asset from your will, it will be up to the probate court to determine how to distribute that asset, which may not be the distribution that you intended.

Legal Requirements and Help of a Lawyer

While some states regularly allow testators to utilize statutory wills, they will not be adequate for many, and even most, estate planning situations.  For help in determining the best estate planning devices for you and your family, you should be sure to consult an attorney who is accustomed to dealing with wills, estates, and trusts on a regular basis.