What’s on your financial to-do list? A Roth IRA conversion? Changing how much you contribute to your 401(k)? Adjusting your tax withholding?
Chances are that making a will is on your to-do list. Fewer than one-third (32%) of American adults say they have created a will, per a 2025 Pew Research Center survey.
If this is on your “to tackle eventually” list, make it a higher priority. If it’s not on your list at all, add it.
A will is an essential legal document to have in place. Your will lays out what will happen to your assets upon your death and guardianship for those under your care. Thus, not having a will can lead to a lot of undue confusion and stress for your would-be inheritors upon your death, and it even could result in your hard-earned net worth not going to whom you planned.
If you still need convincing—or you want to know more about wills—keep reading..
To convey the importance of having a will, help you understand why people avoid creating them, lay out the steps to get started, and more, we sat down with Stephen Dissette, an investment advisor representative with Horter Investment Management, to discuss these vital legal documents.
The information and analysis contained within this article appears for your consideration, but it does not constitute individualized financial advice. Always act at your own discretion.
A Few Quick Terms
Before we get started, there are a few terms I want to familiarize the unfamiliar with:
- Intestancy: The state of dying without a will.Â
- Probate: The legal process that happens after a person has died.
- Beneficiary: Individual or entity assigned to receive assets.
This will help as we go along.
Why Is Having a Will Important?
The following interview was first published in The Weekend Tea, our free weekly newsletter that over 10k monthly readers use to level up their money know-how.
Let’s start with the basics. Why is having a will important?
I was a Navy officer, and we used to have an expression called the Six P’s: “Prior proper planning prevents poor performance.” Without a will, bad things will happen.Â
I always say, “You can go with the government’s plan or your plan.” Every state has its own intestacy laws. Without a will, the state gets involved.Â
Everyone has access to your personal information. [Probate] is costly—it could cost anywhere from 3% to 7% of your estate. And lastly, it can be very time consuming. It can hold up for months and months. Funds and assets that should be going to beneficiaries are tied up in the legal process.
What do you need to include in a will?
You need to designate where and to [whom] your assets are going. You may want to leave money for your kids or your spouse. Designate who and how much will go to individuals.Â
It’s not always just money. Who is going to get the home? If there is a vacation home, who is getting that?
A lot of times it’s important to designate a guardian for children who are minors or pets. If you create a trust, you need to choose a trustee—a person you literally trust.
Related: Dynasty Trusts: A Beginner’s Guide to Passing Down Wealth
When should people first create a will?
As I mentioned, I was a Navy officer. I got my first will right out of college. I was grateful the military had an attorney who did that for me.Â
As soon as someone reaches majority age, or someone like you who is recently married, there are basic things they should get in place. Honestly, the sooner the better. You can always update.
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When should you update your will?
Times in life like marriage, the birth of a child, divorce, someone passes away, are a good time to update.
If I can tell you a story: There was a young woman who was a teacher. Single woman. She set up a 403(b) (a retirement plan for teachers). She listed her sister as her beneficiary. She spent her entire career as a teacher and during that time she got married and had a family. She retired and ended up passing away.Â
Related: The Best Retirement Plans for 2026 [Workplace + Individual]
Young and the Invested Tip: ​Don’t have a 403(b), 401(k) or a similar workplace plan? These are some of the best retirement plans whether you work for an employer or are self-employed.​
She never updated her beneficiary form on her basic retirement account. Her husband was the beneficiary of her will, but her sister was listed as her account beneficiary. The beneficiary supersedes the will, so the money went to her sister and not her husband, who she had been married to for decades.Â
It was a huge legal battle, but her sister won because the teacher never updated her beneficiary form.
Do you think it’s still important for people to have a will if they don’t have heirs?
I say, absolutely. Even if someone has no kids, for a lot of people pets have become children. If something happens, you want to designate someone to take care of your pets and provide financial resources.Â
I have many clients that have no children, but they’re leaving funds for charitable organizations.
Related: What to Do With Your Assets If You Don’t Have Heirs
Considering the importance of a will, why do you think so many people avoid writing one?
They procrastinate. Everyone I know is busy. Even people who are retired.
Stephen Covey wrote a book called The 7 Habits of Highly Effective People. Basically, he talks about different quadrants: “urgent and important,” “not urgent but important,” “urgent but not important,” “not urgent and not important.” The things we’re talking about here are important, but not [treated as] urgent.Â
They get caught up in life. So they procrastinate and procrastinate. And next thing you know, something happens and it’s too late.
Can you DIY your will?
I’m not a big do-it-yourself-person. I’m a believer in getting professionals involved who are knowledgeable in the subject and people you trust. To me, it’s like taxes. I used to do my own taxes for years. But I got to a point where I started buying real estate and rental property, and now I’m glad to pay a CPA every year.
So I’m a big advocate of getting a professional. And it doesn’t have to be that expensive.Â
Are there other documents you should look into when you’re getting a will?
Absolutely. I also want to stress powers of attorney. I can’t tell you how crucial it is that you have a power of attorney in place. There are two basic types that I recommend: one is financial and the other is healthcare.
I remember a woman in her 40s who was healthy. She was riding a motorcycle with her boyfriend and had a blowout on the interstate. She ended up being paralyzed for life. Without a healthcare power of attorney, if someone is incapacitated (which she was for a while), the courts get involved and you have to get someone appointed. It’s expensive, it’s time consuming, and it’s stressful.
Related: Financial Caregiving: How to Manage a Loved One’s Finances
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