Do I Need a Will?
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What is your marital status?
Marriage affects how your assets are distributed if you die without a will
What is a Will?
A will (or "last will and testament") is a legal document that specifies how your assets should be distributed after your death. It also lets you name guardians for minor children and an executor to carry out your wishes.
Without a will: State law determines who inherits your assets (called "intestate succession"). This may not align with your wishes, and the process can be more complicated and expensive for your family.
What Happens If You Die Without a Will?
When someone dies without a will, state intestate succession laws determine who inherits. The typical order is:
- Spouse (often gets a portion, not everything)
- Children (share the remainder with spouse)
- Parents (if no spouse or children)
- Siblings (if no spouse, children, or parents)
- Extended family, then the state
Important: Unmarried partners, stepchildren, friends, and charities receive nothing under intestate succession unless you have a will.
Who Needs a Will?
You Need a Will If:
- • You have minor children
- • You're married
- • You own a home or other property
- • You have significant assets ($50k+)
- • You want specific people to inherit
- • You want to exclude certain relatives
- • You have an unmarried partner
A Will May Not Be Urgent If:
- • You're young, single, and childless
- • You have few assets
- • Your accounts have beneficiaries named
- • You're comfortable with state default rules
How to Create a Will
There are several ways to create a legally valid will:
| Option | Cost | Best For |
|---|---|---|
| Online Will Service | $50 - $300 | Simple estates, straightforward situations |
| Estate Attorney | $500 - $2,000+ | Complex estates, blended families, business owners |
| DIY with Template | $0 - $50 | Very simple situations, temporary solution |
Requirements vary by state. Most states require the will to be signed, witnessed by 2-3 adults, and sometimes notarized. Online services guide you through this process.
Will vs. Trust: What's the Difference?
Will
- • Goes through probate court
- • Becomes public record
- • Takes effect after death
- • Can name guardian for children
- • Simpler and less expensive
- • Good for most people
Living Trust
- • Avoids probate
- • Stays private
- • Takes effect when created
- • Cannot name guardian (need a will too)
- • More complex and expensive
- • Better for high-net-worth estates
Many people with significant assets create both a will and a living trust for comprehensive estate planning.
Frequently Asked Questions
At what age should I get a will?
Most financial advisors recommend creating a will when you turn 18 if you have significant assets, or by age 25-30 regardless of assets. Key life events that should trigger getting a will include: getting married, having children, buying a home, or receiving an inheritance.
Can I write my own will?
Yes, you can write your own will, but it must meet your state's legal requirements to be valid. Using an online will service or attorney is recommended to ensure it's properly drafted and executed. Handwritten ("holographic") wills are only valid in some states.
How often should I update my will?
Review your will every 3-5 years and update it after major life events: marriage, divorce, birth of children, death of beneficiaries, significant changes in assets, or moving to a different state.
What if I have accounts with beneficiaries already named?
Beneficiary designations on accounts (retirement accounts, life insurance, bank accounts) override your will. These assets pass directly to the named beneficiary. Make sure your beneficiary designations are up to date and consistent with your overall estate plan.
Do I need a lawyer to make a will?
No, you don't legally need a lawyer. Online will services are a valid and affordable option for straightforward situations. However, an estate attorney is recommended if you have a complex estate, blended family, business interests, or want to minimize estate taxes.
What else should I have besides a will?
A complete estate plan typically includes: a will, healthcare power of attorney (lets someone make medical decisions for you), financial power of attorney (lets someone manage finances if incapacitated), and a living will (specifies end-of-life care wishes). Many online services bundle these documents together.