Is a will enough?

For a lot of people, a will plus up-to-date beneficiary designations genuinely is enough. But a will has real gaps, and they surprise families at the worst possible moment. Here is what it does not cover.

A will does nothing while you are alive

It takes effect only on death. If you are in hospital and unable to make decisions, your will is irrelevant — your family may have to go to court to get authority to pay your mortgage or speak to your doctors. What covers that is a power of attorney and a healthcare proxy. See what estate planning means.

A will does not control your biggest accounts

Life insurance, 401(k)s, IRAs and anything payable-on-death go to the person named on that account — even if your will says otherwise. An out-of-date designation naming an ex-spouse beats a carefully drafted will every time.

A will goes through probate

Public, and often months long. If avoiding that matters to you — for privacy, for speed, or because you own property in more than one state — that is the usual argument for a trust. See types of trusts.

A will does not say what you want

Burial or cremation, who to call, what to do with the pets, the passwords, where the paperwork lives. Wills are often read after the funeral, so putting funeral wishes in one is a common and painful mistake. That is what the "When I'm gone" page in My Wishes is for.

So — is it enough?

Probably yes if your situation is straightforward. Probably not if:

You own property in more than one state or country
You have children from more than one relationship
Someone who depends on you has a disability
You own a business
You care about keeping your affairs private
Your estate is large enough for estate tax to be in play

General information, not legal advice. For your own affairs, talk to a qualified attorney. ← All guides