# Will: What It Means, How It Works, and Requirements

![The hands of an older person as they read and sign their legal will while sitting at a table.](https://www.investopedia.com/thmb/U-c34cqDYbKXZi5ZI88o9JoumLQ=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Will-0ee4e6d5fa8845718558e4148c7f26e5.jpg)

*— shapecharge / Getty Images*

## What Is a Will?

A will, also called a last will and testament, is a legally enforceable declaration of how a person wants their property and [assets](https://www.investopedia.com/terms/a/asset.asp) distributed after death.

A will can serve other purposes, as well. For example, through their will, a person can recommend a guardian to care for surviving minor children or state their preferences for their remains and funeral.

### Key Takeaways

*   Writing a will ensures that your family and friends inherit your assets according to your wishes and without unnecessary complications.
*   It is a declaration of your intentions and a straightforward list of all of your assets.
*   You also can use your will to protect your minor children or other family members who rely on you.
*   Your will must be signed, dated, and witnessed by, usually, two adults who are not beneficiaries.
*   Beneficiaries designated in your financial accounts override beneficiaries named in a will.

## Understanding a Will

A will is an important component of [estate planning](https://www.investopedia.com/terms/e/estateplanning.asp). It ensures that a person's wishes are documented and carried out, makes it easier for heirs to obtain the assets left to them, and can prevent family squabbles over the property that someone leaves behind.

If an individual [dies without a will](https://www.investopedia.com/terms/i/intestate.asp), the distribution of that person's property is left up to the state government, and may even end up becoming state property. 

### Format of a Will

The format of a will varies, but most follow a [fairly uniform layout](https://www.investopedia.com/writing-a-simple-will-5214270).

The document usually begins with a statement that the writer is of legal age and is making the will freely and without [duress](https://www.investopedia.com/terms/d/duress.asp).

It attests to the writer's mental soundness at the time the will was made. This section also establishes the writer's identity and includes an explicit statement that this document rescinds any previous will.  

### The Executor's Job

In the will, the writer names an [executor](https://www.investopedia.com/terms/e/executor.asp) or personal representative to oversee the [liquidation](https://www.investopedia.com/terms/l/liquidation.asp) and distribution of the [decedent's](https://www.investopedia.com/terms/d/decedent.asp) assets, according to the terms of the will. The executor must also pay any outstanding debts and taxes on the estate.

An executor may be an attorney or financial expert, or anyone that the writer of the will trusts to act responsibly.

The executor may be entitled to receive a reasonable fee for services rendered. Fee guidelines are mandated by the state.

### Insurance Policies and Financial Accounts

After naming an executor and guardian for any minor children, the will should discuss [insurance](https://www.investopedia.com/terms/i/insurance-coverage.asp) policies that have a [named beneficiary](https://www.investopedia.com/terms/n/named-beneficiary.asp).

Wills do not supplant agreements related to life insurance proceeds, retirement assets, or transfer-on-death investment accounts.

This section may also itemize joint bank accounts and property that is co-owned with other individuals.

> **Important**
>
> Make sure that the named beneficiaries for all of your financial and insurance accounts match the names of beneficiaries in your will. If they are different, the beneficiary designation in your accounts will override the intentions expressed in your will. (Of course, you may wish to leave certain financial assets to beneficiaries other than those named in your will.)

### Naming Beneficiaries

The [bequest](https://www.investopedia.com/terms/b/bequest.asp) section of the will specifies beneficiaries for all of the deceased person's property or assets, except for insurance policies, financial accounts, and [joint accounts](https://www.investopedia.com/terms/j/jointaccount.asp) mentioned in the preceding section.

It's crucial that all beneficiaries are named. Clear and reasonable instructions will prevent possible legal challenges that could delay [probate](https://www.investopedia.com/terms/p/probate.asp) and create significant legal expenses.

### Interment Details

A will may also include instructions about the writer's funeral and burial wishes. If the decedent made arrangements for a burial plot or funeral expenses, those should be stated in this section.

## State Requirements for Wills

Most states require that a will be witnessed by two individuals and signed and dated by the writer at the end of the document. [Holographic wills](https://www.investopedia.com/terms/h/holographic-will.asp) may be used in some states.

After death, the will is submitted to the [probate court](https://www.investopedia.com/terms/p/probate-court.asp) of the county or city in which the individual resided.

The probate process can be fairly quick or protracted, depending on the estate laws of the state in which the decedent lived, the complexity of the [estate](https://www.investopedia.com/terms/e/estate.asp), and whether there are legal challenges to the will.

A clear and complete will can make the process as efficient and smooth as possible.  

## Do I Need a Lawyer to Make a Will?

You can write a will without a lawyer, using a [standard low cost will form](https://www.investopedia.com/ask/answers/033116/what-average-cost-making-will.asp) available from [websites such as LegalZoom and Quicken WillMaker & Trust](https://www.investopedia.com/the-best-online-will-makers-8780841) or even from a stationery shop. You may find this adequate if you have an uncomplicated financial situation and straightforward family circumstances, such as a single child.

If you have substantial assets such as a home, bank and investment accounts, life insurance, and property of value, it's worth it to prepare your will with the advice of an attorney. The attorney will ask the right questions about your assets and your intentions, and will know the state process that comes into play when a will is recorded.

## How Many Americans Have No Will?

In 2024, just 32% of Americans had a will. Many of [those without a will](https://www.investopedia.com/if-you-die-without-a-will-11704524) (40%) cited a lack of assets as the reason why they failed to create one.

## What Documents Do I Need to Write My Will?

Whether you do it on your own or with the help of an attorney, you need a fair amount of documentation to complete your will. Basically, you need to prove your own identity and list all of your assets.

Establishing your own identity means collecting your birth certificate and documents like your marriage license.

Listing your assets includes identifying all of your bank and investment account numbers, mortgage documents, and property deeds, and the names and addresses of any lawyers, accountants, and financial advisers that you consult.

## The Bottom Line

[Writing your will](https://www.investopedia.com/articles/pf/08/what-is-a-will.asp) could be the last good deed that you do for your friends and loved ones. Dying without a will (known as dying intestate) leaves behind a mess for them to straighten out. Worse, it could mean that your good intentions won't be carried out as you wish them to be.

> **Article Sources**
>
> 1.  Caring. "[2024 Wills and Estate Planning Study](https://www.caring.com/caregivers/estate-planning/wills-survey/2024-survey/)."