Do you need a will? Probably, and here’s why / 93
A will can feel like something for a future version of you — one with a house, partner, kids, and a lot more assets to worry about.
That’s what Cassidy thought, too. She’s single, doesn’t have children or a mortgage, and didn’t consider herself someone with “big” assets. Even after working in personal finance for years, creating a will felt like something she could deal with later.
But then she started thinking about what she did have: bank and investment accounts, a car, an apartment full of belongings, and, importantly, her cat. If something happened to her, someone would have to decide what happened to all of it.
So Cassidy finally created a will — and discovered that while some of the decisions were emotionally challenging, the process itself was much more manageable than she expected.
Episode highlights
[01:00] What a last will and testament is — and what it can actually cover
[01:30] Why a will can matter even if we’re single, don’t have kids, or don’t own a home
[03:30] What can happen to our assets, pets, and belongings if we die without a will
[05:00] Choosing an executor and why it’s important to talk to them ahead of time
[07:00] The different ways to create a will, including using an online service
[09:30] A step-by-step look at creating a will, from guardians to beneficiaries
[14:30] Choosing an executor, power of attorney, and healthcare directive
[19:00] Handling the emotional overwhelm of deciding who gets what
[20:30] How long the process actually took — and why breaks helped
[21:30] Getting documents notarized, storing them safely, and reviewing a will over time
What is a will, and who needs one?
A last will and testament is a legal document that lays out your wishes for what happens after you die. Depending on your circumstances, it can name who receives your assets and belongings and who cares for your children or pets.
And you don’t necessarily need a huge estate for those questions to matter.
Maybe you have a savings account, a 401(k), a car, sentimental belongings, or a pet. For Cassidy, thinking about her cat helped make the need for a plan much more tangible. She wanted to decide who would care for Winston 🐈 — and who the backup would be if her first choice couldn’t.
Also, creating a will today doesn’t mean you're making forever decisions. A will can also change as your life does. You don’t need to know today what you’ll want 20 years from now. You can create a plan for your life now and revisit it after major changes.
Options for creating a will
These days, there are several ways to create a will — and some might be easier than you think.
You can work directly with an estate planning attorney, which may be helpful if your financial or family situation is more complex. But there are also online services designed to walk you through the process.
Because Cassidy’s situation was relatively straightforward, she chose an online service. She used Ethos after also considering LegalZoom and Trust & Will.
The experience reminded her of online tax software: rather than drafting a legal document herself, she answered questions and the platform generated documents based on her responses.
Cassidy spent $149 on the service, plus the cost of notarization. She estimates the process took around four hours total, spread across a few different sessions.
How to create a will step-by-step
Once Cassidy started, the process was less about deciphering complicated legal language and more about making decisions.
She began with basic information about herself and then moved into the bigger questions:
Choose guardians. If you have children, pets, or others who depend on you, who would you want to care for them? Cassidy chose both a guardian and a backup for her cat.
Choose your beneficiaries. Decide who you want to receive your assets and whether you want to divide them among multiple people.
Decide what happens to specific belongings. You can get more detailed about property or sentimental items if there are things you want particular people to have.
Review beneficiaries on your financial accounts. For certain accounts, the beneficiary designation on the account itself can take precedence over what your will says, so make sure these are accurate.
Complete the documents. Cassidy’s service generated the documents, which she printed, completed the required notarization for, and stored somewhere safe.
You can make this process as detailed as you want. But as Cassidy discovered, more detail can also create more decisions — and more opportunities to overthink them.
Choosing an executor, power of attorney, and healthcare directive
Some of the biggest decisions weren’t about who gets what. They were about who Cassidy trusted to step in when she couldn’t.
First, she chose an executor, the person responsible for carrying out the instructions in her will after her death, along with a backup.
This is one decision worth discussing ahead of time. Being an executor can be a significant responsibility, and ideally, the person you choose should know you’re asking them to take it on.
Cassidy also chose a power of attorney, someone who could handle certain financial or legal matters if she became unable to manage them herself, as well as someone who could make healthcare decisions if she couldn’t communicate her wishes.
These roles don’t necessarily have to go to the same person. You might trust one person with financial decisions and someone else with healthcare decisions. What matters is thinking about who makes sense for each responsibility — and giving them some guidance before they ever need it.
What happens if you don’t have a will?
Having a will doesn’t necessarily mean your estate avoids probate, which is the court process used to handle an estate after someone dies. Instead, a will gives that process instructions based on your wishes.
Without one, your estate is generally handled according to applicable state law — and that may not line up with what you would have chosen.
This can be particularly relevant if you want to leave something to someone who may not automatically inherit under applicable law, such as an unmarried partner, close friend, certain stepchildren, or a charity.
A will gives you the opportunity to make those choices yourself rather than leaving them for someone else to sort out.
A good-enough plan is better than no plan
The paperwork wasn’t actually the hardest part for Cassidy. The emotional side was.
She found herself getting caught up in how to divide things “fairly.” Her first instinct was to leave everything to her mom, whom she trusted to know what Cassidy would have wanted. Then the questions started: What should other family members receive? Should she be more specific? How could she make every decision perfectly fair?
Eventually, she realized that trying to create the perfect plan could become the very thing that kept her from finishing one.
So she made the decisions she felt ready to make and reminded herself that she could update them later.
Creating a will doesn’t need to become an emergency or another financial task to feel guilty about putting off. But if you’ve been waiting until you hit some imaginary milestone of adulthood, it may deserve a spot a little higher on your list.
You don’t have to plan perfectly for every version of your future. You can make a thoughtful plan for the life you have now — and give the people you love a little more clarity if they ever need it.
TL;DR
A will can be useful even if you’re single, don’t have kids, don’t own a home, or don’t consider yourself wealthy.
You can create a will with an attorney or, depending on your situation, through an online estate planning service.
Expect to make decisions about beneficiaries, guardians, your executor, and the people you trust to handle financial or healthcare decisions.
Without a will, applicable state law may determine how your estate is handled rather than the wishes you would have chosen.
Your first will doesn’t have to be perfect. You can create a workable plan now and update it as your life changes.
The Finance Girlies content is for educational purposes only and is not personalized financial, tax, or legal advice.
