For a lot of people, creating a will is one of those things that’s easy to keep putting off. And it’s not always because we’re too busy or don’t think it’s important. Sometimes, we just don’t want to think about what having a will actually means.
It means asking questions we’d rather not have to answer. What happens to my family if I’m not here? Who would take care of my kids? What happens to the home, savings and other things I’ve worked for?
Naturally, it can feel heavy. But having a will isn’t necessarily about assuming something bad is going to happen. It’s about making sure that if the unexpected does happen, the people you care about aren’t left scrambling out about what you would have wanted.
And that’s really the purpose of a will: making some of the hard decisions now, so the people you love don’t have to make them later.
So, Do You Really Need One?
For many people, yes. And it has less to do with how much money you have than you might think.
There’s a common belief that wills are something you worry about later in life, once you’ve accumulated significant wealth or have a complicated estate. But if you own a home, have savings or investments, have children or simply have belongings you care about, there are decisions worth putting in writing.
Still, most Americans haven’t.
According to Caring.com’s 2025 Wills and Estate Planning Study, only 24% of U.S. adults have a will. Among those without estate planning documents, 43% say they simply haven’t gotten around to creating them.
What Happens If You Don't Have a Will?
If you die without a valid will—commonly referred to as dying “intestate”—assets that pass through your estate are generally distributed according to the laws of the state where you live.
That may sound fairly straightforward until you consider what family dynamics and financial lives actually look like.
Imagine someone in his 40s who has remarried and has two children from a previous relationship. Over the years, he’s built substantial wealth through retirement savings, investments and a successful family business. He and his wife own a home together, and while they’ve talked about the future, they’ve never formally documented what should happen if he’s no longer there.
In his mind, the plan is clear: the business stays in the family, his wife is taken care of and, eventually, the wealth he’s built passes on to his children.
Then he passes away unexpectedly without a will or a clearly documented estate strategy.
Suddenly, what everyone thought would happen and what legally happens may be two very different things.
Some assets may transfer outside of a will. Retirement accounts and life insurance policies with valid beneficiary designations, for example, generally pass to the people named on those accounts. Jointly owned property may transfer according to how it is titled.
Other assets, however, may become part of his probate estate and be distributed according to his state's intestacy laws. With a surviving spouse, children from a previous relationship and ownership in a family business, the situation can quickly become more complicated than simply “everything goes to my spouse.”
And what about the business? Who inherits his ownership interest? Who has the authority to make decisions? Can the business continue operating the way he intended? Without the appropriate estate and business succession planning in place, those answers may not be as clear as the family assumed.
That's where an already difficult situation can become even harder.
His wife may have one understanding of what he wanted. His children may have another. Other family members or business partners may remember conversations differently. Everyone may genuinely believe they know what his intentions were—but those conversations aren't necessarily the same as having a legally documented plan.
Now, while the family is grieving, they're also trying to make financial and business decisions, navigate the estate process and piece it all together.
That's an important distinction to remember: your family knowing what you want isn't necessarily the same as legally documenting what you want.
A will can't eliminate every complication, and a will alone may not address every aspect of a complex estate or business succession strategy. But putting the appropriate plans in place can provide clearer direction for your family, your assets and the business you've worked hard to build.
What Does a Will Actually Do?
At its core, a will gives you a way to put your wishes in writing. While every situation is different, there are a few key decisions it can help address.
Who Will Handle Your Estate?
A will allows you to name an executor, the person responsible for carrying out the instructions in your will and administering your estate.
Depending on the circumstances, that may involve gathering assets, addressing debts and expenses, handling administrative requirements and distributing property to beneficiaries.
It’s a meaningful responsibility, so think beyond simply choosing someone you trust. Consider whether that person is organized, capable and willing to take on the role. It’s also a conversation worth having with them ahead of time.
Who Would Care for Your Children?
For parents of young children, this may be one of the most important parts of a will.
Through a will, you can nominate the person or people you would want to care for your minor children if you were no longer there.
Caring.com’s 2025 research also found that adults with children under 18 represented the largest group of people without wills or other estate planning documents.
No parent wants to picture this situation. But putting your wishes in writing can provide important direction if your family ever needs it.
What If Someone You Love Has Special Needs?
For families caring for a child or other loved one with a disability, estate planning can require another level of thought.
Simply leaving assets directly to a loved one with special needs may have unintended consequences, including potentially affecting eligibility for certain means-tested government benefits. Depending on the individual's circumstances, families may want to explore strategies such as a special needs trust with a qualified estate planning attorney.
This is an area where the details matter. The question isn't only, “What do I want to leave them?” It's also, “How can I provide for them in a way that supports their long-term needs?”
Who Gets What?
This is probably what most of us think about when we hear the word “will.”
A will can provide instructions for how certain property should be distributed among the people or organizations you care about. That could mean your home, cash or other property. But it can also mean the smaller things that carry a lot of meaning—a piece of jewelry that's been in the family for years, a collection you want a child to have or something personal you promised to a sibling.
Not everything that matters has a large dollar value attached to it.
A Will Isn't the Whole Picture
One thing we often remind clients is that creating a will doesn't automatically mean every part of your estate strategy is taken care of.
Your financial life has a lot of moving pieces, and they don't all follow the instructions in your will.
For example, imagine your will says your assets should be divided equally among your children, but an old retirement account still lists someone else as the beneficiary. Depending on the account and applicable rules, that beneficiary designation may control where the money goes.
The same idea can apply to life insurance policies, jointly owned property and other accounts with beneficiary designations.
And for families with more complex circumstances—such as a blended family, a family business or a loved one with special needs—coordination becomes even more important.
That’s why it’s helpful to step back and look at the whole picture. Do your will, beneficiary designations, account ownership and other estate planning documents all reflect what you actually want today?
Your financial professional can help you identify those pieces and work alongside your estate planning attorney and tax professionals. A financial advisor isn't a substitute for an attorney and doesn't draft legal documents, but they can help you understand how your estate strategy fits into your broader financial picture.
Already Have a Will? Don't Forget About It.
Creating a will isn't necessarily a one-and-done task.
Think about how different your life might look today compared with five or ten years ago. Maybe you've gotten married, had children, bought a home, changed careers, started a business or welcomed grandchildren. Maybe your finances have simply grown and changed.
Your will should have the opportunity to change with you. 23% of people who updated their wills did so after getting married or having a child, while 30% made changes following a financial event such as purchasing property, receiving a raise or inheriting money.
Even without a major life event, periodically reviewing your documents and beneficiary designations can help you catch outdated information before it becomes a problem.
A simple question to ask yourself is: If my family had to rely on these documents tomorrow, would they still reflect what I want today?
Not Sure Where to Start? Here's a Quick Checklist
Creating a will can feel like a big task, but you don't have to figure everything out at once. Start by getting a few of the basics in order:
Take inventory of what you own. Make a general list of your property, savings, investments, retirement accounts, insurance policies and other important assets.
Review your beneficiaries. Check the beneficiary designations on retirement accounts, life insurance policies and other applicable accounts to make sure they still reflect your wishes.
Think about who you want to provide for. Consider family members, loved ones and charitable organizations that are important to you.
Choose someone you trust to handle your estate. Think about who could serve as your executor and have a conversation with them about the responsibility.
If you have minor children, think about guardianship. Talk with your spouse or partner about who you would trust to care for your children.
Consider whether your family has additional planning needs. Blended families, business ownership and caring for a loved one with special needs may require additional strategies and coordination.
Gather your questions. You don't need to know all the answers before meeting with a professional. Write down what's unclear or what you're concerned about.
Get the right professionals involved. An estate planning attorney can help you create the appropriate legal documents. Your financial professional can help you review how your assets, beneficiaries, insurance and broader financial strategy fit together.
The most important step? Starting the conversation.
If you already have a financial professional, reach out and ask to review how your estate strategy fits into your overall financial picture. If you have an estate planning attorney, this may be a good time to schedule a conversation about creating or reviewing your will.
This material is intended for educational purposes only and should not be considered legal or tax advice. Consult with qualified legal and tax professionals regarding your individual circumstances.