Category: Estate Planning

A will is a legal document that says who gets your property when you die and, if you have children, who takes care of them. Without a will, a court makes those decisions under your state’s intestacy laws — and the outcome may not match your wishes. Writing a will is not complicated. Here is how to do it.

Why You Need a Will

Most people think wills are for the elderly or wealthy. They are not. If you have a bank account, a car, any personal property, or children, you need a will. Without one:

• Your assets go through probate court, which can take months or years and costs money in legal fees
• The state distributes your assets according to a default formula — spouse, then children, then parents, then siblings — which may not match what you want
• If you have minor children, a court (not you) decides who raises them
• Unmarried partners receive nothing unless specifically named

A will takes 1–2 hours to complete. Online tools make it faster. The cost ranges from $0 (if you write it yourself) to $30–$100 using an online service, to $300–$1,000 if you use an attorney for a complex estate.

What a Will Can and Cannot Do

A will can:

• Name who receives your property (your “beneficiaries”)
• Name a guardian for your minor children
• Name an executor — the person responsible for carrying out your wishes
• Specify your funeral and burial preferences
• Leave specific items to specific people

A will cannot:

• Override beneficiary designations on retirement accounts (401k, IRA), life insurance, or bank accounts with designated beneficiaries — those pass directly regardless of what your will says
• Avoid probate — property in your will still goes through the probate process
• Manage assets held in a living trust

This is why beneficiary designations on your financial accounts are just as important as your will. Review them annually and after any major life change.

How to Write a Will: Step by Step

Step 1: Take Inventory of Your Assets

List everything you own that has value:

• Real estate
• Bank and investment accounts
• Vehicles
• Retirement accounts (401k, IRA)
• Life insurance policies
• Personal property (jewelry, artwork, electronics, furniture)
• Digital assets (cryptocurrency, PayPal, domain names)

Note which assets already have beneficiary designations — those pass outside of your will.

Step 2: Decide Who Gets What

Name your beneficiaries and what each receives. Be specific. “My car to my sister Jane Smith” is clearer than “my car to my sister.” Include contingent beneficiaries — the people who receive an asset if the primary beneficiary dies before you do.

Step 3: Choose a Guardian for Minor Children

If you have children under 18, name a guardian who will raise them if both parents are gone. Talk to the person first — do not surprise them. Also name a backup guardian in case your first choice cannot serve.

Step 4: Name an Executor

Your executor (also called a personal representative) handles your estate after you die — paying final debts, filing taxes, distributing assets, and closing accounts. Choose someone organized and trustworthy. It is often a spouse, adult child, or close friend. Name a backup executor as well.

Step 5: Write the Will Document

You have three options:

• Handwritten (holographic) will: Entirely written by hand, signed, and dated. Valid in about 25 states. Simple and free, but higher risk of errors and challenges.
• Online will service: Services like Trust & Will ($199 for a complete estate plan) or LegalZoom ($89–$149 for a basic will) walk you through a Q&A and produce a legally valid document. Best for most people with straightforward estates.
• Estate planning attorney: Best for complex situations — blended families, business ownership, significant assets, special needs dependents, or if you want a trust alongside your will. Expect $300–$1,000 for a simple will, $1,500–$3,000 for a full estate plan with trust.

Step 6: Sign with Witnesses

Most states require your will to be signed in front of two witnesses who are not beneficiaries. Some states also require a notary. Witnesses confirm that you signed willingly and were of sound mind.

A self-proving affidavit — a notarized statement from witnesses — makes the probate process faster because the court does not need to track down witnesses later. Most online services include this.

Step 7: Store It Safely and Tell Someone

Store the original signed will somewhere safe but accessible — a fireproof safe, a safe deposit box, or with your attorney. Tell your executor exactly where it is. A will that cannot be found is almost as bad as no will at all.

Make copies for your records. Do not alter or mark up the original — any handwritten changes to a typed will can invalidate the entire document or just the changed portion, depending on your state.

When to Update Your Will

Review and update your will after any major life change:

• Marriage or divorce
• Birth or adoption of a child
• Death of a named beneficiary, executor, or guardian
• Major change in assets (bought a home, received an inheritance)
• Moving to a different state

As a general rule, review your will every three to five years even without major changes.

A will is one piece of an estate plan. Pair it with updated beneficiary designations on your retirement accounts and insurance, a durable power of attorney, and a healthcare directive. For protecting your family’s financial security while you are alive, see our guide to term life vs whole life insurance and disability insurance.

Frequently Asked Questions

Is a will legally required?

No. A will is not required by law. But dying without one (called dying intestate) means the state distributes your assets by formula and a court decides who raises your children. Most people would prefer to make those decisions themselves.

Does a will avoid probate?

No. Property left through a will goes through probate court. To avoid probate, you need to hold assets in a living trust, name beneficiaries directly on accounts, or use joint ownership. A revocable living trust is the main tool people use to avoid probate, though it costs more to set up than a will alone.

Can I write my own will without a lawyer?

Yes, in most states. A handwritten (holographic) will or an online will service is valid for straightforward estates. If you have a blended family, significant assets, business interests, or want to create a trust, an estate planning attorney is worth the cost.

What happens to my will if I get divorced?

In most states, divorce automatically revokes any gifts or appointments to your former spouse in your will. But the rest of the will remains valid. It is still best practice to write a new will after a divorce so that everything reflects your current wishes clearly.

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Nobody likes thinking about death. But writing a will is one of the most important things you can do for the people you love. Without one, the state decides what happens to your money, your home, and your belongings. That process can take years and cost your family a lot.

Writing a will does not have to be complicated or expensive. Here is a step-by-step guide to getting it done in 2026.

This article is for educational purposes only. Consult an estate planning attorney for advice specific to your situation.

What Is a Will?

A will, also called a last will and testament, is a legal document that states your wishes for what should happen after you die. It can name who receives your property, who will care for your children, and who will handle your estate.

Without a will, your estate goes through a process called intestate succession. The state determines who gets what based on a formula, not your wishes. That formula may not align with what you would have wanted.

Who Needs a Will?

Almost everyone benefits from having a will. You especially need one if:

• You have children, especially minor children
• You own property, savings, or investments
• You have strong feelings about who should or should not receive your assets
• You have a spouse, partner, or dependents who rely on you financially
• You want to leave assets to charity
• You have a business interest you want to pass on

Even young, single people with few assets benefit from a will. It allows you to name who gets your personal belongings and prevents family disputes.

Step 1: Take Inventory of Your Assets

Start by listing everything you own. This gives you a clear picture of what your estate includes:

• Real estate (home, rental properties)
• Bank accounts (checking, savings)
• Investment accounts (brokerage, retirement accounts)
• Vehicles
• Personal property (jewelry, art, furniture)
• Life insurance policies
• Business interests
• Digital assets (crypto, online accounts with value)

Note: some assets transfer outside of a will through beneficiary designations. Retirement accounts (IRA, 401k), life insurance policies, and accounts with payable-on-death designations pass directly to the named beneficiary, regardless of what your will says. Keep these updated separately.

Step 2: Decide Who Gets What

This is the core of your will. Be specific about who receives each significant asset. Vague language leads to disputes and legal costs.

You can leave assets to:

• Individuals (by full legal name and relationship)
• Charities (by official name and tax ID if possible)
• Trusts you have established

Think about what happens if a beneficiary dies before you do. Name contingent (backup) beneficiaries for each bequest. You should also specify what happens to your residuary estate — the remainder of your assets after specific gifts are distributed.

Step 3: Name an Executor

The executor (also called a personal representative) is the person who carries out the instructions in your will. This includes gathering your assets, paying debts, filing tax returns, and distributing property to your beneficiaries.

Choose someone you trust who is organized, responsible, and willing to take on the role. Common choices are a spouse, adult child, sibling, or close friend. Make sure to ask them first and confirm they are willing.

Name an alternate executor in case your first choice is unable or unwilling to serve.

Step 4: Name a Guardian for Minor Children

If you have children under 18, this may be the most important decision in your entire will. You need to name who will raise your children if both you and your co-parent are gone.

Consider the person’s values, parenting style, financial stability, location, age, and their relationship with your children. Talk to them before naming them. This is not a decision to spring on someone after the fact.

Name an alternate guardian as well. Life circumstances change.

Step 5: Consider a Trust for Minor Beneficiaries

If you are leaving assets to minor children, you should not leave them outright. Minors legally cannot inherit property directly. A court will appoint a guardian of the estate to manage the assets until the child turns 18, which is a costly process.

Instead, set up a testamentary trust within your will. This trust holds the assets for your children and specifies a trustee (a responsible adult) to manage them. You can set an age at which the child receives the full inheritance — many parents choose 21, 25, or even 30.

Step 6: Write the Will

You have several options for creating the actual document:

Hire an Estate Planning Attorney

The most comprehensive option. A licensed attorney drafts your will, ensures it meets your state’s requirements, and can create additional documents like a power of attorney and healthcare directive. Cost typically runs from $300 to $1,500 depending on complexity and location.

Use Online Will Software

Platforms like Trust & Will, LegalZoom, and Willing create legally valid wills for far less. Prices range from $39 to $200. These work well for straightforward estates without complex assets or blended families. They walk you through the questions and generate a document ready to sign.

Write Your Own (Holographic Will)

Some states accept holographic wills — handwritten and signed by you, with no witnesses required. This is legal in about half of US states. While it is better than nothing, handwritten wills are more likely to be challenged or invalidated. Use this only as a last resort.

Step 7: Sign the Will Properly

For a will to be valid, it must be:

• Signed by you (the testator)
• Witnessed by at least two people (in most states) who are not beneficiaries
• Notarized in some states (not always required, but recommended)

Requirements vary by state. Look up your specific state’s laws or use an attorney to be sure.

Step 8: Store the Will Safely

A will does no good if nobody can find it. Store the original in a fireproof safe at home or with your attorney. Tell your executor exactly where it is. Do not store it in a safety deposit box alone, because access can be difficult after death.

Keep a copy for yourself and give a copy to your executor. Update your will if your life circumstances change significantly (marriage, divorce, new children, major asset changes).

What a Will Cannot Do

• Override beneficiary designations on retirement accounts or life insurance
• Leave assets in joint tenancy to someone other than the joint tenant
• Make binding arrangements for pets (though you can establish a pet trust separately)
• Direct end-of-life medical decisions (that requires a healthcare directive)

Will vs. Trust: Which Do You Need?

Factor	Will	Living Trust
Goes through probate	Yes	No
Privacy	Becomes public record	Stays private
Cost to set up	Lower	Higher
Effective when	After death	Immediately (and after death)
Names guardian for children	Yes	No (need a will for this)

Many estate planning attorneys recommend both: a will as a safety net to catch anything not in the trust, and a revocable living trust for your main assets to avoid probate.

Frequently Asked Questions

How often should I update my will?

Review your will every three to five years and after major life events: marriage, divorce, birth of a child, death of a beneficiary or executor, or a significant change in assets.

What happens if I die without a will?

Your estate goes through intestate succession, which means state law determines who inherits your assets. This process can take one to three years, costs money in legal fees, and the result may not match your wishes at all.

Do I need a lawyer to write a will?

Not necessarily. Online services can create legally valid wills for simple estates. But if you have a blended family, business interests, or complex assets, an attorney is worth the cost to avoid errors.

Is a handwritten will legal?

In about 25 US states, holographic wills (fully handwritten and signed) are legal without witnesses. However, they are easier to challenge and may not hold up in court. A formally witnessed and notarized will is always stronger.

Can I leave money to my pet?

Not directly. Pets cannot legally own property. You can leave money to a person on the condition that they care for your pet, or set up a pet trust in states that allow them to make the arrangement legally binding.

Disclosure: This article contains affiliate links. We may earn a commission if you apply through our links, at no extra cost to you.

Most people think trusts are only for the wealthy. That is not true. A trust is a legal tool that can benefit almost anyone who owns property, has children, or wants to make things easier for their family after they are gone.

This guide explains what a trust is, how it works, and whether you need one.

This article is for educational purposes only. Consult a licensed estate planning attorney for advice specific to your situation.

What Is a Trust?

A trust is a legal arrangement where one person (the grantor) transfers assets to another person or institution (the trustee) to manage for the benefit of a third party (the beneficiary).

In many cases, you can be all three: the grantor, the trustee, and the beneficiary — while you are alive. After your death, a successor trustee takes over and distributes assets to your chosen beneficiaries according to your instructions.

The assets inside a trust are no longer technically yours. They belong to the trust. This distinction has important legal and tax consequences.

How a Trust Works

You create a trust document, transfer assets into it, and name a trustee to manage them. The trust document spells out exactly what the trustee can and cannot do with those assets, and when and how beneficiaries receive them.

For example, you might create a trust that holds your house and investment accounts. The trust says your children will receive equal shares at age 25. Until then, the trustee manages the assets for the children’s benefit — paying for education, housing, and medical expenses as needed.

Types of Trusts

Revocable Living Trust

This is the most common type for personal estate planning. You create it while you are alive. You can change it, add assets, or cancel it at any time. You typically serve as your own trustee while you are alive and mentally capable.

The main benefit: assets in a revocable trust skip probate entirely. Probate is the court process that validates a will and oversees asset distribution. It can take one to three years and cost 3% to 8% of the estate’s value in legal and court fees. A revocable trust sidesteps all of that.

The downside: it offers no protection from creditors while you are alive, because you still control the assets.

Irrevocable Trust

Once you create an irrevocable trust and transfer assets into it, you cannot take those assets back or change the terms without the beneficiary’s consent. You give up control.

In exchange, those assets are generally protected from your creditors. They may also be removed from your taxable estate for estate tax purposes. Irrevocable trusts are common tools for Medicaid planning and asset protection strategies.

Testamentary Trust

A testamentary trust is created inside your will. It only takes effect when you die. Unlike a revocable living trust, assets still go through probate first before being transferred into the trust.

These are commonly used to hold assets for minor children until they reach a certain age.

Special Needs Trust

A special needs trust holds assets for a beneficiary with a disability without disqualifying them from government benefits like Medicaid and SSI. These programs have asset limits. Assets held in a properly structured special needs trust do not count toward those limits.

Charitable Trust

Charitable trusts allow you to benefit a charity while also benefiting yourself or your family. A charitable remainder trust, for example, pays you income for life and transfers the remaining assets to a charity when you die. These can provide significant tax benefits.

Benefits of a Trust

Benefit	Revocable Trust	Irrevocable Trust
Avoids probate	Yes	Yes
Keeps estate private	Yes	Yes
Controls when heirs receive assets	Yes	Yes
Protects assets from creditors	No	Yes
Reduces estate taxes	No	Yes (in some cases)
Can be changed	Yes	No
Manages assets if incapacitated	Yes	Yes

Avoiding Probate: Why It Matters

Probate is the court-supervised process of distributing your estate after death. Even with a will, most estates go through probate. Here is why that is a problem:

• It is public. Anyone can look up your will and see what you owned and who you left it to.
• It is slow. Probate typically takes six months to two years, sometimes longer for complex estates.
• It is expensive. Attorney fees, court fees, and executor fees can consume 3% to 8% of your estate.
• Your family cannot access assets during the process, even for urgent needs.

A revocable living trust eliminates these problems for the assets held inside it. Your successor trustee can distribute assets to beneficiaries in days or weeks, not years.

Trusts vs. Wills

A will and a trust are not the same, and one does not replace the other. Most estate planning attorneys recommend having both:

• A revocable living trust for your main assets (home, investment accounts) to avoid probate.
• A pour-over will that catches any assets not transferred to the trust and funnels them in after your death.
• The will also names a guardian for minor children, which a trust cannot do.

Do You Need a Trust?

A trust makes the most sense if:

• You own real estate in more than one state (avoiding multiple probate proceedings)
• You have children from a prior marriage and want to protect their inheritance
• You want to control when and how your heirs receive their inheritance (for example, not at age 18)
• You value privacy and do not want your estate to become public record
• You have a significant estate and want to plan for estate taxes
• You have a beneficiary with special needs
• You want protection in case of your own incapacity

If your estate is simple (a small savings account, no real estate, and a spouse who inherits everything), a will plus beneficiary designations may be sufficient.

How to Create a Trust

1. Decide what type of trust fits your goals.
2. Choose a trustee and successor trustee (someone you trust to manage assets responsibly).
3. Work with an estate planning attorney to draft the trust document. Online tools can create basic trusts, but complex situations warrant professional help.
4. Fund the trust. This is the step most people skip, and it is critical. Transfer actual assets into the trust’s name. Real estate requires a new deed. Accounts require new titling or transfer-on-death designations. An unfunded trust does nothing.
5. Update your beneficiary designations on retirement accounts and life insurance to align with your trust strategy.

How Much Does a Trust Cost?

A basic revocable living trust drafted by an attorney typically costs $1,000 to $3,000. More complex trusts with irrevocable provisions, special needs planning, or tax strategies can cost $3,000 to $10,000 or more.

Online services like Trust & Will offer revocable living trusts starting around $200, which works for straightforward situations. Compare that to the potential cost of probate on a $500,000 estate — which could run $15,000 to $40,000 in fees — and the investment looks very reasonable.

Frequently Asked Questions

Is a trust only for rich people?

No. Trusts benefit anyone who owns property, has children, or wants to make the estate transfer process smooth for their family. The cost of setting up a trust is usually far less than the cost of probate.

Can I be my own trustee?

Yes. With a revocable living trust, you typically serve as your own trustee while you are alive. You name a successor trustee who takes over if you become incapacitated or when you die.

What happens to my trust when I die?

The successor trustee takes over. They manage and distribute the trust assets according to your instructions, without court involvement. This is the main advantage of a trust over a will.

Does a trust protect assets from lawsuits?

Only irrevocable trusts provide creditor protection. A revocable trust does not protect assets from your creditors because you still effectively control them.

Do I still need a will if I have a trust?

Yes. Most estate planning attorneys recommend a pour-over will alongside a living trust. The will catches any assets you forgot to put in the trust and names a guardian for minor children, which a trust cannot do.