Why Everyone Needs a Will

The story: Nora and Marcus put it off

Nora and Marcus sit on a couch and talk about writing their first wills, with a note about who would raise their toddler.

1. Narrator: Nora and Marcus have a toddler, a car and some savings. They don’t have a will.
2. Marcus: We don’t own much. Do we really need one?
3. Narrator: A will isn’t only about money. It names a guardian for your kids and an executor to handle things.
4. Nora: What happens if we never write one?
5. Narrator: State law decides who inherits, and a court picks who raises your child. That’s called dying intestate.
6. Narrator: Some things skip the will entirely: accounts with a named beneficiary, and property owned jointly.
7. Nora: Then let’s write simple wills, and update them when life changes.

What you’ll learn

1. What a will does

   A will names who gets your property, a guardian for minor children and an executor, the person who carries out your wishes. If you die without one, you die intestate: state law decides who inherits, and a court picks a guardian.

2. What passes outside a will

   Accounts with a beneficiary form, like retirement accounts and life insurance, go to the person named on the form. Property owned jointly with right of survivorship goes to the co-owner. A will doesn’t change either one.

3. Probate and the executor

   Probate is the court process that checks a will and oversees paying debts and handing out property. The executor files the papers, pays the bills and gives out what’s left. Choose someone organized and willing, and ask them first.

4. Simple, signed right and kept current

   A simple will can be affordable. Signing and witness rules vary by state, so follow your state’s rules or ask an attorney, especially for blended families or a business. Update it after a marriage, divorce, new child, move or death in the family.

Key words

will

a signed paper that says who gets your property and who raises your kids

executor

the person who carries out a will

intestate

dying without a will, so state law decides

probate

the court process that settles a person’s estate

Common questions

Do I need a lawyer to make a will?

Not always. Simple wills can be done affordably, but signing rules vary by state. Blended families, a business or a child with special needs are good reasons to see an attorney.

Where should I keep my will?

Somewhere safe that your executor can reach, and tell them where it is. Some states let you file it with a court.

Remember this

No will means the state writes one for you.

Try it: Start your will inventory

1. List what you own, and how each item passes: will, beneficiary form or joint.
2. Note who you’d want to get what.
3. Write down who you’d name as executor and as guardian for any kids.

No account needed: list what you own on paper, or use the free Net Worth Calculator.

Live facts

Numbers that change over time, with when they were last checked and where they come from.

• Will rules vary by state: find free or low-cost legal help

  Source: USA.gov(opens in a new tab)