Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on August 23, 2026.
Is creating a will still on your to-do list?
© faraktinov/stock.adobe.com; Photo illustration EncyclopÊdia Britannica, Inc.
For many, August represents the last opportunity to sneak in a summer vacation before the season all too quickly vanishes. And just as a successful holiday requires a good deal of planning, so, too, does creating a will.
August is National Make-a-Will Month, a timely reminder to tackle a financial task that many of us put offâjust like I did for many years. But having a will in place can make things much easier for those you leave behind.
Why having a will is smart
A will is about more than deciding who gets your money and possessions. It lets you choose an executor to carry out your wishes and, if you have minor children, name the person you want to serve as their guardian.
Without a will, you give up much of that control. State law generally determines who inherits property that would otherwise pass under a will, and a court may have to appoint someone to administer your estate. Putting your wishes in writing can also eliminate some of the guesswork for your family, potentially heading off disagreements over who gets what and sparing loved ones from having to sort out what you would have wanted at an already difficult time.
Still, there are limits to what a will controls. Assets you own jointly may pass directly to the surviving owner, while retirement accounts, insurance policies, and certain bank or investment accounts generally pass according to their beneficiary or transfer-on-death designations. Thatâs why making a will is an important part of estate planning.
32%
Share of U.S. adults who say they have a will, according to a 2025 Pew Research Center survey.
A will may be the centerpiece of an estate plan, but it isnât the whole thing. A broader plan creates a record of your financial life, including an inventory of your assets and debts, insurance policies and other financial accounts, and the beneficiaries named on them.
But not everything in an estate plan is about what happens after you die. Some documents come into play if youâre unable to make decisions for yourself. A financial power of attorney allows someone you trust to handle financial matters on your behalf, while a health care power of attorney authorizes someone to make medical decisions for you.
A living will complements a health care power of attorney. Despite its name, it has nothing to do with distributing your property. Instead, it spells out your preferences for medical treatment if youâre unable to communicate them yourself.
Together, these pieces can leave fewer questions unanswered, giving others a clearer picture of your finances and your wishes both during your lifetime and after your death.
Do you need a lawyer?
My biggest hurdle in making a will wasnât confronting my mortality. It was finding an attorney I trusted to help me draw one up. That search was one reason I put off making a will for as long as I did. But do you need an attorney at all?
- What it costs. Some attorneys charge by the hour, while others charge a flat fee. A simple estate plan can cost $1,000 or more, with more complicated situations costing more.
- Going it alone. If that expense gives you pause, online services and templates offer a less expensive alternative. But your completed will still has to satisfy your stateâs requirements.
- Getting help. Professional guidance may be especially useful if you have complicated finances or unique family circumstances, or if your planning involves trusts, taxes, property ownership, or beneficiary issues.
Getting your plan started
As with any project, it helps to break up your plan into manageable tasks so that you donât have to tackle everything at once. Take advantage of National Make-a-Will Month to begin gathering information and making a few important decisions.
- Take inventory. Make a list of your financial accounts, property, and other assets, along with your debts. Include insurance policies and note where important documents are kept.
- Check beneficiaries. Review your retirement accounts, insurance policies, and other financial accounts to see whether youâve named beneficiaries and whether those choices still reflect your wishes.
- Consider key roles. Think about whom you want to inherit your property and who should serve as executor. Parents of minor children should also consider whom they would nominate as guardian.
- Plan access. Consider what someone would need to access your devices, online accounts, safe, storage unit, or other secured property. Keep that information secure, but make sure someone you trust knows how to find it.
Making a will may never top your to-do list. But once itâs done, you can cross off an important task knowing youâve made things easier for those you care about. And that sense of relief may feel like its own vacation.
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This article was most recently revised and updated by David Schepp
