What Is a Will? Why You Need One

A will, also called a last will and testament, is a legal document describing what to do with a person’s assets when they die. A will includes instructions for distributing property, naming guardians for children, making charitable donations and more^[0]

In your will, you’ll name an executor who will use the document to bring your estate through probate and distribute your assets to beneficiaries. A well-written will can simplify the probate process because it provides the executor, the state, and your heirs with clarity about your intentions for your assets. Without a will, your estate may take longer to settle.

» Writing a will? Here’s our 7-step guide

With a will, you can:

• Distribute property according to your wishes. You can name anything you own in your will and decide who it should go to, as long as it doesn’t have a designated beneficiary, such as a life insurance account.

• Designate guardians for your kids in case you die. If both parents die without naming a guardian for their children under 18, a probate court may have to appoint someone.

• Save your loved ones time and money. A well-written will can simplify the probate process and reduce legal costs.

There are a few things you’ll need to make your last will and testament official and ensure that it’s valid.

1. Asset information. To list assets in your will and promise them to beneficiaries, you’ll need to include accurate information such as bank account numbers and property deeds. To prove your belongings are yours, it may be helpful to include copies of your birth certificate, ID and marriage license, if you have one.

2. Witness or notary signatures. In most states, signing your will in front of two witnesses makes it valid. These witnesses can vouch for you during probate proceedings. In Colorado and North Dakota, you can have your will signed by a notary public instead; in Louisiana, you’ll need your will both witnessed and notarized.

3. Safe storage. After writing your will, it’s essential to keep it somewhere secure and ensure that your loved ones know how to find it. If you worked with a lawyer to make a will, they should have a copy, and so should your designated executor.

The cost of a will depends on whether you write it yourself, use online software or hire an estate planning attorney. Here are a few price estimates:

• DIY: Free. In some states, a handwritten will is valid; in many, you’ll also need to have your will witnessed or notarized. Will notarization is free in some states and up to $20 in others ^[0]

  Notary.pandadoc.com. Notary costs by states 2024. Accessed Aug 21, 2024.

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  . You can also find and print free will templates online, but there’s no guarantee they will be state-specific or legally binding.

• Estate planning attorney: $500 to $3,000 and up (flat fee) or $200 and up (hourly). A lawyer can help ensure your will is legally sound in your state and work with you to navigate more complex assets or beneficiaries. A financial advisor may also be able to help you write a will ^[0]

  Lawyers.com. How Much Does Estate Planning Cost With and Without an Attorney?. Accessed Aug 21, 2024.

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• Online will software: $89 and up; some free options available. Most online will software includes a questionnaire that helps customize your will to your state and situation. Some offer flat-fee estate planning packages, while others offer monthly memberships.

» Ready for a will? Check out our roundup of the best online will makers

There are several different types of wills. Some types aren’t valid in every state. Your state's legal requirements dictate their validity.

• Simple or testamentary will: A legal document that specifies how to allocate your property upon your death.

• Joint will: A legal document that blends the individual wills of more than one person with the same wishes. Example: Both spouses agree to leave everything to their surviving spouse and then to their children.

• Handwritten or holographic will: A will that has not been witnessed or notarized but is written by hand. It may not be valid in every state. Example: A soldier scribbles their wishes on pen and paper during a dangerous situation.

• Oral or nuncupative will: A will that is verbally expressed to witnesses, rather than written down. It may not be valid by state. Example: A terminally ill patient who is unable to write and instead states their wishes aloud.

• Pour-over will: A will used alongside a living trust as a contingency. It "pours" all of the estate’s assets into the living trust in case assets were not transferred into the trust beforehand. 

» What works best for you? Know the differences between wills and trusts