Before you do anything fun this summer, from heading to the beach or lake to a family road trip to an extended vacation in an exotic locale, we bet you do a bit of planning.
In fact, odds are you’ve put more time and effort into planning a summer outing than you have into making a will. We get it, nobody enjoys thinking about the end of their life. And you’re not alone if you haven’t gotten around to creating a will. Consider that 64% of people aged 37-52 don’t have a will. And only 40% of people between the ages of 53 and 71 have a will. And for people with children under the age of 18, just 36% have an end-of-life plan in place.*
Understanding the law of wills, trusts, and probate is a topic none of us really wants to deal with, yet it’s a vital aspect of financial management and the long-term security of our loved ones. Experts agree that wills are important for all adults, even those without considerable assets, but there are many misconceptions about how wills and other estate planning documents work. If you haven’t made a will or trust, we’re here to help.
Secure your family’s future with an estate plan.
We’ve teamed up with Trust & Will, a leading online estate planning provider, to help you set up your will or trust. And, as a Credit Union Member, you save 20% off any online estate plan. In less than an hour, following guided prompts, you can create a will or trust that offers peace of mind and helps protect your family. August is National Make-a-Will Month, so put time on this month’s calendar to take care of this important financial move today.
Questions and answers to help you plan.
Don’t let unfamiliarity prevent you from properly planning your estate. Here are some frequently asked questions and answers to help you better understand the process. This content is for informational purposes only and is not legal advice. Please consult with a licensed legal professional for guidance on your specific issue.
1. Do you need a minimum amount of assets to create a last will?
No. You can create a last will whether you have assets worth $10 or $10 million. Remember, there are tax implications on the distribution of those assets. It’s for this reason that you need to understand how inheritance will be taxed as you make your end-of-life planning decisions. For large or complicated estates, we recommend consulting with an estate planning professional.
Most estates don’t take years to resolve. The only delay is a state law-mandated period that gives creditors time to file claims. After the waiting period is over, the estate can be closed as soon as all assets have been gathered, and debts and taxes have been paid.
What causes an estate to be in probate for extended periods is when siblings can’t agree on how to divide a parent’s assets or a family member challenges the will, when an estate is so big that it owes federal or state estate tax, or when the estate continues to receive income after the death, as in the case with a celebrity like musicians.
2. What happens when a person with a last will passes away?
The deceased person’s assets are disposed of in accordance with their last will and state law.
3. How are assets distributed if a person dies without a last will?
The deceased person’s assets are passed through the courts for distribution according to the state’s laws, not necessarily in accordance with the deceased’s wishes. Each state has its own laws—for example, in California, all property acquired during a marriage passes entirely to the spouse. Any property acquired before the marriage or inherited is divided between the spouse and their children. If a person dies without a spouse, the estate is divided equally among their children. The state will generally attempt to find any living relative and pass the estate on to them. If there are no blood relatives, the estate will pass entirely to the state.
4. What’s the difference between a living trust, a living will, and a last will?
- A living trust is for financial affairs. It’s similar to a traditional will in that it directs how your assets will be disposed of after you die, but it also provides instructions if you become incapacitated before you die.
- A living will is for medical affairs and is used to provide healthcare instructions in advance, such as whether or not life support is desired. It lets medical personnel know the kind of life support treatment you would want in case of terminal illness or injury, in the event you can’t communicate your wishes.
- A last will is different from a living will and is used for entirely different purposes. It has no legal impact until after you’re dead and is used to dispose of assets after death. A will should name an executor who will inventory your estate, pay your obligations, and distribute the remaining assets amongst your beneficiaries.
5. What are the benefits of a living trust vs. a last will?
A living trust keeps your estate private and is used to transfer property and assets to beneficiaries without going through the probate process. The benefit of a last will is mainly its simplicity—anyone can write a last will. The main drawback is that family members may have to wait for months or years until the property goes through the court system for distribution. A last will can be used with a living trust to name guardians for minors and express final wishes that a living trust may not capture.
Final thoughts.
Whether you’re in the spring, summer, fall, or winter stages of life, we encourage you to take a moment to consider the end of life and the management of your estate. Creating a will or trust now can help prevent family conflict, lessen tax obligations, and help you build wealth and financial security for those you love.
This article was developed in partnership with Balance Pro. This content is for informational purposes only and is not legal advice. Please consult with a licensed legal professional for guidance on your specific issue.
Lustbader, Rachel, “More than half of American Adults don’t have a will, 2017 survey shows.“ Caring.com. Updated 11 July 2025. Accessed 14 July 2025.
