Will Planning Outline
How it works
A will (last will and testament) expresses your wishes for distributing your assets after death, names guardians for minor children, and appoints an executor. The Will Planning Outline identifies the key decisions to make before consulting an attorney for will drafting.
**Why a will is essential** Without a will, your estate is distributed according to your state's intestacy laws — which may not match your wishes. Typical intestacy: everything to a surviving spouse, or split between spouse and children, or divided among children if no spouse. Without a will: you cannot name a guardian for your children (a court decides), you cannot leave assets to non-family members or charities, and you cannot name your own executor.
**Key decisions before drafting** Executor: the person who administers your estate, pays debts, and distributes assets. Choose someone organized, trustworthy, and ideally not a beneficiary of the largest bequest. Guardian: for minor children, names the person who will raise them if both parents die. This is often the most important provision in a young parent's will. Beneficiaries: who receives what — specify contingent beneficiaries in case primary beneficiaries predecease you. Specific bequests: particular items to particular people (heirlooms, personal property). Residuary estate: everything not specifically bequeathed (the "catch-all" that receives the bulk of the estate). Trusts: testamentary trusts for minor children (directing that assets be held until they reach a specified age) or other beneficiaries.
**Probate** A will is administered through probate court — the process of validating the will, appointing an executor, and distributing assets under court supervision. Probate can take 6 months to 2 years and typically costs 3–7% of estate value in fees.
**Will vs. living trust** Assets with a named beneficiary (retirement accounts, life insurance, TOD accounts) pass outside the will. A revocable living trust can transfer most assets outside of probate.
This tool generates a planning outline. Wills must meet state formal requirements — have a licensed estate planning attorney prepare the final document.
Frequently Asked Questions
- Dying intestate (without a will) means state intestacy laws determine distribution — typically to spouse and children, then parents, then siblings. The court appoints an administrator (not necessarily who you'd choose). Unmarried partners receive nothing in most states regardless of relationship length. Stepchildren typically receive nothing. Your assets may go to relatives you're estranged from. For small estates, probate may still be required. A will prevents these outcomes by specifying your actual wishes and who administers the estate.
- The testator must be of legal age (18 in most states) and of sound mind (testamentary capacity). The will must be in writing (oral wills are invalid in most states). It must be signed by the testator in front of two witnesses who also sign. Witnesses should not be beneficiaries — in many states, a witness who is also a beneficiary loses their inheritance. Notarization is not required for validity but a self-proving affidavit (notarized witness statements) speeds up probate by eliminating the need to locate witnesses.
- A will takes effect at death and goes through probate (a court-supervised process that is public and can take months or years). A revocable living trust holds assets during your lifetime and transfers them at death without probate — faster, private, and avoids the cost of probate. Trusts have higher upfront cost to create. A pour-over will is used alongside a trust to catch assets not transferred to the trust during life. For large estates or states with high probate costs (California), a trust is often more efficient. For smaller estates, a simple will may suffice.
- Review and update after major life events: marriage, divorce (may revoke the will in some states), birth or adoption of children, death of a named beneficiary or executor, significant change in assets, moving to a different state (laws vary — a will valid in one state is usually valid in others but some provisions may not be), and relationship changes with people named in the will. Best practice: review every 3–5 years even without triggering events. A will that's 20 years old likely doesn't reflect current family composition or wishes.