How I Set Up My Will — And What I Wish I’d Done Differently

By Jessica Sillers — Jan 10, 2023

Misconceptions About Making a Will

How We Set Up Our Will

As a freelance finance writer, I’ve published hundreds of articles full of tips for families to make informed choices about managing money. I’ve covered realistic budget plans and ideas to make the most of credit cards. I’ve written extensively about planning financially for the future, including buying life insurance, saving for retirement and preparing a will. I say all this not to brag, but so you know why I feel self-conscious admitting this next part.

It took me a long time to make a will. Like, a really long time. My husband and I were expecting baby number 3 before we actually got a will in place.

It wasn’t that I didn’t know a will was important, but my own fears and misconceptions still got in the way. Here are the top reasons I felt nervous about making a will, and how it went when I actually did it.

Misconceptions About Making a Will

The main reason I put off making a will was because it seemed like such a daunting process. Some nights, tackling a will felt way too complicated. Other times, I tried to convince myself it would be simple to carry out my wishes anyway, even without a will. The truth is it’s much simpler to create your own will than leave loved ones to figure it out when they can’t ask for your input anymore. There were several common misconceptions I had to “unlearn” about wills.

1. Simple Estates Don’t Need A Will

Following the instructions in a will is only one part of handling a person’s estate, and it can sometimes seem like you might not need a will if your wishes are straightforward. Here’s how it works, and why a will matters.

Not all of your property may have to go through a will execution or probate process when you pass away. “Payable on death” accounts or “transfer on death” property can go directly to a beneficiary. If you add your chosen beneficiary to a bank account or life insurance policy (or have shared assets, like a joint account or home in both your and your partner’s name), that money or property doesn’t need to go through probate.

The rest of your estate needs to go through probate to be handled and distributed properly. If you die without a will in place, your state follows “intestate” laws for executing an estate without a will. Intestate laws involve deciding who will inherit your property. Generally, a spouse or children would be top of the list to inherit, then close family members like parents or siblings, then more distant relatives.

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