Why Everyone Needs at Least a Simple Will
What is a Will (and How It Differs from a Trust)
When you think of estate planning, the document that most people first imagine is a will (sometimes called a “last will and testament”). A will is a legal document that sets out how you want certain aspects of your estate handled after you die including who gets your assets, who might serve as guardian for minor children, who is appointed as the executor of your estate, and so on. A will is effective only upon your death; it does not control what happens while you’re alive (or incapacitated) and only governs assets that are subject to your estate and not already transferred by other means.
By contrast, a trust is a separate legal entity or arrangement in which you transfer ownership of assets to the trust (or transfer rights) under terms you specify, often managed by a trustee for the benefit of named beneficiaries. A trust can take effect while you’re alive (a living trust) and/or after your death. Trusts may provide more control, may avoid probate (the court-supervised process of administering an estate) in some cases, and may help with issues of incapacity or privacy.
Here are some of the key differences in more detail:
Timing and effect: A will only takes effect after your death; a trust (especially a living trust) can be active while you are alive.
Ownership/control: With a will, you still own everything until you die; a trust requires assets be transferred into it so that the trust “owns” them (and thus they may not go through probate).
Probate and public record: Wills generally go through probate and become part of the public court record; trusts can often avoid probate (depending on how they’re structured and funded) and remain private.
Complexity and cost: A will is typically simpler and less expensive; trusts tend to be more complex (involving retitling assets, dealing with trustee arrangements) and more expensive.
In short: A will is foundational, straightforward, and appropriate for many people. A trust is more advanced and may make sense if your situation is more complex (multiple properties, potential tax issues, concerns about incapacity, etc.).
Why Everyone Needs One
You may be thinking: “Do I really need a will? I don’t have a huge estate or complex assets.” The answer: yes and for several important reasons.
Without a valid will, you die “intestate,” meaning state law steps in and determines how your assets are distributed. That may or may not align with your wishes.
A will gives you the power to name an executor (the person who will carry out your wishes) and, very importantly, to name guardians for your minor children. If you don’t, the court may decide or appoint someone you would not have chosen.
Even if your estate is modest, a will still clarifies your wishes and can avoid confusion or conflict among family members
A will allows you to direct specific bequests, choose alternative beneficiaries, and provide clarity about personal belongings, charitable gifts, pets, etc.
It’s relatively easy and affordable to establish a simple will meaning the cost of not having one (in terms of stress, delay, cost, and unintended outcomes) can far outweigh the cost of making one.
A will still serves as a “catch-all.” Many assets pass outside the will (via beneficiary designations, joint tenancy, etc.), but a will covers those that don’t and catches the ones you might not have anticipated.
Peace of mind: for you and for your loved ones. It removes guesswork and gives your family a roadmap during what will already be a difficult time.
In short, regardless of your age, income level, or asset size, having at least a simple will is a smart foundational step in your financial and life plan.
How to Get One
Here’s a user-friendly, step-by-step guide to getting a will in place:
Take stock of what you own and what matters to you.
Start by listing your assets — bank accounts, retirement accounts, real estate, vehicles, personal property, digital assets — and think about who you want to receive them. Also reflect on non-asset matters: guardians for children, care for pets, charitable giving, end-of-life wishes.Choose an executor and other decision-makers.
Decide who you trust to serve as executor of your will (the person who handles your estate after death) and, if relevant, who you’d like as guardians for minor children. You may also consider a backup/executors or guardians in case your first choice can’t serve.Select the type of will document.
For many people, a simple will drafted by an attorney will suffice. If you have more complex assets (multiple states, business interests, special-needs beneficiaries, estate tax concerns), you may want to consult an estate-planning attorney.Online templates or services can work for straightforward estates, but you must ensure compliance with your state’s laws (witnesses, signatures, notarization, etc.).
Pathway Financial Planning recommends you work with an attorney as they can help ensure proper drafting, coordinate with other documents (power of attorney, health-care directives, trusts), and help retitle assets if needed.
Execute the will properly.
Most states have legal requirements: you must sign the document, often in front of witnesses (and sometimes a notary). Failing to follow formalities can invalidate the will. Place the original signed will in a safe but accessible place (tell your executor or family where it is). Destroy any outdated copies.Review and update your will periodically.
Life changes such as marriage, divorce, birth of children, acquisition or sale of significant assets, and moves to another state can all mean your will should be updated. Even if changes are minor, revisiting your will every few years ensures it remains aligned with your wishes.Communicate key matters.
While you don’t need to reveal every detail of your will, you should let your executor (and perhaps your family key decision-makers) know where to find the document, and ensure beneficiary designations (on retirement accounts, insurance policies) are consistent with your will. Misalignment between those designated beneficiaries and your will can lead to unintended results.Consider whether additional documents are needed.
A will is a great start, but you might also need:A durable power of attorney (for financial matters if you’re incapacitated)
A health-care directive or living will
Trusts (if your asset base or situation warrants them)
The key point: even if you decide not to use a trust now, you should still have the will and the other foundational documents.
Final Thoughts
Estate planning doesn’t have to be overly complicated to be meaningful. At its core, having a simple will means you’ve taken responsibility for how your affairs will be handled rather than leaving it to chance or court decisions. Whether your net worth is modest or substantial, whether you’re single, married, have children or not, the act of creating a will gives clarity, control and peace of mind.
This content is for educational purposes only and does not constitute legal or financial advice. Please consult with a qualified estate-planning attorney or financial advisor to address your specific situation.
