Why Every Adult Needs a Will — Even If You Think You Don't Have Enough to Leave

Many people assume a will is something for wealthy people with estates to divide. That assumption leaves a lot of everyday households unnecessarily vulnerable.

A will isn’t about how much you own. It’s about who has the authority to make decisions when you can’t.

Only about 1 in 3 U.S. adults (32%) has a will, according to a 2022 national survey. Among adults 65 and older, 30% of the least wealthy fifth have one, against 86% of the wealthiest. The households with the least room for a mistake are the ones most often left to the default rules. (Sources)

What a will actually does

A will (more formally, a “last will and testament”) is a legal document that:

• Names who receives your property when you die
• Names a guardian for your minor children
• Names an executor — the person responsible for carrying out your wishes
• Can specify final arrangements or instructions for family members

Without a will, state “intestacy” laws determine what happens to your property. Those laws don’t know your family, your relationships, or your wishes. They follow a preset formula.

What intestacy laws typically look like

When someone dies without a will, the state applies its own distribution rules. In most states, this looks roughly like:

• If you’re married with children, a spouse and children may share the estate — which can create complications if you wanted your spouse to receive everything.
• If you’re unmarried with children, the children inherit — including minors, who can’t legally manage property.
• If you’re unmarried without children, assets typically pass to parents, then siblings, following a set hierarchy.
• If you’re in an unmarried partnership, your partner generally receives nothing under intestacy laws — regardless of the length or depth of your relationship.

The guardian question

For parents of minor children, a will serves one function that nothing else replaces: naming a guardian.

If both parents die and no guardian has been named, a court determines who raises the children. That court doesn’t know your family, your wishes about education or values, or which relatives you’d trust. It applies its own standard.

Naming a guardian — and naming a backup in case your first choice can’t serve — is the single most time-sensitive planning step for parents with minor children.

Who is most affected by not having a will

Unmarried partners. Unmarried partners have no automatic inheritance rights under intestacy law in most states. A will is the primary tool to establish what you want to happen to your property.

Parents of minor children. The guardian issue. Without a will, this decision goes to a court.

Homeowners. Property doesn’t automatically pass to whoever you’d like without the right planning structure in place.

People with blended families. Competing claims between a current spouse and children from a prior relationship can become contentious without clear direction.

What a will doesn’t do

A will doesn’t control everything. Several categories of assets pass outside of wills entirely:

• Beneficiary-designated accounts — retirement accounts (401k, IRA), life insurance, and some bank accounts pass to whoever is named as beneficiary, regardless of what your will says.
• Jointly held property — property held with survivorship rights passes directly to the surviving owner.
• Trusts — assets in a trust pass according to the trust’s terms.

This is why a will is often just one piece of a broader planning picture. Beneficiary designations on accounts, for example, need to be reviewed separately and updated after major life events like divorce, remarriage, or the birth of a child.

Getting started

Understanding what a will does — and what your current situation looks like without one — is the first step.

To see how a will fits with the other documents, read five documents, one plan. When you’re ready, you can start your estate plan online, with an attorney reviewing every document before you sign.

This article provides general educational information and is not legal advice. Consult a licensed attorney for guidance specific to your situation.