Why You Need a Will, and What Your Risk Without One

The possible consequences include:

• No Tax Planning: Many states impose estate or inheritance taxes with lower thresholds than federal law. A will allows you to reduce or eliminate this burden.
• No Distribution Planning: Your assets may pass entirely to a spouse—even if separated—leaving out children or other loved ones.
• No Guardian Designations: Courts will choose guardians for minor children if you haven’t named them in a will.
• No Charitable Giving: Without a will, you can’t direct assets to nonprofits or causes you care about.
• Family Disputes: Legal battles and stress are more likely when your wishes aren’t clearly spelled out.

A properly drafted will:

• Specifies who inherits your property and assets
• Appoints an executor to manage your estate
• Names legal guardians for minor children
• Outlines charitable bequests and personal gifts
• Coordinates with other estate planning tools

To ensure your will is legally binding, it should:

• Be written by someone over 18 and of sound mind
• Be signed in the presence of witnesses (usually two)
• Revoke previous wills or codicils
• Be stored safely and reviewed after life events

Some assets pass outside of your will. You may also need:

• A revocable living trust for privacy and probate avoidance
• Power of attorney to manage finances if incapacitated
• Health care directive to express medical preferences
• Proper beneficiary designations on retirement accounts and life insurance