Wills & Estates: What You Need and How to Get It Done

Most people put off estate planning because they think it's complicated, expensive, or only for wealthy people. None of those things are true. A basic will can be done in an afternoon for a few hundred dollars — and without one, the state decides what happens to everything you own. That outcome is rarely what anyone would have chosen.

What Happens If You Die Without a Will?

Dying without a will is called dying "intestate." When that happens, your state's intestacy laws determine who gets your assets — and the result might surprise you:

• If you're married with kids: your spouse may not get everything — assets may be split between spouse and children, which can create serious problems
• If you're unmarried: your partner gets nothing unless their name is on the asset. Your parents or siblings may inherit everything instead
• If you have young children: a court decides who raises them — not you
• Your assets go through probate court, which is public, slow, and expensive
• Friends, charities, and stepchildren typically get nothing under intestacy laws

What a Basic Will Does

A will is a legal document that specifies:

• Who gets what: Which people or organizations receive your assets
• Who raises your children: You name a guardian for minor children — arguably the most important function of a will for parents
• Who handles your estate: You name an executor (the person who carries out your wishes)
• Specific bequests: Particular items left to particular people ("my 1965 guitar goes to my nephew Marcus")

A will does NOT automatically avoid probate (a living trust does that), but it does ensure your wishes are followed during probate rather than the state's default rules.

What a Will Doesn't Cover

Some assets pass outside a will regardless of what the will says:

• Life insurance: Goes to the named beneficiary on the policy
• Retirement accounts (401k, IRA): Go to the named beneficiary
• Joint tenancy property: Goes automatically to the surviving owner
• Payable-on-death bank accounts: Go to the named beneficiary

This is why keeping beneficiary designations updated is just as important as having a will. A will that says "everything to my wife" is overridden by a retirement account that still names an ex-spouse as beneficiary.

How Much Does a Will Cost?

What Makes a Will Legally Valid?

Requirements vary slightly by state, but a valid will generally must:

• Be in writing (typed or handwritten, depending on state)
• Be signed by the person making the will (the "testator")
• Be witnessed by two adults who are not beneficiaries of the will
• The testator must be at least 18 and of "sound mind"

Some states also allow "self-proving" wills, which include a notarized affidavit from the witnesses — this makes probate faster by eliminating the need to locate witnesses after death.

Should You Have a Trust Instead?

A living trust avoids probate entirely, which saves time and money after death and keeps your affairs private. But trusts cost more to set up ($1,000–$3,000 with an attorney) and require ongoing management — you have to actually transfer your assets into the trust for it to work.

A trust makes sense if you: own real estate in multiple states, have a large estate, want to avoid probate, have a beneficiary with special needs, or want to control when children receive assets.

For most people with straightforward situations — especially under age 50 with modest assets — a will is sufficient to start. You can always upgrade to a trust later.

Five Things to Do Today

• Check the beneficiary designations on your life insurance and retirement accounts — update any that are outdated
• Decide who would raise your children if something happened to you — have that conversation with the person before naming them
• Choose an executor — someone organized, trustworthy, and willing to handle paperwork
• Make a list of your assets and where they are (accounts, property, insurance policies)
• Use an online service or schedule with an attorney — don't wait for the "right time"

Related Guides

• Power of Attorney — The other document everyone needs
• Lemon Law Handbook — Know all your rights