Anchor Law Blog

What Is a Last Will and Testament?

A Last Will and Testament is a legal document that outlines how your property should be distributed after your death. It enables you to name your heirs, designate who will manage your estate (often called the “Executor,” but legally known as the “Personal Representative”), and nominate guardians for your minor children.

A Will can also specify particular gifts, charitable donations, and even provide instructions for how to handle sentimental or irreplaceable items.

Importantly, a Will only becomes active upon your death and does not avoid probate court. This court-supervised legal process ensures that your debts are paid and your remaining assets are distributed according to your instructions. Without a valid Will, your state's laws of “intestate succession” will determine what happens—often in ways that may not align with your intentions.

Why a Will Still Matters Today

Many people today assume they don’t need a Will because their bank accounts, life insurance policies, or retirement plans already list named beneficiaries. Others rely on joint ownership of property with a spouse or child.

While these methods may bypass probate for specific assets, they only cover limited parts of your estate. They do not name guardians for your children, leave gifts to friends or charities, or clarify what should happen if a beneficiary dies before you do.

More importantly, these strategies do not coordinate your entire estate plan. They can lead to fragmented ownership, unintended tax consequences, or delays in transferring property held in your name alone. A Will acts as a unifying legal document that ensures your complete wishes are carried out and helps avoid future confusion or legal conflict.

The Risk of Dying Without a Will

When someone dies without a Will, they are said to have died “intestate.” In that case, the state dictates how the estate is divided using a fixed legal formula. While this may benefit certain family members like a spouse or children, it ignores personal values, blended families, and unique relationships.

For example, if you are married with children from a previous relationship, your current spouse may inherit less than you intended. Or, if you want to prioritize your children over a second spouse, intestacy laws may override your wishes.

If you have no immediate family, assets could be passed to distant relatives—or even claimed by the state. A properly executed Will ensures your voice is heard and your assets go exactly where you intend.

Caring for Minor Children

One of the most important reasons to create a Will—especially for young families—is the ability to name a legal guardian for your minor children. Without a valid Will, a court must choose who will care for your children, and their choice may not reflect your own preferences.

A Will allows you to designate someone you trust to raise your children, and even name a backup guardian in case your first choice is unavailable. This gives you peace of mind and provides your family with clear direction when they need it most.