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Updated Will Guide: Essential Information for All Family Structures

Comprehensive guide to updating your will for blended families, same-sex couples, parents, and individuals with significant assets. Learn why an updated will is crucial for protecting your loved ones and assets.

Introduction

An updated will is one of the most important legal documents you can create to protect your family and assets. This legal instrument ensures your wishes are carried out after your passing, providing clear instructions about how your property should be distributed, who will care for minor children, and how your affairs should be managed. Without an updated will, state laws determine what happens to your assets and dependents, which may not align with your intentions. This guide explains the importance of keeping your will current, especially for blended families, same-sex couples, parents with minor children, and individuals with significant assets. Understanding the basics of an updated will can help you make informed decisions to protect your loved ones and provide peace of mind for your family's future.

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Key Things to Know

  1. 1

    Without an updated will, state intestacy laws determine how your assets are distributed, which may not align with your wishes for your family members.

  2. 2

    For blended families, an updated will is essential to ensure all children (biological and step-children) are provided for according to your intentions.

  3. 3

    Same-sex couples benefit from the legal protections an updated will provides, especially in regions where legal recognition may be evolving.

  4. 4

    Naming guardians for minor children is one of the most important functions of a will for parents.

  5. 5

    Your will should be reviewed and potentially updated after every major life event (marriage, divorce, birth of children, significant asset acquisition).

  6. 6

    For those with significant assets, an updated will should work in conjunction with trusts and other estate planning tools to minimize taxes and maximize asset protection.

  7. 7

    Digital assets, pets, and sentimental items should be specifically addressed in your updated will to avoid confusion or conflict.

  8. 8

    Working with an estate planning attorney familiar with your specific family structure is highly recommended to ensure your will accomplishes your goals.

Key decisions before you file

Before you file a Updated Will in Wyoming, a few decisions shape the document: which option to choose and what each one means. The Updated Will guide walks through them.

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Wyoming Requirements for Updated Will

  • Testamentary Capacity (Wyoming Statutes § 2-6-101)

    Under Wyoming law, the testator must be of sound mind and at least 18 years of age to execute a valid will. Sound mind means the testator understands the nature and extent of their property, the natural objects of their bounty, and the disposition they are making of their property.

  • Will Execution Requirements (Wyoming Statutes § 2-6-112)

    A will must be in writing, signed by the testator (or by someone in the testator's presence and at their direction), and witnessed by at least two competent individuals who also sign the will in the presence of the testator and each other.

  • Self-Proved Will (Wyoming Statutes § 2-6-114)

    A will may be made self-proved at the time of execution or at any subsequent date by acknowledgment by the testator and affidavits of witnesses, each made before an officer authorized to administer oaths, attached or annexed to the will.

  • Holographic Wills (Wyoming Statutes § 2-6-113)

    Wyoming recognizes holographic wills, which must be entirely in the handwriting of the testator and signed by the testator. No witness signatures are required for holographic wills.

  • Revocation of Wills (Wyoming Statutes § 2-6-115)

    A will or any part thereof may be revoked by a subsequent will which revokes the prior will or part expressly or by inconsistency, or by being burned, torn, canceled, obliterated or destroyed with the intent and purpose of revoking it by the testator or by another person in the testator's presence and by their direction.

  • Spousal Elective Share (Wyoming Statutes § 2-5-101)

    A surviving spouse may elect to take a percentage of the augmented estate instead of what is provided in the will. The percentage depends on the length of the marriage, ranging from 3% to 50% of the augmented estate.

  • Omitted Spouse Provision (Wyoming Statutes § 2-6-126)

    If a testator marries after making a will and the spouse is not provided for in the will, the spouse is entitled to receive the same share of the estate they would have received if the testator died intestate, unless it appears from the will that the omission was intentional.

  • Pretermitted Children (Wyoming Statutes § 2-6-127)

    Children born or adopted after the execution of a will who are not provided for in the will are entitled to receive a portion of the estate as if the testator had died intestate, unless it appears from the will that the omission was intentional.

  • Personal Representative Appointment (Wyoming Statutes § 2-4-201)

    The will should name a personal representative (executor) to administer the estate. If none is named, the court will appoint one according to statutory priority.

  • Guardian Designation for Minor Children (Wyoming Statutes § 3-2-101)

    A will may appoint a guardian for minor children. The court will consider this nomination but has final authority to determine guardianship based on the best interests of the child.

  • No-Contest Clause (Wyoming Statutes § 2-6-301)

    Wyoming recognizes no-contest clauses (in terrorem clauses) in wills, which can disinherit beneficiaries who challenge the will, though courts may not enforce such clauses if the contest is made in good faith and with probable cause.

  • Simultaneous Death Provision (Wyoming Statutes § 2-13-101)

    Under the Uniform Simultaneous Death Act, if the testator and a beneficiary die simultaneously or in circumstances where it cannot be determined who died first, the beneficiary is deemed to have predeceased the testator for purposes of asset distribution.

  • Rule Against Perpetuities (Wyoming Statutes § 34-1-139)

    Wyoming has modified the common law rule against perpetuities, allowing for the creation of perpetual trusts. Property interests must vest within 1,000 years after creation.

  • Digital Assets (Wyoming Statutes § 2-3-1001 et seq.)

    Wyoming has adopted the Revised Uniform Fiduciary Access to Digital Assets Act, which allows a testator to give directions for the disclosure of digital assets to fiduciaries through a will, trust, or other record.

  • Estate Tax Considerations (Internal Revenue Code § 2001 et seq.)

    While Wyoming has no state estate tax, federal estate tax may apply to estates exceeding the federal exemption amount. Wills should include provisions addressing potential federal estate tax liability.

  • Generation-Skipping Transfer Tax (Internal Revenue Code § 2601 et seq.)

    Federal law imposes a generation-skipping transfer tax on certain transfers to grandchildren or more remote descendants. Wills with such provisions should address this potential tax.

  • Retirement Account Distributions (Setting Every Community Up for Retirement Enhancement Act of 2019)

    The SECURE Act changed required minimum distribution rules for inherited retirement accounts. Wills should address these federal requirements when retirement accounts are significant assets.

  • Tangible Personal Property Memorandum (Wyoming Statutes § 2-6-124)

    Wyoming allows a testator to refer in their will to a written statement or list that disposes of tangible personal property not otherwise disposed of in the will (other than money).

  • Choice of Law Provisions (Wyoming Statutes § 2-1-301)

    For testators with property in multiple states, the will should include a choice of law provision specifying that Wyoming law governs the interpretation and administration of the will.

  • Ademption by Extinction (Wyoming Statutes § 2-6-109)

    If specifically devised property is not in the testator's estate at death, the bequest fails (adeems) unless statutory exceptions apply. The will should address potential ademption issues.

Frequently Asked Questions