What a Will Can—and Can’t—Do for Your Family and Property

Planning ahead is one of the best gifts you can leave your loved ones. But if you don’t have a will, you might also be leaving behind legal confusion, court costs, and family stress. Even though wills are a key part of estate planning, many Americans still don’t have one. In fact, around 68 percent of U.S. adults don’t have a will, according to recent surveys.

If you’re one of them, it’s time to learn what a will can—and can’t—do for your family and your property.

A will only affects probate property—that’s any asset you own individually. Probate is a legal process where a state court oversees the distribution of a person’s property after they die. But not everything you own goes through probate.

For example, if you and your spouse own your home together, that house is not considered probate property. When one of you passes away, the property usually transfers directly to the other without going through the court system. But if you co-own a rental property or vacation home with relatives, like an uncle or cousins, then a will is necessary to say who gets your share when you’re gone.

Probate also has a hidden benefit: it sets a deadline for creditors. If someone says you owed them money, they have to make their claim within a certain time. After that, they lose the right to collect. That can help protect your heirs from surprise debts down the line.

But it’s also important to know what a will won’t do.

A will can’t override beneficiary designations. For instance, if your life insurance policy lists your sister as the beneficiary, writing in your will that your son should get it instead won’t work. The money will still go to your sister.

The same goes for bank accounts and certificates of deposit with a pay-on-death (POD) designation. That money automatically goes to the person you named on the account—no matter what your will says.

Also, a will won’t let you avoid probate entirely. While probate is often a simple and affordable process in many states, it can be more expensive and time-consuming in places like California or Florida.

If your family situation is more complex—like if you have children from multiple marriages, adopted children, or loved ones with special needs—a simple will might not be enough. In these cases, it’s a good idea to talk to an estate-planning lawyer, who can help you create a more detailed plan, possibly including a trust.

A trust can be especially useful if you own real estate in more than one state. Without a trust, your estate might have to go through multiple probate courts, which means more time, money, and hassle for your heirs. A trust can also be tailored to help care for loved ones with special needs or reduce estate taxes.

Many people worry that setting up a trust is expensive, but that’s not always true. Depending on how complex your property is, a trust can cost anywhere from $400 to $4,000—an investment that can save your family a great deal of stress and legal trouble later.

Whether you create a will, a trust, or both, the most important thing is to take action now. Planning ahead helps make sure your wishes are honored and your family is protected.