Do you need a will? How it works & what to consider

If you're an adult who owns anything, even if you have minimal assets and no children, you need a will. It's even more important if you have a family. It’s the key to making sure your wishes are followed, your loved ones are supported, and your legacy is preserved

The good news is that creating a will doesn't need to be complicated, and you can always make updates as your circumstances change. Think of your will as a gift to yourself and the people you care about.

A will is a cornerstone of estate planning—it’s the document that ensures your assets are distributed according to your wishes and provides clear instructions for your loved ones. While some assets, like a 401(k), IRA, or life insurance, can pass directly to beneficiaries without going through your will, a will plays a crucial role in managing everything else.

At a high level, you can use a will to:

• Instruct how you want to distribute the bulk of your money, property and belongings.
• Designate an executor, which is a personal representative who can carry out your directions and requests.
• Name guardians for your dependents.
  

A will is more than a legal document—it's a tool that lets you shape your legacy, protect your loved ones, and ensure your wishes are honored. Whether you're looking to safeguard your children’s future, pass on generational wealth, or ease the burden on your family during a difficult time, creating a will allows you to accomplish all of these and more.

From naming guardians to preserving meaningful treasures and even supporting the causes you care about, a will offers a way to make your intentions clear and prevent unnecessary confusion or conflict.

Here's how establishing a will can help you achieve these important objectives:

If you have young children, your most urgent need is to make sure they can be raised with love and resources if something happens to you and they don't have a surviving parent who can raise them. You can name a guardian and include specific instructions for your children's upbringing in your will. You can also name guardians for adult dependents and for your pets.

If you've been able to build wealth over time through investments, real estate, family businesses and other holdings, you can pass down these assets to your kids and grandkids. Transferring generational wealth is a way to help them reach financial security and, hopefully, create a gift that keeps on giving. Transferring wealth can help you leave a legacy that can endure for generations.

You likely have a few causes that are important to you and aligned with your values. You can pass on money to these causes or the organizations that support them, like your church or any charities you hold dear. Doing so can benefit those entities and send a powerful message to family members who may be inspired to continue your tradition of generosity.

In addition, if higher education is important to you, you can specify that funds are designated for your children's or grandchildren's college education.

You can gift items that may not have a lot of financial value, like your grandmother's recipe collection or the clock that's chimed in your home for generations. Chances are those items hold significant sentimental value to your family members, and you can document who you'd like to have them.

It's not easy thinking about what should happen to your body after you've passed, but in your will, you can state your preferences about your burial or cremation. You can also share preferences about your funeral arrangements.

Many debts don't disappear when someone dies and may become financial obligations for their estate to pay off. You can specify which assets should be used to repay debts, like funds in a bank account or tangible assets, like jewelry, that you aren't gifting to a loved one.

You can probably imagine how chaotic and upsetting things can get for families whose loved ones pass away without leaving a will or other important directions. Dying intestate, which is the term for passing away without a valid will, can make a terrible situation even worse.

Not having a will can complicate probate and run up costs. Probate is the legal process for collecting a deceased person's assets, liquidating liabilities, paying taxes and distributing property to heirs. Establishing a revocable trust, which is also called a living trust, is a way to help your heirs potentially bypass probate court. You can have a trust or a will or a combination of the two.

If you have a valid will, the probate court generally allows the division of your assets to proceed as you instructed. Without a will, the court makes these important decisions for most, but not all, of your assets according to state laws.

Exceptions include assets:

• In a revocable trust.
• That automatically go to a designated beneficiary.
• That transfer through operation of law, like property held in joint tenancy or property with a transfer on death designation.

Intestate laws regarding property distribution vary among states and can get complicated. Consider Minnesota's rules: In that state, a deceased person's property goes to their spouse and children according to a set formula. If someone doesn't have a living spouse or children, the state determines who else would serve as heirs.

Does a state factor in the stepchildren you'd like to leave money to? Not usually. Does the state know you would choose to leave more property to one child and less to another? Not likely. There's a lot your state can't possibly know about your intentions, and you and your loved ones probably don't want your estate divided up based on your state's cold calculations.

And here's another discomforting complication: If you die without a will and your minor children don't have a surviving parent or one who's able to raise them, the courts could appoint a guardian for them.

Free estate planning guide

Your estate plan is one of the greatest gifts you can give your loved ones—and you can get started on your plan today. Our free Will and Estate Planning Guide has everything you need to begin.

Get the guide

Preparing your will requires careful thought and planning, but breaking it into steps makes the process manageable. From choosing the right professionals to ensuring your loved ones are cared for, every decision helps create a clear and legally sound document. Here’s how to tackle the key components of drafting a will, so you can secure your legacy and provide clarity for loved ones.

Although you can draft a will without an attorney, you can serve yourself well by hiring a professional who knows the ins and outs of these legal documents and can verify they're legally enforceable in your state of residence. Choose an attorney who can work in tandem with your accountant and financial advisor; their expertise can help you devise a will that best suits your interests.

Giving the task to your spouse or an adult child can save the fee for a personal representative, but it's a good idea to confirm they're comfortable with serving in that role. You may want to designate the role to a bank or trust company if your estate is large or complex.

The responsibilities of an executor include:

• Offering the will for probate
• Gathering and organizing an estate's assets
• Paying valid debts, the estate's administrative expenses, and federal and state income and estate taxes
• Carrying on or liquidating investments or business interests
• Distributing the remaining assets according to the will's instructions

Ask the people you trust if they're willing to take care of your minors, dependent adults or pets. It's a lot to ask of someone, and you should walk away from the conversation with confidence that you're making the right choices.

Start by creating a detailed list of everything you own that holds value—both financially and sentimentally. This includes cash, your home, vehicles, real estate, jewelry, investments, and any collectibles or heirlooms. Don't forget about digital assets, like online accounts or investments.

Once you've taken stock, think about how you'd like to divide these assets. Who do you want to benefit from them, and why? This process can be emotional, especially when deciding how to allocate items with sentimental value. Consider discussing your intentions with beneficiaries ahead of time. Clear communication now can help prevent misunderstandings later.

Whether it's as big as a home or as small as a special trinket, mull those decisions over and consider discussing your intentions with those special people, especially regarding large assets. Potential beneficiaries may have different expectations and desires about those items.

Determine if there are charitable bequests you'd like to make to churches, educational institutions, charities and other organizations.

Read more: How to donate to charity in your will

Document any outstanding debts you may have, from a mortgage or car payment to unpaid bills and student loans. The executor you name will help with resolving those debts when the time comes.

Think of your will as a living document—one you should review regularly. Over time, your circumstances and intentions may change, so it’s important to ensure your will reflects those updates. You also don’t want to leave out loved ones who’ve come into your life since you first wrote it, and, unfortunately, there may be individuals you wish to disinherit. Keeping your will current helps ensure it truly represents your wishes.

As our Will & Estate planning guide explains, some events that would necessitate making updates include:

• A change in marital status
• The birth of a child
• The death of a spouse or child
• Starting or terminating a business
• Moving to another state
• Acquiring or inheriting property
• Retirement

On a related note, you should also regularly review your beneficiary designations for investment accounts and other assets that aren't part of your will and go directly to beneficiaries.

As you can see, not having a will—or choosing a simpler alternative—can put your well-meaning plans for your loved ones at risk. A will is one of the most powerful tools to protect your wishes, preserve family harmony, and ensure your values and legacy continue long after you’re gone.

Consider connecting with a financial advisor to learn more about why you need a will and to gain additional insight into the protection it can provide your heirs. While Thrivent does not provide specific legal or tax advice, we can partner with you and your tax professional or attorney to create a will that gives you a sense of reassurance and control.