A will is arguably the most important foundational component of an estate plan.

It spells out who should receive what, names guardians for children or pets, and helps make sure your final wishes are carried out. Whether you’re creating your first draft or dusting off an old one, this Information Hub breaks down what a will actually does, what it doesn’t, and how to make sure yours is legally valid and easy to find when it matters most.

Before we get into the details, here’s what to remember:

• Wills aren’t one size fits all. Your will should reflect your life, your relationships, and your decisions.
• You can create a will on your own. You can create your own will as long as it meets your state’s legal requirements, though an attorney can be helpful if your situation is complex or you want extra assurance it’s done right.
• Wills don’t cover everything. Assets like retirement accounts, life insurance, and jointly owned property usually pass outside your will.
• State rules matter. Each state has its own rules about what makes a will valid.
• You can and should update it. Revisit your will after major life changes like marriage, divorce, or the birth of a child.

Wills should be clear, complete, and thoughtfully written. But they don’t have to be set in stone. Life changes, and your will can change with it.

What Is A Will?

A Will, also known as a Last Will and Testament, is a legal document that not only communicates a person’s final wishes regarding the distribution of their assets but also may include instructions for guardianship of minors, care for pets, and other personal directives after their passing.

Who Needs A Will And When Should You Make One?

The short answer: Almost everyone needs a will, and probably earlier than you think.

You do not need to be wealthy or nearing retirement. If you have children, own anything of value, or want a say in what happens when you’re gone, having a will in place is a smart and simple way to protect the people you care about.

Here are some key times when you should create or revisit your will:

• When you turn 18
  Once you are legally an adult, your parents can no longer make decisions for you. A basic will, power of attorney, and healthcare directive can give your loved ones guidance in case something unexpected happens.
• When you get married or divorced
  Marriage changes who is entitled to your estate under the law. Divorce may not automatically remove an ex from your will. If your relationships change, your will should reflect that.
• When you have children
  This is one of the most important times to write a will. It allows you to name a guardian, decide who manages your children’s inheritance, and make sure they are cared for the way you would want.
• When you buy a home or gain other assets
  If you purchase real estate, start saving or investing, or build a business, your will helps ensure those assets go to the right people.
• When your life circumstances change
  Big moves, a serious illness, a new job, an inheritance, or losing a loved one are all signs it’s time to review your plan. State laws and family dynamics can shift — your will should keep up.
• When someone depends on you
  If a partner, parent, sibling, or even a pet relies on you for support, your will can make sure they are provided for in your absence.
• When you want to reduce stress for the people you love
  A will gives your family direction when they need it most. It removes uncertainty, prevents disputes, and makes everything easier for the people you leave behind.

Key Things To Know

A Last Will and Testament is a legal document that outlines how you want your property, responsibilities, and final wishes handled after your death. It helps ensure your intentions are honored and provides clarity and direction for your loved ones.

• A will names who receives your assets: You can designate specific people, charities, or organizations to inherit property, money, or sentimental items.
• It allows you to name a guardian for minor children or dependents: This is one of the most important reasons parents create a will. Without a named guardian, the court will decide who takes custody.
• You appoint an executor to carry out your wishes: This person handles the legal and financial steps after your death, such as paying debts, filing paperwork, and distributing assets.
• A will only controls assets that go through probate: Property held in joint ownership, living trusts, or accounts with named beneficiaries usually pass outside of the will.
• Wills must meet state-specific legal requirements: Most states require the document to be in writing, signed by you, and witnessed by two adults. Some may require notarization.
• If you die without a will, state law decides what happens: This is called dying intestate. Your assets are distributed according to your state’s default inheritance rules, which may not reflect your preferences.
• You can update your will at any time: Wills should be reviewed after major life events like marriage, divorce, births, deaths, or changes in financial circumstances.
• A will does not avoid probate: It provides instructions for the court but does not eliminate the need for the probate process itself.
• Clarity reduces the chance of family conflict: A clearly written and well-communicated will helps prevent confusion, legal disputes, and hurt feelings among surviving family members.
• You should store your will in a safe and accessible place: Let your executor or trusted loved ones know where to find the original copy when the time comes.

Creating a will is a crucial step in estate planning, and there are three main ways to do it: with a lawyer, through an online service, or by doing it yourself. Each option caters to different needs and budgets, offering flexibility to choose what works best for you, depending on your unique circumstances and the complexity of your estate.

When choosing the best way to create your will, consider the following factors: