What is the main purpose of a will?

The main purpose of a will is to ensure your wishes are legally documented and followed after you die. It tells the court who receives your assets, who manages your estate, and, critically for parents, who cares for your children. Without one, state law makes those decisions for you.

What is the biggest mistake with wills?

The biggest mistake is simply not having one, or having one that is outdated. Many people write a will early in life and never revisit it after a divorce, remarriage, new child, or major asset purchase. An old will that no longer reflects your life can cause just as many problems as having no will at all.

What are the disadvantages of having a will?

The main disadvantage is that a will must go through probate, a court process that can be slow, costly, and public. It can also be contested by family members who believe it does not reflect your true intentions. A will also does not cover assets that already have designated beneficiaries (like life insurance or retirement accounts), which sometimes surprises people. For this reason, wills work best as part of a broader estate plan.

Do I need a lawyer to write a will?

Not always. Basic wills can be created using online platforms or DIY tools. However, if you have significant assets, a business, a blended family, or property in multiple states, working with an estate attorney is strongly recommended. Errors in a will are often only discovered after you are gone, and by then they are very hard to fix.

What happens to my will after I die?

Your executor files the will with the probate court. The court validates it, settles any debts and taxes owed by your estate, and then oversees the distribution of your remaining assets to your named beneficiaries. The timeline varies widely, ranging from a few months for simple estates to several years for complex ones.

What Is a Will? A Clear Detailed Guide for Understanding

Most people know they should have a will. Very few actually do. According to Caring.com's 2025 Wills and Estate Planning Study, only 24% of Americans currently have one, down from 32% just a year earlier. That means three out of four adults in this country have made no legal plan for what happens to their money, their home, or their children when they die. That's not a small oversight. Without a will, the state decides. Courts get involved. Families are left to figure things out during an already painful time, often without a clear answer. This guide explains what a will actually is, what it does (and doesn't) cover, and why getting one sorted sooner rather than later is one of the most practical things you can do for the people you love.

What Is a Will?

A will, formally called a "last will and testament," is a legal document that sets out your wishes for what happens to your assets and property after you die. It is your voice in a room you will never be in.

A well-written will can tell the world who gets your home, your savings, your car, your jewelry, even your pet. If you have children under 18, it's where you name the person you trust to take care of them. Without that instruction, a judge who's never met your family makes that call instead.

Here are the key terms you'll come across:

Testator: The person making the will. That is you.
Executor (or Personal Representative): The person you appoint to carry out your instructions. They handle paperwork, notify institutions, pay debts, and distribute what's left.
Beneficiaries: The people or organizations who receive your assets.
Guardian: The person you name to care for your minor children if both parents are gone.

What Does a Will Cover?

A will covers the assets and decisions that don't already have a legally designated route. That includes things like:

Real estate in your name alone
Bank accounts without a named beneficiary
Personal belongings: furniture, vehicles, jewelry, and collections
Business interests (in some cases)
Guardianship of minor children
Care instructions for pets

What a will does NOT cover: retirement accounts, life insurance policies, and assets held in joint tenancy all pass automatically to named beneficiaries, bypassing your will entirely. This is why estate planning often involves more than just a will.

What Are the Legal Requirements for a Valid Will?

Requirements vary slightly by state, but generally, a valid will must be:

In writing (typed or handwritten, depending on your state)
Signed by you while you're of sound mind
Witnessed by at least two people who are not beneficiaries

Some states also recognize holographic wills, which are handwritten and signed by you, with no witnesses required. But these are easier to challenge in court and more likely to create confusion.

Once you die, your will typically needs to go through probate, a court process that validates the document and oversees asset distribution. Probate can be slow and costly; according to LegalZoom, it can eat up between 3% and 7% of an estate's value and take anywhere from a few months to several years. This is one reason why some people pair a will with a living trust to avoid the process altogether.

Why Does Having a Will Matter? The Real Consequences of Dying Without One

When someone dies without a will, the legal term is dying "intestate." What that means in practice is that state law, not you, decides who gets what.

In most states, that follows a strict order: spouse first, then children, then parents, then siblings. If you're not married but have a long-term partner, they could receive nothing. If you wanted to leave something to a close friend, a charity, or a stepchild who isn't legally adopted, that may simply not happen.

For parents, the stakes are even higher. Without a named guardian in your will, a court appoints one. That person might not be the one you'd choose. And in the meantime, your children could be placed in temporary care while the legal process unfolds.

The 2025 Trust & Will Estate Planning Report found that only 36% of parents with minor children have a will, meaning nearly two-thirds of parents are leaving that decision to a courtroom.

Will vs. Trust: What's the Difference?

A will and a trust are both estate planning tools, but they work differently.

A will takes effect only after you die and goes through probate. A living trust, on the other hand, holds assets during your lifetime and transfers them to beneficiaries without going through court. This makes it faster, more private, and often less expensive in the long run.

That said, a will can do things a trust cannot. Most notably, it can name a guardian for your children. Most estate planning professionals recommend using both together: a trust to transfer assets and a "pour-over" will to catch anything that was not moved into the trust.

Common Will Mistakes That Can Cause Real Problems

Even people who have a will often make avoidable errors. Here are the most common ones:

Not updating it after major life changes. Marriage, divorce, new children, and significant assets all require your will to be revisited. An outdated will can be almost as problematic as having none at all.
Not telling anyone where it is. More than 52% of people do not know where their parents stored estate planning documents, according to data from Cambridge Trust. A will no one can find serves no purpose.
Assuming your executor knows their role. Research shows that only 46% of named executors were even aware they'd been appointed. Have the conversation before you put their name in writing.
Forgetting about digital assets. Social media accounts, crypto wallets, and online accounts can hold real value. Without instructions, families often can't access them at all.
Relying on a will alone. If you have significant assets, a will by itself may not be the most efficient tool. Beneficiary designations, joint ownership, and trusts all interact with your will, and overlooking them can lead to outcomes you did not intend.

How Neptune Fits Into Your Estate Planning Picture

Neptune is a structured platform that helps couples prepare for the legal and financial side of marriage, including understanding where estate planning fits into the bigger picture.

Neptune costs $4,500 per couple and connects you with two independent, highly qualified family law attorneys. The platform doesn't provide legal advice, but it does help you approach these conversations with clarity, structure, and the right professional support in place.

If you are getting married, a will is not something you can keep delaying. Understanding what it covers and how it works alongside a prenuptial agreement and a trust is the kind of preparation that actually protects people.

Final Thoughts: Don't Leave It to Chance

A will is not just for the elderly or the wealthy. It's for anyone who has people they care about, assets they've worked for, or children who depend on them. Yet in 2025, three-quarters of Americans still don't have one.

The most common reason? "I just haven't gotten around to it." That is understandable. But the cost of delay is not paid by you. It is paid by your family.

Getting a will in place doesn't have to be complicated. Understanding what it covers, what it can't do, and how it fits with the rest of your financial and legal life is the first step. The next is actually taking action.