Most people know they should have a will, but many aren’t sure what it actually does—or why it’s so important. Whether you’re just starting a family, buying your first home, or planning for retirement, creating a will is one of the most important steps you can take to protect the people you care about.
In this guide, we’ll explain what a will is, what it can and cannot do, and why working with an estate planning professional can help ensure your wishes are carried out.
What Is a Will?
A will (also called a Last Will and Testament) is a legal document that explains how you want your assets and property distributed after your death. It also allows you to appoint trusted individuals to carry out your wishes.
A properly prepared will can help you:
- Decide who inherits your property
- Name a guardian for your minor children
- Appoint an executor to manage your estate
- Reduce confusion and disagreements among family members
- Ensure your final wishes are clearly documented
Without a valid will, state law determines how your estate is distributed, which may not reflect your personal wishes.
What Can a Will Include?
Distribution of Assets
Your will allows you to specify who receives your assets, including:
- Real estate and your home
- Bank accounts
- Personal belongings
- Family heirlooms
- Vehicles
- Investments
- Business interests (when applicable)
Naming an Executor
An executor is the person responsible for carrying out the instructions in your will. Their responsibilities typically include:
- Filing necessary court documents
- Paying outstanding debts and taxes
- Distributing assets to beneficiaries
- Managing the estate throughout probate
Choose someone who is organized, trustworthy, and willing to fulfill these responsibilities.
Appointing Guardians for Minor Children
If you have children under 18, your will allows you to designate who should care for them if both parents pass away. For many parents, this is one of the most important reasons to create a will.
What a Will Does Not Do
Although a will is an essential estate planning document, it does not cover every aspect of your estate plan.
A will generally does not:
- Avoid probate in most situations
- Control assets held in certain trusts
- Override beneficiary designations on life insurance policies or retirement accounts
- Provide financial or healthcare decision-making authority during your lifetime if you become incapacitated
Depending on your goals, your estate plan may also include trusts, powers of attorney, healthcare directives, and other legal documents.
Who Needs a Will?
Many people believe wills are only necessary for retirees or wealthy individuals. In reality, nearly every adult can benefit from having one.
You should consider creating a will if you:
- Own a home or other property
- Have children or grandchildren
- Are married or in a long-term relationship
- Own a business
- Have savings or investment accounts
- Wish to leave gifts to family members or charities
- Want control over who receives your belongings
Even if your estate is relatively simple, a will provides clarity and peace of mind for your loved ones.
When Should You Update Your Will?
Your will should be reviewed whenever significant life changes occur, including:
- Marriage
- Divorce
- Birth or adoption of a child
- Death of a beneficiary or executor
- Buying or selling major assets
- Moving to another state
- Starting or selling a business
Many estate planning professionals recommend reviewing your estate plan every three to five years, even if no major life changes have occurred.
Do You Need an Attorney to Create a Will?
While online templates are available, they may not address your state’s legal requirements or your family’s unique circumstances.
Working with an experienced estate planning attorney can help ensure:
- Your documents comply with state law.
- Your wishes are clearly documented.
- Your family avoids unnecessary complications.
- Your overall estate planning goals are achieved.
If you have a blended family, own a business, have significant assets, or need special needs planning, professional legal guidance is especially valuable.
A Will Is Only One Part of an Estate Plan
A comprehensive estate plan often includes more than a will.
Depending on your circumstances, an estate planning professional may recommend:
- Revocable Living Trusts
- Financial Powers of Attorney
- Healthcare Powers of Attorney
- Advance Healthcare Directives
- Beneficiary Reviews
- Asset Protection Strategies
The right plan depends on your family, your assets, and your long-term goals.
How Legacy Law Network Can Help
Understanding estate planning doesn’t have to be overwhelming.
Legacy Law Network helps individuals and families connect with experienced estate planning professionals, including:
- Estate Planning Attorneys
- Financial Advisors
- Certified Public Accountants (CPAs)
Whether you’re creating your first will or updating an existing estate plan, finding the right professional can make the process easier and give you greater confidence in your decisions.
Ready to take the next step? Explore our estate planning resources or connect with a qualified estate planning professional through Legacy Law Network today.
Frequently Asked Questions
Is a will legally required?
No. However, if you die without a valid will, your state’s intestacy laws determine how your estate is distributed, which may not reflect your wishes.
What happens if I die without a will?
Your assets will generally be distributed according to state law, and the court will appoint someone to administer your estate.
Is a handwritten will valid?
Some states recognize handwritten (holographic) wills, while others do not. Because laws vary, consult an estate planning attorney to ensure your documents meet your state’s legal requirements.
What’s the difference between a will and a trust?
A will directs how assets are distributed after death and generally goes through probate. A trust can help manage assets during your lifetime and after death and may help avoid probate in many cases.
Can I change my will?
Yes. As long as you are mentally competent, you can revise or replace your will whenever your circumstances change.
How often should I review my will?
Review your will every three to five years or after major life events such as marriage, divorce, the birth of a child, or significant changes to your assets.
Does a will avoid probate?
Generally, no. Most wills still go through probate. If avoiding probate is important to you, speak with an estate planning professional about trusts and other planning strategies.
How do I find an estate planning professional?
Legacy Law Network connects individuals with qualified estate planning attorneys, financial advisors, and CPAs who can help develop an estate plan tailored to your unique needs.