How to Make a Will in 2026: What You Need and Why It Matters

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Most Americans do not have a will — and most of those who do have one have not updated it recently. Making a will is one of the most important things you can do for your family. This guide explains what a will covers, how to make one, and when you need an attorney.

Rates and figures as of May 2026.

What Is a Will?

A will (also called a last will and testament) is a legal document that expresses your wishes for what happens to your assets after you die and, if you have minor children, who should care for them.

Without a will, the state — not you — decides what happens to your property and who raises your children.

What a Will Can Do

• Specify who inherits your assets (your house, bank accounts, personal property, investments)
• Name a guardian for minor children
• Name an executor — the person responsible for administering your estate, paying debts, and distributing assets
• Leave specific gifts to individuals or organizations (“I leave my car to my brother; I leave $10,000 to X charity”)
• Specify funeral and burial wishes

What a Will Cannot Do

• Transfer assets with beneficiary designations (retirement accounts, life insurance) — these pass directly to the named beneficiary regardless of what your will says
• Transfer jointly held property with right of survivorship — this passes automatically to the surviving owner
• Avoid probate — assets passing through a will must go through the probate process
• Control assets held in a trust — trusts operate under their own terms, outside of the will

Key Estate Planning Documents Beyond a Will

A complete estate plan typically includes more than just a will:

Healthcare Directive (Living Will)

Specifies your wishes for medical treatment if you become incapacitated and cannot make decisions — whether to continue life support, resuscitation preferences, etc.

Healthcare Power of Attorney (Healthcare Proxy)

Names someone to make medical decisions on your behalf if you cannot. Often combined with the living will into one document called an Advance Healthcare Directive.

Financial Power of Attorney (Durable POA)

Names someone to handle your financial affairs if you become incapacitated — paying bills, managing accounts, filing taxes. Without this, family members may need court involvement to act on your behalf.

Beneficiary Designations

Make sure your retirement accounts (401k, IRA) and life insurance policies have current beneficiary designations. These override your will — a 10-year-old beneficiary designation on your 401k passes those assets to whoever is named, regardless of your will.

How to Make a Will Step by Step

1. Take inventory of your assets: List everything you own — real estate, bank accounts, investment accounts, retirement accounts, life insurance, vehicles, business interests, valuable personal property
2. Decide who gets what: Name your beneficiaries and specify what each person receives
3. Choose a guardian for minor children: This is often the most important decision in a will for parents. Choose someone who shares your values and has agreed to take on the responsibility.
4. Name an executor: Choose a trustworthy person (often a spouse, adult child, or trusted friend) to administer your estate
5. Create the document: Use an estate attorney, an online will service, or the forms your state provides
6. Sign with witnesses: Most states require two adult witnesses who are not beneficiaries to sign the will. Some states also allow a notary to create a “self-proving” will that makes probate easier.
7. Store it safely: Keep the original in a fireproof safe at home or with your attorney. Tell your executor where to find it. Do not store it in a bank safe deposit box — it may be inaccessible when needed.

DIY Will vs Attorney

Key Takeaways

• A will controls what happens to your assets and who raises your children if you die — everyone should have one
• Online services like Trust & Will, Fabric, or LegalZoom can create a legally valid will for $100–$200 for straightforward situations
• Update beneficiary designations on retirement accounts and life insurance — they override your will
• A complete estate plan also includes a healthcare directive and powers of attorney, not just a will
• Complex estates, business ownership, and blended families warrant working with an estate attorney