A will serves as your roadmap for distributing assets and caring for loved ones after you pass away. While 67% of Americans don’t have one, according to data from Caring.com, creating this essential document protects your family from legal complications and ensures your wishes are honored.
📋 Quick Assessment: Do You Need a Will?
Answer these 5 questions to find out if you should create a will now:
1. Do you own any assets? (home, car, savings, investments, personal property)
2. Do you have minor children or dependents?
3. Are you married or in a long-term relationship?
4. Do you have specific wishes about who should receive your belongings?
5. Are you over 18 years old?
What Is a Will and Why Do You Need One?
A will is a legally binding document that outlines how you want your property handled when you die. It specifies who receives your assets, who manages your estate, and who cares for minor children or dependents. Without one, state intestacy laws determine these outcomes, which may not align with your preferences.
Think of your will as more than just an asset distribution tool. It provides clarity during a difficult time, potentially saving your family months of legal proceedings and thousands in probate costs. The U.S. Courts emphasize that a properly executed will streamlines the estate settlement process and reduces family disputes.
Creating a will becomes particularly important when you experience major life changes:
- Marriage or divorce – Update beneficiaries and asset distribution plans
- Birth or adoption of children – Name guardians and allocate inheritance
- Significant asset acquisition – Real estate, investments, or business ownership
- Starting a business – Ensure business succession planning
- Death of a named beneficiary or executor – Update your designations
Ready to start planning? Our advisors help coordinate your will with your broader financial plan. Explore our estate planning services.
Essential Components to Include in Your Will
An effective will requires careful documentation of several key elements. Use this checklist to ensure you have everything covered:
Will Preparation Checklist:
- Complete inventory of assets (real estate, accounts, investments, valuables)
- List of liabilities (mortgages, loans, debts, taxes)
- Primary executor selection (plus alternate)
- Guardian designations for minor children or pets
- Complete beneficiary information (names, DOB, SSN)
- Specific bequests for sentimental items
- Digital asset inventory and access instructions
Assets to Document
Compile a comprehensive list of your assets, including:
- Real property (primary residence, vacation homes, land)
- Retirement accounts (401(k), IRA, pension plans)
- Investment portfolios (stocks, bonds, mutual funds)
- Bank accounts (checking, savings, CDs)
- Vehicles (cars, boats, motorcycles, RVs)
- Valuable personal property (jewelry, art, collectibles, antiques)
- Business interests and intellectual property
- Digital assets (cryptocurrency, online accounts, domains)
A Closer Look: Digital Assets Require More Than a Bullet Point
Most people list cryptocurrency and online accounts in their asset inventory and consider it done. That’s a start, but it’s not sufficient — and the gap between “listed” and “accessible” can cost your heirs significantly.
47 states have adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) as of 2025, making it the dominant legal framework for digital asset management after death. Both Virginia and Texas are among them. What RUFADAA does: it gives your executor the legal authority to access and manage digital assets — but only if your estate planning documents explicitly authorize it. Without that language, privacy laws and platform terms of service can block access entirely, regardless of what your will says about who inherits the assets.
RUFADAA establishes a clear priority order: platform-specific online tools come first, then instructions in estate planning documents, then the platform’s terms of service as a default. That hierarchy matters in practice. If you’ve designated a beneficiary directly on a cryptocurrency exchange’s platform, that designation controls — it overrides your will. If you haven’t used the platform’s tool and your will doesn’t include explicit digital asset language, the platform’s terms of service fill the gap, and those terms frequently don’t allow transfer of access at all.
For cryptocurrency specifically, the access problem is more serious than with most assets. Access does not equal ownership under RUFADAA — fiduciaries are granted access rights, not automatic ownership transfer of the underlying asset, and service providers can choose to provide full access, partial access, or only a data export. For self-custodied crypto held in a hardware wallet, there is no platform to contact. If your executor doesn’t have the private keys or seed phrase, the assets are gone.
What a complete digital asset provision in your will should address:
- Explicit RUFADAA authorization — language granting your executor authority to access, manage, and transfer digital accounts and assets. An estate plan written before 2016 almost certainly doesn’t have this.
- A separate, secure inventory — wallet addresses, exchange account usernames, and the location of hardware wallets and seed phrases. This inventory should not be attached to the will itself, since wills become public records during probate. Reference the inventory in the will; store it separately in a secure location your executor knows about.
- Platform-level designations — use the beneficiary or legacy contact tools offered by major platforms (Google’s Inactive Account Manager, Facebook’s Legacy Contact, exchange beneficiary designations) where available. These override your will for those accounts, so they need to align with your overall estate plan.
- Executor capability — an executor unfamiliar with digital assets may mishandle wallets, delay liquidation during volatile markets, or be unable to manage complex assets like NFTs at all. Consider whether your named executor has the knowledge to handle digital holdings, or whether a separate digital executor or specialist should be designated.
One thing worth saying plainly: if your estate plan was drafted more than five years ago and hasn’t been updated, there’s a good chance it has no digital asset language at all. Older estate plans without this language default to the platform’s terms of service, which frequently leaves the fiduciary with no access to the accounts. That’s a gap worth closing before it becomes someone else’s problem.
Liabilities to Address
Document your liabilities, as your estate bears responsibility for settling these debts:
- Mortgages and home equity loans
- Auto loans and leases
- Student loans (federal and private)
- Credit card balances
- Personal loans
- Tax obligations (income, property, estate)
- Business debts
Choosing Your Executor
Selecting an executor ranks among your most critical decisions. This person administers your estate, files necessary paperwork, pays debts, and distributes assets according to your instructions. Key qualities to consider:
- Trustworthy and honest – Will handle your affairs with integrity
- Organizationally capable – Can manage complex paperwork and deadlines
- Financially responsible – Understands basic financial management
- Available and willing – Has time to dedicate to estate settlement
- Good communicator – Can work with beneficiaries and professionals
Consider naming an alternate executor as a precaution. You don’t need formal permission from named executors, but discussing the role beforehand prevents uncomfortable surprises.
Designating Guardians
If you have minor children, pets, or other dependents, designate guardians to care for them. Important considerations:
- Financial stability and resources to provide care
- Parenting philosophy and values alignment
- Geographic location and school district quality
- Age and health status (ability to raise children to adulthood)
- Existing relationship with your children
- Willingness and capacity to take on the responsibility
Identifying Beneficiaries
Your beneficiaries are individuals or organizations that receive assets from your estate. Gather comprehensive information:
- Full legal names (as they appear on official documents)
- Dates of birth
- Social Security numbers
- Current contact information (addresses, phone numbers)
- Relationship to you
This information prevents confusion during estate settlement and helps your executor locate beneficiaries efficiently.
Need Help Organizing Your Estate Information?
Our advisors provide comprehensive estate planning support to ensure nothing gets overlooked.
How a Will Works: The Probate Process Explained
When someone dies, their will enters probate, a court-supervised process for settling estates. While procedures vary by state, the general framework follows consistent steps.
| Probate Stage | Key Activities | Typical Timeline |
|---|---|---|
| Filing | Submit will to probate court, petition for executor appointment | 1-2 weeks |
| Validation | Court reviews will validity, hears objections, appoints executor | 2-4 weeks |
| Inventory | Locate, catalog, and appraise all estate assets | 2-4 months |
| Notification | Notify creditors, beneficiaries, and relevant parties | 2-3 months |
| Debt Payment | Settle outstanding debts, taxes, and estate expenses | 3-6 months |
| Distribution | Distribute remaining assets to beneficiaries per will instructions | 1-3 months |
| Closing | File final accounting, close estate | 1-2 months |
Total typical probate duration: 9-18 months for straightforward estates; 2+ years for complex situations
Some states offer simplified probate procedures requiring only basic filings and notifications. Others mandate traditional court proceedings. Understanding your state’s approach helps you plan accordingly and potentially structure your estate to minimize delays.
Probate creates a public record, meaning your asset distribution becomes accessible to anyone who searches court files. Placing assets into a trust shields them from this public scrutiny while offering additional benefits for estate planning.
Common Probate Complications
Issues that can delay or complicate probate include:
- Multiple will versions – Creates confusion about your final wishes
- Improper notarization or witnessing – May invalidate the entire will
- Ambiguous language – Leads to disputes among beneficiaries
- Missing or unnamed assets – Requires additional court proceedings
- Contested wills – Family members challenge validity or provisions
- Out-of-state property – Requires ancillary probate proceedings
Working with an attorney who specializes in wills and estate planning helps you avoid costly mistakes. Accidental omissions, copying errors, or unclear phrasing can permanently impact your legacy and burden your family with additional legal challenges.
⚖️ Working with an attorney? We collaborate with your legal team to ensure your will aligns with your overall financial strategy. Let’s coordinate your estate plan.
Do I Need a Will If I Have a Trust?
Even with a comprehensive trust in place, you still need a will. These documents serve complementary but distinct purposes in your estate plan.
| Aspect | Will | Trust |
|---|---|---|
| Primary Purpose | Provides instructions for estate handling | Vehicle for transferring assets |
| Probate | Assets pass through probate | Assets bypass probate |
| Privacy | Becomes public record | Remains private |
| Guardian Designation | Yes, for minor children/pets | No |
| Personal Property | Distributes sentimental items | Typically for significant assets |
| Executor/Trustee | Names estate executor | Names trust administrator |
| Debt Forgiveness | Can forgive personal debts | Cannot forgive debts |
| When Active | After death only | Can be active during life |
What Only a Will Can Do
Several important provisions can only be addressed in a will, not a trust:
- Guardian appointments – Name caretakers for minor children, adult dependents, or pets
- Executor designation – Appoint someone to handle personal affairs beyond trust assets
- Sentimental item distribution – Specify recipients for family heirlooms, collections, jewelry
- Debt forgiveness – Forgive loans you’ve made to others
- Funeral instructions backup – Secondary location for final wishes
- Digital asset handling – Provide access to online accounts and passwords
This flexibility makes wills an essential complement to any trust-based estate plan. Think of them as working together: the trust handles major assets efficiently while the will covers everything else and provides backup instructions.
Choosing an Executor and Guardians for Your Estate
Your executor shoulders significant responsibility for managing your estate. According to the Internal Revenue Service, executors must file final tax returns, inventory assets, pay outstanding bills, and distribute property per your instructions.
Executor Responsibilities Include:
- Filing the will with probate court
- Notifying beneficiaries, creditors, and government agencies
- Taking inventory of all estate assets
- Obtaining property appraisals as needed
- Opening estate bank accounts
- Paying valid debts and final expenses
- Filing estate tax returns (if applicable)
- Distributing assets according to will instructions
- Maintaining detailed records and providing accounting to court
- Closing the estate
Professional vs. Family Executor
| Type | Advantages | Considerations |
|---|---|---|
| Family Member/Friend |
|
|
| Professional (Attorney/CPA) |
|
|
Guardian Selection Criteria
For minor children, evaluate potential guardians based on these key factors:
- Financial stability – Can they afford to raise additional children?
- Parenting philosophy – Do they share your values on discipline, education, religion?
- Location – Would relocation disrupt your children’s lives?
- Age and health – Can they actively parent through your children’s adulthood?
- Existing relationship – Do your children know and trust them?
- Family size – Do they have capacity for additional children?
- Lifestyle compatibility – Will your children adapt to their household?
While grandparents often seem like natural choices, consider whether they have the energy and longevity to raise children to adulthood. Younger siblings or close friends might offer more appropriate long-term solutions.
Complex Family Situation?
We help families navigate difficult executor and guardian decisions with sensitivity and expertise.
Steps to Create a Legally Valid Will
Creating a legally binding will involves several straightforward steps. Follow this process to ensure your will meets all legal requirements:
- Gather essential information – Compile asset and liability lists, beneficiary details, and potential executor/guardian names
- Choose your method – Decide between hiring an estate planning attorney or using a reputable online platform
- Draft your will – Create the document using clear, specific language that leaves no room for interpretation
- Review and revise – Carefully read through your draft and make necessary corrections
- Execute properly – Sign in the presence of required witnesses (typically two) who also sign
- Consider notarization – Create a self-proving will that expedites probate (requirements vary by state)
- Store securely – Place in a safe but accessible location
- Inform your executor – Tell them where to find the will when needed
DIY vs. Attorney-Prepared Wills
| Approach | Best For | Typical Cost | Pros | Cons |
|---|---|---|---|---|
| Online Will Platform | Simple estates, straightforward wishes | $0-$200 |
|
|
| Estate Planning Attorney | Complex estates, business owners, blended families | $300-$2,000+ |
|
|
While do-it-yourself options exist, professional guidance helps ensure your will meets state-specific requirements and addresses your unique situation. Attorneys catch potential issues like improper beneficiary designations or conflicting instructions that could invalidate portions of your will.
Proper Execution Requirements
Most states require specific formalities for a valid will:
- Testator requirements
- Must be at least 18 years old (19 in some states)
- Must be of sound mind and not under duress
- Must sign voluntarily
- Witness requirements
- Typically two witnesses minimum
- Must be present simultaneously during signing
- Should be “disinterested” (not beneficiaries)
- Must be at least 14-18 years old (varies by state)
- Document requirements
- Must be in writing (typed or handwritten)
- Must clearly state it is your last will and testament
- Should include date and location
- All pages should be numbered and initialed
Want a complete estate planning checklist? Our comprehensive guide walks you through every step. Learn about estate planning services and costs.
If You’re Writing Your Will in Virginia or Texas
The execution requirements the post describes — two witnesses, written document, signed in their presence — hold in both states. But the differences below affect enough people that they’re worth knowing before you sit down with an attorney.
Virginia
Virginia does not currently allow electronic wills, so the document must exist in physical form. That matters more than it sounds: a PDF of a signed will on your hard drive is not valid.
Witnesses to a typewritten will don’t have to be disinterested in Virginia— technically, a beneficiary can serve as a witness — but using interested witnesses is a risk not worth taking. Any allegation of misconduct becomes easier to raise when a beneficiary witnessed the signature.
Virginia repealed its estate tax in 2007 and offers transfer-on-death designations for both real estate and vehicle titles, which means certain assets can pass directly to heirs without going through probate at all — as long as the designations are current and correctly named.
Virginia also has a useful provision for tangible personal property. A will can reference a separate written list to distribute items of personal property, and that list can be prepared or altered at any time — even after the will is signed — as long as it describes the items and intended recipients with reasonable certainty and is signed. This is worth asking your attorney about if you have specific family heirlooms you want to direct without rewriting the will each time.
Virginia allows wills to be deposited with the circuit court for safekeeping before death, held under seal until a death certificate is received. Not everyone uses this, but it solves the problem of a will that can’t be located when it’s needed.
Texas
Texas is a community property state, which changes the baseline assumptions of estate planning in ways Virginia residents don’t have to contend with. You can only bequeath your half of community property in a will — your spouse retains their 50% ownership automatically by law. If the division of community versus separate property isn’t clearly addressed in the estate plan, ambiguity at death can create exactly the family disputes a will is supposed to prevent.
Texas homestead laws protect up to 10 acres in an urban area or 100 acres in a rural area from creditors, with a surviving spouse holding specific protected interests in the homestead. These protections don’t eliminate the need for clear will provisions around the property, but they do affect how those provisions should be structured.
On execution: Texas requires two or more credible witnesses who are at least 14 years old and sign the will in their own handwriting in the testator’s presence. “Credible” means they don’t receive anything under the will — this is a harder rule than Virginia’s, where interested witnesses are technically permitted. A self-proving affidavit isn’t required, but it avoids the need for witnesses to appear in court during probate, which matters if witnesses are elderly or have moved away.
Texas courts have become increasingly strict about witness requirements in recent years, and technical violations can invalidate an otherwise valid will. That’s not a reason to overcomplicate the process — it’s a reason to execute with an attorney present the first time.
One additional difference worth noting: marriage or divorce after signing automatically revokes an existing will under Texas Estates Code §69.001. Virginia handles this differently — a divorce revokes provisions in favor of a former spouse, but the rest of the will survives. In Texas, the entire document is at risk. This is a detail that tends to surface at the worst possible time for families who assumed the old will still controlled.
When to Update Your Will
Life changes necessitate will updates. Review and revise your will when these events occur:
- Marriage or remarriage – Update spousal provisions and beneficiaries
- Divorce or separation – Remove ex-spouse and reassign assets
- Birth or adoption – Add new children and name guardians
- Death of beneficiary or executor – Designate replacements
- Significant asset changes – Acquire or sell major property, investments, or businesses
- Relocation to new state – Ensure compliance with new state laws
- Relationship changes – Beneficiaries or executors no longer appropriate
- Tax law changes – Adjust for new estate tax regulations
- Every 3-5 years – Regular review even without major changes
How to Update Your Will
| Method | When to Use | Process |
|---|---|---|
| Codicil | Minor changes or additions | Create formal amendment that references original will, execute with same formalities |
| New Will | Major changes or comprehensive updates | Draft entirely new document that explicitly revokes all prior wills, execute properly |
| Never Do | - | Handwritten changes on existing will (creates confusion and may invalidate document) |
When updating, avoid making handwritten changes on your existing will. These modifications, called interlineations, create confusion about your intent and may be deemed invalid. Instead, create a formal amendment called a codicil or draft an entirely new will that explicitly revokes all prior versions.
Ready to Create Your Comprehensive Estate Plan?
Don’t leave your family’s future to chance. Our experienced advisors work with your attorney to ensure your will fits seamlessly into your complete financial strategy.
Schedule Your Free Consultation
Already working with an attorney? We collaborate seamlessly with legal professionals throughout Virginia and Texas. Learn about our estate planning services.
When the time comes to establish or update your will, Bogart Wealth advisors work with your attorney as needed to craft a comprehensive estate plan reflecting your wishes. If you’re not yet working with an attorney, we can provide recommendations in Virginia and Texas, or help you search for estate planning specialists near you. Concerned about costs? Learn more about what to expect with estate planning expenses.
Bogart Wealth is neither a law firm nor a certified public accounting firm, and no portion of this content should be construed as legal or accounting advice. Bogart Wealth is not affiliated with and does not receive direct or indirect compensation for referral to an estate planning attorney.
FAQs About How to Write a Will
What happens if you die without a will?
When you die without a will, state intestacy laws determine how your assets are distributed. Courts typically prioritize spouses and blood relatives, which means friends, unmarried partners, or favorite charities receive nothing. The process takes longer and costs more than probate with a will, as courts must appoint administrators and investigate family relationships without your guidance.
Can I write my own will without a lawyer?
Yes, you can legally write your own will without an attorney. Many people successfully use online platforms or templates for straightforward estates. However, DIY wills carry risks of technical errors or ambiguous language that could invalidate the document. Consider professional help if you have complex family dynamics, substantial assets, or specific distribution wishes. According to the American Bar Association, working with an attorney helps ensure your will meets state requirements and accurately reflects your intentions.
How much does it cost to make a will?
Will costs vary by method and complexity. Online platforms range from free to $300, while attorney-prepared wills typically cost $300 to $1,000 for straightforward situations. Complex estates involving businesses or significant assets may cost several thousand dollars. While price matters, proper execution prevents expensive litigation later—contested wills and probate disputes often cost families tens of thousands in legal fees.
Do I need a will if I have a trust?
Yes, you still need a will even with a trust. A will covers assets not placed in the trust, names guardians for minor children or pets, and designates an executor to handle non-trust matters. Think of them as complementary documents: your trust transfers specific assets while your will provides instructions for everything else in your estate, including sentimental items and personal belongings that don’t belong in trusts.
What assets don’t pass through a will?
Life insurance policies, retirement accounts like 401(k)s and IRAs, payable-on-death bank accounts, and jointly-owned property with survivorship rights bypass your will entirely. These assets transfer directly to named beneficiaries regardless of will instructions. Review these designations regularly—outdated beneficiary listings, such as naming an ex-spouse, override your will provisions and can’t be corrected after your death.
How often should I update my will?
Review your will every three to five years, or immediately after major life events like marriage, divorce, births, deaths, significant asset changes, or relocating to a new state. Don’t make handwritten changes on your existing will—these modifications create confusion and may be invalid. Instead, create a formal codicil or draft a new will that explicitly revokes all prior versions.
Can I disinherit someone in my will?
You can disinherit adult children or other relatives in most states, though spouses have special protections under marital property laws. To disinherit someone effectively, explicitly state your intention in the will rather than simply omitting their name. This prevents claims that you accidentally forgot them. Consult an estate planning attorney for guidance on your state’s specific requirements and to minimize successful will contest risks.
Do witnesses to my will need to be notarized?
Most states don’t require witness signatures to be notarized for will validity. However, creating a self-proving will through notarization significantly expedites probate. A notarized self-proving affidavit allows courts to accept your will without requiring witnesses to testify about its execution. This small extra step saves your family time and potential complications if witnesses are unavailable or have passed away when probate occurs.
What’s the difference between a will and a living will?
A will distributes your assets after death, while a living will addresses medical care decisions if you become incapacitated and can’t communicate. Living wills specify preferences for life-sustaining treatment, resuscitation, and end-of-life care. You need both documents—they serve entirely different purposes in your estate plan and work together to protect your wishes during life and after death.
Can I leave everything to one person and nothing to my other children?
Yes, you can leave your entire estate to one person, though this decision may create family conflict and increase will contest risks. To minimize disputes, clearly state your intentions in the will and consider explaining your reasoning. Some people choose to leave nominal amounts to disinherited heirs to demonstrate they weren’t forgotten accidentally. Consulting with both your financial advisor and attorney helps you understand implications and structure your will to reduce successful challenges.
