What Is a Will and Why You Need One
A will is one of the most important legal documents you can have — and one of the most commonly avoided. More than half of American adults do not have a will. Without one, a court decides what happens to your assets, your dependents, and your estate when you die. That process is often slow, public, and may produce results that are the opposite of what you would have wanted.
Here is what a will actually does, what it does not cover, and how to get one.
What Is a Will?
A will (formally called a “last will and testament”) is a legal document that states your instructions for how your assets should be distributed after your death. It names:
- Beneficiaries: The people (or organizations) who inherit your property
- An executor: The person responsible for carrying out the terms of your will and managing your estate through probate
- A guardian for minor children: If you have children under 18, your will is where you name who would raise them if you and the other parent die
What Happens If You Die Without a Will?
Dying without a will is called dying “intestate.” When this happens, your state’s intestacy laws determine who inherits your assets. The outcome is often not what you would have wanted:
- Unmarried partners receive nothing — only legal spouses and blood relatives inherit under intestacy laws
- A court appoints a guardian for your minor children, without your input on who that person is
- Your estate may go through a longer, more expensive probate process
- Specific items or sentimental possessions may not go to the people you intended
What a Will Does NOT Cover
A will does not control everything. Some assets pass outside your will through beneficiary designations or ownership structure. These include:
- Retirement accounts (401(k), IRA) — pass to the beneficiary you designated on the account
- Life insurance — pays the named beneficiary
- Joint tenancy property — passes automatically to the surviving owner
- Accounts with payable-on-death (POD) designations
- Trust assets
It is critical to keep beneficiary designations up to date on these accounts, because they override whatever your will says.
Types of Wills
Simple will: The most common. Distributes your assets and names guardians for minor children. Sufficient for most people.
Testamentary trust will: Creates a trust upon your death — often used to manage assets for minor children until they reach a certain age.
Pour-over will: Used alongside a living trust. Any assets not already in the trust “pour over” into it at death.
Holographic will: A handwritten will, recognized in some states without witnesses. Not recommended due to the risk of being contested.
How to Create a Will
For simple estates, online services like Trust & Will, LegalZoom, or Quicken WillMaker can walk you through creating a legally valid will at low cost — typically $50–$200. These tools work well for straightforward situations: a primary home, bank accounts, brokerage accounts, and naming guardians for children.
For more complex situations — significant assets, business interests, blended families, property in multiple states — working with an estate planning attorney is recommended. An attorney can also help you coordinate your will with other estate planning tools like trusts, powers of attorney, and healthcare directives.
What Makes a Will Legally Valid?
Requirements vary by state, but a valid will generally needs to be:
- In writing (typed or printed)
- Signed by you (the testator) in front of witnesses
- Signed by at least two adult witnesses who are not beneficiaries
- Notarized in some states (a “self-proving affidavit” makes probate smoother)
Other Documents to Have Alongside Your Will
A complete estate plan typically includes:
- Durable power of attorney: Designates someone to manage your finances if you become incapacitated
- Healthcare proxy / medical power of attorney: Designates someone to make medical decisions on your behalf
- Living will / advance directive: States your wishes for end-of-life medical care
When Should You Update Your Will?
Review your will after major life events:
- Marriage, divorce, or remarriage
- Birth or adoption of a child
- Death of a beneficiary or named executor
- Significant change in your assets
- Moving to a different state
Bottom Line
A will is not just for the wealthy or the elderly. If you have any assets, any people you care about, or any children, you need a will. Creating one is not expensive or complicated for most people. The cost of not having one — paid by your family after you are gone — is far greater.
Related: What Is a Living Trust? 2026 Guide to Avoiding Probate