What Is A Will, And Why Do You Need One? (2026)
Contributor
Reviewed By Adam Ramirez, J.D.
Editor
Summary
- A will outlines who should inherit your assets after death
- It also lets you appoint an executor and a guardian for children and pets
- A legally valid will allows your estate to bypass probate
Your will is a key part of your estate plan. But what is a will exactly, and why is it so important to have one? Here’s a closer look.
Understanding a Will and Why It Matters
So what is a will for? A will, also called a last will and testament, is a document outlining your wishes after death. It usually includes the following:
- Who you want to be the executor of your estate
- How you want your assets to be distributed
- Who should care for your minor children and/or pets
Having a will reduces family conflict and grants you and your loved ones peace of mind.
Types of Wills Explained
There are more types of wills than many people realize. These are a few of them:
- Last Will and Testament: This will help ensure your assets are distributed according to your wishes. You can generate a last will and testament online.
- Living Will: A living will isn’t technically a will. It’s an advance directive outlining your preferences for medical treatment if you become incapacitated. You can generate a fully customized living will in minutes.
- Pour-Over Will: Pour-over wills transfer any remaining assets into your revocable living trust after your death, helping your loved ones avoid probate. Generating a pour-over will online can protect your assets.
- Will for Parents of Minors: Unlike a trust document, a will lets you appoint guardians for your minor children if both parents are unable to care for them. Safeguard your children’s future by generating a will for parents of minors.
If you’re not sure which type of will is best for you, an experienced estate planning attorney may be able to offer guidance.
Essential Components of a Valid Will
Generally, your will should include at least the following elements:
- Your basic identification information
- A statement that this is your last will and testament
- Your choice of executor
- Your beneficiaries
- How your assets should be distributed
- Who you appoint to serve as a guardian for pets or children
- Your signature and the date
Many states require you to include witness signatures, have your will notarized, or both. Your estate planning attorney can help you make sure your will is legally valid.
Steps to Creating a Will
To create your will, start by listing all of your assets and debts. Next, list your beneficiaries and decide who should inherit what. From there, choose your executor and sign. It can also be wise to contact an attorney before you begin the process.
What Happens if You Die Without a Will?
Dying without a will is referred to as “dying intestate.” Without a will, your assets are distributed according to your state’s intestacy laws. Most of the time, this means assets go to surviving children, spouses and other family members.
What Is a Will? A Way to Share Your Wishes for Your Estate
The required components of your will can vary by state, so legal guidance matters. By choosing the right will for your situation, you can protect your legacy and help your family avoid problems down the line. And at ConsumerShield, you can find a wide array of professionally reviewed legal forms.
