What is a will?

A will, sometimes called a last will and testament, is a physical document that lets people know what you would like to happen after you die. Usually, it covers who should inherit your money and assets, what arrangements you’d like for your funeral, and how your children or pets should be looked after.

A will is how you set out your final wishes in a form the law recognises. This guide covers what you need to know, including:

• Do I need a will?

• What’s included in a will?

• What is not included in a will?

• What happens if I don’t have a will?

• Steps for creating a will

• Can I change my will?

• FAQs

Do I need a will?

Everyone, regardless of how much money they have, can benefit from writing a will. It’s not a legal requirement, but it’s definitely a good idea. Some key reasons to write one include:

• You choose who gets your assets. Without a will, your assets will be divided among your next of kin according to your state’s laws. If you have no eligible relatives, your estate could pass to the state.

• You can name a guardian for your children, and say who should take your pets. Who would you want looking after your nearest and dearest?

• It makes things easier for your loved ones. With a will, you can appoint an executor to handle your estate. Without one, a court will appoint an administrator, who may not be who you would have chosen.

• It reduces the potential for disputes. Without a will, your intentions may be unclear, leaving room for conflict among friends and family.

What's included in a will?

A will typically covers:

• Instructions for distributing your assets. You can specify who gets what, and even attach conditions, for example setting aside money for a child’s education.

• Your choice of executor. You can appoint someone to administer your estate and make sure your wishes are carried out.

• A guardian for children, and who takes your pets. You can name the person you’d like to care for your children. Pets count as property in law, so naming who gets them is a gift rather than a guardianship.

• Funeral instructions. While not legally binding, including your funeral wishes is an effective way to guide your loved ones.

What is not included in a will?

There are certain things a will cannot cover, including:

• Property or assets held jointly with someone else

• Accounts or policies with their own named beneficiaries, such as life insurance or retirement accounts like 401(k)s or IRAs

• Assets held in a trust

What happens if I don't have a will?

If you die without a legally valid will, it’s known as dying intestate. In that case, your estate will be distributed according to intestacy laws, which vary by state.

Typically, your estate will be divided between your spouse and children. If you have neither, the state will look to other eligible relatives, including siblings and parents. If no eligible relatives exist, your estate may pass to the state government. For many people, this default outcome may not reflect their actual wishes.

Steps for creating a will

Creating a will doesn’t have to be complicated or expensive. Here are some steps to make the process smoother:

• Take inventory of everything you own. Your will outlines where your money, assets, and belongings should go. Start by making a list of everything so you can make a plan.

• Choose your beneficiaries and determine gifts. You can pass your assets on to anyone you like, including friends, family, and charitable organizations.

• Name a guardian for any children, and say who should take your pets. Make sure the people you name are willing and able to take on that responsibility.

• Choose an executor. This person will carry out the wishes in your will, so choose carefully. It’s often a trusted friend, family member, or spouse. For complex estates, you may want to consider an attorney or professional executor service. Always notify whoever you choose.

• Sign your will in front of at least two witnesses. In most states, without this step your will won’t be legally valid. Witnesses must be adults of sound mind, and should not be named as beneficiaries in the will. Most states also let your witnesses sign a separate sworn statement in front of a notary, which saves anybody having to track them down later.

• Store your will somewhere safe. A fireproof safe at home is a common choice. A bank safe deposit box works too, though a box in your name alone is usually frozen when you die, so ask the bank about adding your executor to the agreement. Make sure your executor knows where to find it.

Can I change my will?

Yes. You can update your will at any time, or write an entirely new one. It’s a good idea to review it every few years, after major financial changes, or when significant life events occur, such as a marriage, divorce, the birth of a child, or the death of a beneficiary.

For minor changes, you can use a codicil, which is a document attached to your existing will that outlines small amendments. For more significant changes, it’s usually better to draft a new will entirely.

FAQs

Do I need an attorney to write a will? No. You can write a will without legal help, as long as it’s signed and witnessed by two impartial adults. That said, if you have complex or unusual financial circumstances, consulting an attorney licensed in your state is worthwhile.

How much does a will cost? It varies. Online will platforms can be free or low cost, and a will made on one can be legally valid as long as you follow your state’s signing and witnessing rules. Working with an estate planning attorney costs more, and how much more depends on your circumstances and where you live.

How long does a will last? Wills have no expiration date, but they can be revoked at any time, usually by creating a newer will.

What’s the difference between a will and a living will? A living will outlines your preferences for end-of-life medical care in case you’re unable to communicate them yourself. This can include decisions about life support, pain management, and organ donation. A will, by contrast, takes effect after your death and covers the distribution of your assets and other final wishes.

What does an executor do? An executor administers your estate in accordance with your will. Their role involves wrapping up your personal, financial, and legal affairs and overseeing the distribution of assets to your beneficiaries.

How long does it take to settle a will? It varies by state and by how complicated the estate is. A straightforward estate can be wrapped up in well under a year, while bigger or contested ones can run to two years or more. Every state sets a window for creditors to come forward, commonly three to six months, which puts a floor under the process.

Taking the next step

You can write or update your will online with EveryWill, and it costs you nothing. Charities cover the cost, and you can choose to leave a gift to one if it feels right.

The information provided in this article is for general informational purposes only and does not constitute legal advice. Laws vary by state. For advice specific to your situation, please consult a licensed attorney in your state.