What is a statutory will?

A statutory will refers to a simplified, standardized legal document designed for individuals to make a basic will without needing extensive legal knowledge or assistance. This type of will typically includes fill-in-the-blank sections for key information such as beneficiaries and the distribution of assets, allowing individuals to create a valid will quickly and efficiently. Statutory wills are often governed by state laws that provide the structure and language necessary to ensure that the document is legally binding.

While other forms of wills may involve complex personalizations or require the involvement of legal professionals, a statutory will provides a straightforward alternative, making it accessible for those who may not have the resources or need for a more intricate legal document. This accessibility helps ensure that more individuals can establish their final wishes regarding asset distribution, regardless of their legal expertise.