A complete will needs, at minimum, named beneficiaries for your assets, an executor to carry out your wishes, guardians for any minor children, and clear instructions for property, digital accounts, and specific bequests. Skipping any one of these leaves a decision to a probate court instead of to you.
You do not need significant wealth to need this list. A will is designed as much for the future as for the present. Once it is finished, you can put it away and revisit it only when your life changes.
1. Beneficiaries: Who Inherits What
Every asset you own eventually goes to someone. Without a will, that someone is decided by your state's intestacy formula rather than by you. In your will, name a beneficiary for each major asset and, just as important, name an alternate beneficiary in case your first choice does not survive you.
2. An Executor
According to Cornell Law School's Legal Information Institute, an executor is the person named in a will who is legally bound to pay outstanding debts and taxes and distribute the remaining assets in accordance with your wishes. Choose someone trustworthy and reasonably organized, and name a backup in case your first choice is unwilling or unable to serve. Avoid naming co-executors: giving two people equal authority over the same estate tends to create conflict rather than prevent it.
Keep in mind that life insurance proceeds usually bypass the will entirely and go straight to the named beneficiary on the policy. Because insurers often do not learn of a death until someone tells them, it helps to leave your executor instructions to notify the beneficiary so a claim actually gets filed.
3. Guardians for Minor Children
If you have children under 18, your will is where you name a guardian to raise them if you cannot. Name an alternate guardian too, in case your first choice is unable or unwilling to serve when the time comes.
4. Instructions for Pets
Pets are property under the law, which means that without instructions, no one is legally obligated to take yours in. Naming a trusted person, sometimes through what is informally called a pet power of attorney, makes your wishes legally binding rather than left to chance.
5. Specific Bequests
A bequest is a gift of a specific item of personal property, separate from your general estate. If a particular item carries sentimental weight, a family heirloom, a collection, a piece of jewelry, name it and its intended recipient directly rather than leaving it lumped into "personal effects."
6. Instructions for Digital Assets
Photos, social media accounts, cryptocurrency, and other digital property are increasingly significant parts of an estate. Under the Revised Uniform Fiduciary Access to Digital Assets Act, adopted in some form by most states, a fiduciary generally needs your explicit authorization, through a will, trust, or power of attorney, to access the content of your online accounts rather than just a basic account listing. List your digital assets and how your executor should access them, and consider naming a digital executor specifically for this task.
7. Real Estate
If you own any real property, be explicit about who receives it and how any remaining mortgage should be handled. If you hold property as a joint tenant with rights of survivorship, that share typically passes directly to your co-owner outside of the will, so it does not need to be listed separately.
8. Cash and Bank Accounts
Money in checking, savings, and money market accounts passes through your will unless the account already has a payable-on-death (POD) beneficiary designated. If an account has no POD designee, say so clearly in your will so there is no ambiguity about where the funds should go.
A Worked Example
Say you are single, employed, and own a car, a modest bank balance, and a dog. Without a will, your family may spend months sorting out what happens to each of these, and your pet could end up in a shelter while everyone figures out who is responsible. With a will naming a beneficiary for the car, a payable-on-death designation or instruction for the bank account, and a named caretaker for the dog, that same situation resolves in days, not months.
How FastWill Handles This
FastWill's online will builder walks through each of these categories in order, so nothing gets missed simply because you did not think to mention it. If you want to know what to leave out entirely, see our companion article on things you should never put in your will, and if you are worried about getting the details wrong, review our top mistakes when drafting a DIY will.
Frequently Asked Questions
Do I need a will if I do not own a home?
Yes. A will covers any property you own, however modest, and it is also where you name a guardian for minor children and an executor, neither of which depends on the size of your estate.
What happens to life insurance if it is not in my will?
Life insurance proceeds pass directly to the named beneficiary on the policy, not through your will. Keep that beneficiary designation current, and consider leaving your executor instructions to notify the insurer of your death.
Can I name more than one executor?
You can, but most estate planning guidance recommends against it. Shared authority between co-executors frequently leads to disagreement, which slows the exact process a will is meant to speed up.
What if I forget to include something?
Most wills include a residuary clause covering anything not specifically named, directing it to a chosen beneficiary. Still, it is best to update your will whenever you acquire a significant new asset.
How do I handle cryptocurrency in my will?
List the accounts or wallets, explain how your executor can access them, and consider naming a digital executor. Many crypto platforms have strict rules about post-death access, so plan ahead rather than assuming your executor can simply log in.
