What Is a Will?

A last will and testament is a legal document that gives you the final say over what happens to your property after you die. It lets you name who receives your belongings, who should raise your minor children if needed, and who's responsible for carrying all of that out.

Why you need one

• You decide who gets what— specific items to specific people, and everything else (the “residue”) to whoever you name.
• You name a guardian for any minor children, rather than leaving that decision to a court.
• You choose an executor— the person responsible for filing paperwork, paying debts, and distributing what's left according to your wishes.

What happens if you don't have one

If you die without a will, state law decides for you. This is called intestate succession— a fixed formula, different in every state, that divides your property among relatives in a set order regardless of what you actually would have wanted. A stepchild you raised, a longtime partner you never married, or a friend who mattered to you can all be left with nothing, simply because the formula doesn't account for them.

What's actually in a Wills bundle

A will by itself only covers what happens after you die. Most people also want coverage for decisions made while they're still alive but unable to speak for themselves — which is why a complete bundle includes four more documents:

• Durable Power of Attorney— names someone to handle your finances and legal affairs if you can't.
• Healthcare Power of Attorney— names someone to make medical decisions on your behalf if you're unable to.
• Advance Directive— states your own wishes about life-sustaining treatment, so your family isn't left guessing.
• HIPAA Authorization— lets the people you choose actually get medical updates from your doctors, which providers otherwise can't share even with close family.

What a will can't do

A will doesn't avoid probate — the court process that validates a will and oversees the estate — and probate records are public. It also has no effect while you're alive; if you become incapacitated, your will doesn't help, which is exactly the gap the power of attorney and healthcare documents above are for. If avoiding probate or planning for incapacity matters more to you, a living trust may be worth a closer look — see Will vs. Trust.