What Is a Will and What Happens If You Don't Have One?

A lot of people reach their 60s without a will. Not because they don't care about their families, but because it keeps feeling like something to do later. There's always something more pressing. The subject feels heavy. And honestly, many people assume their situation is simple enough that it doesn't matter.

It usually matters more than you'd think.

Here's what a will actually does, what happens to your assets without one, and what a basic will needs to cover.

What a Will Is (and What It Isn't)

A will is a legal document that tells a court how you want your assets distributed after you die and — if you have minor children — who should take care of them.

That's the core of it. A will doesn't transfer assets the moment you sign it. It doesn't avoid the probate process (more on that in a moment). And it can't override certain things, like who you named as a beneficiary on your 401(k) or life insurance policy. Those beneficiary designations go directly to the named person regardless of what your will says.

What a will does do is give a court clear instructions when your estate goes through the legal process of being settled.

What Probate Means

Probate is the court-supervised process of validating your will, paying any debts you owe, and distributing what's left to your heirs. It's not a crisis. It's just a process — and in most states, a straightforward estate with a valid will moves through it in six months to a year.

Without a will, probate still happens. It just takes longer, costs more in court and legal fees, and follows your state's rules instead of yours.

What Happens If You Die Without a Will

When someone dies without a will, the legal term is dying "intestate." Your state has intestacy laws — a default distribution formula that kicks in automatically.

Every state's formula is a little different, but the general pattern looks like this: your assets go to your closest living relatives in a set order. Spouse first, then children, then parents, then siblings, and so on down the line.

That sounds reasonable until you think through the details.

If you're in a long-term relationship but not legally married, your partner may receive nothing. Your state doesn't recognize that relationship in its default formula. If you're estranged from a sibling but have been close to a nephew for 20 years, the sibling takes priority. If you have children from a previous relationship alongside a current spouse, the split may not look anything like what you would have chosen.

And if you have minor children and no will naming a guardian, a court decides who raises them. That decision won't necessarily go the way you'd want.

None of this is meant to alarm you. It's just worth knowing what the default is, so you can decide whether you're comfortable with it.

What a Basic Will Covers

A simple will typically includes four things:

Who gets your assets. You name your beneficiaries and specify what goes to whom. That could be a spouse, children, grandchildren, a friend, or a charity. You can be as general ("I leave everything to my daughter, Maria") or as specific ("I leave my grandfather's watch to my son, David") as makes sense for your situation.

Who handles your estate. This person is called your executor. They're responsible for filing the will with the court, paying your debts, and carrying out your instructions. Choose someone you trust to be organized and fair. Being an executor takes real time and effort, so ask first before naming someone.

Who cares for your minor children. If you have kids under 18, naming a guardian is one of the most important things a will does. Without your guidance, the court makes this call on its own.

What happens to your digital and personal property. A good will also addresses things that aren't automatically covered — like what to do with your email accounts, social media profiles, family photos stored in the cloud, or a small business you own.

What a Will Can't Do

It's worth being clear about the limits, because people sometimes expect a will to do more than it can.

A will does not override beneficiary designations. If you named your ex-spouse as the beneficiary on your IRA 15 years ago and never updated it, they may still receive that money even if your will says otherwise. This is one of the most common and costly oversights in estate planning. Reviewing your beneficiary designations — on retirement accounts, life insurance policies, and bank accounts with payable-on-death designations — is just as important as having a will.

A will also does not avoid probate. If avoiding probate is a priority — because you want to keep things private, reduce costs, or speed up the process for your family — a revocable living trust can accomplish that. A will and a trust serve different purposes and many people use both.

A Simple Example

Take a 68-year-old named Carol. She's widowed, has two adult children, and owns a home and a modest investment account. She has no will.

When Carol passes away, her estate goes through probate. Her two children are her closest heirs, so the court divides her assets between them. That part goes according to her likely wishes.

But Carol also had a close friend she wanted to leave her jewelry collection to. And she'd talked often about making a donation to the animal shelter where she volunteered for 12 years. Without a will, neither of those things happen. The court has no way to know.

A simple will — one that might take an attorney two hours to prepare — would have captured all of it.

What It Costs and How to Get Started

A straightforward will prepared by an estate planning attorney typically costs between $300 and $1,000 depending on where you live and how complex your situation is. A more complex estate with trusts, blended family considerations, or business assets costs more.

If your situation is genuinely simple and your state allows it, you may also be able to use a legal document platform to create a basic will at lower cost. These are better than nothing but are not a substitute for an attorney if your estate has any real complexity.

The FTC offers guidance on working with attorneys and understanding your rights as a consumer atconsumer.ftc.gov.

The Documents That Go Alongside a Will

A will is usually one piece of a broader set of documents. While this article focuses on wills specifically, the others are worth knowing about:

A durable power of attorney lets someone you trust make financial decisions on your behalf if you're incapacitated. A healthcare proxy(sometimes called a healthcare power of attorney) lets someone make medical decisions for you. An advance directive (or living will) documents your wishes for end-of-life care.

None of these replace a will, and a will doesn't replace them. Together, they cover your wishes both during your life and after it.

When to Update Your Will

A will isn't a one-time task. It should be reviewed after major life changes: a marriage, divorce, or death in the family; the birth of a grandchild you want to include; a significant change in your assets; or a move to a different state (since state laws vary).