Introduction
A will — formally called a “last will and testament” — is one of the most important legal documents you can create. It ensures that your assets go to the people and causes you care about, rather than being distributed according to your state’s default rules. Despite its importance, nearly 60% of American adults do not have a will. This guide walks you through everything you need to know.
What Does a Will Do?
A will allows you to:
- Specify who inherits your property, money, and possessions
- Name a guardian for minor children
- Choose an executor to carry out your wishes
- Leave gifts to charities or organizations
- Specify funeral and burial preferences
What a Will Does NOT Do
A will does not control assets that pass outside of your estate, including:
- Life insurance proceeds (controlled by your beneficiary designations)
- Retirement accounts like 401(k)s and IRAs
- Joint tenancy property
- Assets held in a living trust
Basic Requirements for a Valid Will
While requirements vary by state, most wills must:
- Be made by a person who is at least 18 years old
- Be made by someone of sound mind
- Be in writing
- Be signed by the person making the will (the “testator”)
- Be witnessed by at least two adults who are not beneficiaries
Step-by-Step: How to Write a Will
Step 1: Take Inventory of Your Assets
List everything you own — real estate, bank accounts, investments, vehicles, valuable personal property, and digital assets.
Step 2: Decide Who Gets What
Identify your beneficiaries and what each will receive. Be specific — “my jewelry” is less clear than “my diamond engagement ring.”
Step 3: Choose an Executor
Your executor is the person responsible for carrying out your will. Choose someone trustworthy, organized, and ideally located near you.
Step 4: Choose a Guardian for Minor Children
If you have children under 18, naming a guardian is one of the most critical decisions in your will.
Step 5: Draft the Document
You can use an attorney, an online legal service such as LegalZoom or Trust & Will, or write one yourself using your state’s guidelines.
Step 6: Sign and Witness the Will
Sign your will in the presence of at least two witnesses who are not beneficiaries. Some states also require notarization.
Step 7: Store It Safely
Keep your original will in a fireproof safe, a bank safe deposit box, or with your attorney. Tell your executor where to find it.
Should I Use an Attorney?
For simple estates, an online service or DIY will may be sufficient. However, you should consult an attorney if you have a large or complex estate, own a business, have children from multiple relationships, or anticipate your will being contested.
How Often Should I Update My Will?
Review your will after any major life event — marriage, divorce, the birth of a child, a significant change in assets, or the death of a beneficiary or executor.
The information on LegalConsultants.com is provided for general informational purposes only and does not constitute legal advice. Always consult a qualified attorney for advice specific to your situation.