Most Americans don't have a will. If you're one of them, here's exactly why that matters — and how to create one that actually works.
Why You Need a Will
Without a will, your state's intestacy laws determine who inherits your assets — and the result may not reflect your wishes. Intestacy laws default to biological family relationships, which means an unmarried partner, a close friend, or a charitable cause you cared about receives nothing.
What a Will Can Cover
- Distribution of assets (cash, property, investments, personal belongings)
- Naming a guardian for minor children
- Naming an executor
- Establishing trusts for minor children or beneficiaries with special needs
- Funeral and burial wishes (note: these are often not read until after arrangements are made — consider a separate letter of instruction)
Types of Wills
- Simple will — Straightforward distribution instructions; appropriate for most people.
- Testamentary trust will — Creates a trust upon death for minor children or specific beneficiaries.
- Pour-over will — Works with a living trust; "pours" remaining assets into the trust at death.
- Holographic will — Entirely handwritten and signed; valid in about half of US states.
How to Write a Valid Will in Your State
At minimum, most states require: you be of legal age and sound mind, the will be in writing, you sign it in the presence of two adult witnesses who are not beneficiaries, and the witnesses also sign. Some states require notarization. Rules vary — verify your state's specific requirements.
What Happens Without a Will
You die "intestate." Your state's default rules apply. For most states, this means your estate passes to your spouse first, then your children, then other biological relatives. If you have no living relatives, your estate may escheat to the state.
