SUMMARY
- Most U.S. adults don’t have an estate plan in place, including many parents
- Wills and trusts protect your family and clarify your final wishes
- FIGFCU members may be eligible to save 20% on online estate plans through FIGFCU’s Trust & Will relationship; terms and availability are subject to Trust & Will requirements
- Estate planning isn’t just for the wealthy—everyone benefits from having a plan
- August’s National Make-a-Will Month is a great time to start
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, you may have 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. According to the cited survey below, only 42% of U.S. adults reported having estate planning documents such as a will or living trust. And for people with children under the age of 18, just 36% reported having 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 can be an important part of financial planning and documenting your wishes for loved ones. Estate planning needs vary by state and individual circumstances, and there are many misconceptions about how wills and other estate planning documents work. If you haven’t made a will or trust, the information below can help you start the conversation with a qualified professional.
Secure your family’s future with an estate plan.
We’ve teamed up with Trust & Will, a third-party online estate planning provider, to help members explore online will and trust options. As a Credit Union Member, you may be eligible to save 20% off eligible online estate plans, subject to Trust & Will’s terms and availability. In about an hour, following guided prompts, you may be able to create estate planning documents that can help document your wishes and provide information for your family. August is National Make-a-Will Month, so consider whether estate planning should be part of your financial planning.
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 modest or substantial assets. Estate, inheritance, and tax rules vary by state and individual circumstances, so consider speaking with a licensed estate planning or tax professional as you make end-of-life planning decisions. For large or complicated estates, we recommend consulting with an estate planning professional.
Probate timing varies by state and by the complexity of the estate. Some estates may resolve relatively quickly after any required creditor-claim period, while others may take longer if assets are difficult to gather, debts or taxes remain unpaid, or court approvals are required.
Common causes of extended probate can include disputes among family members or beneficiaries, challenges to a will, unresolved debts or taxes, complex assets, or estate income that continues after death.
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 generally distributed through the courts according to the applicable state intestacy laws, which may not match the deceased person’s wishes. State laws vary, so the result can depend on where the person lived, whether property was separate or jointly owned, and which relatives survive the person. Consult a licensed legal professional for guidance on a specific situation.
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 properly created and funded living trust may help keep certain estate matters private and may allow some property and assets to transfer to beneficiaries without going through probate. The benefit of a last will is mainly its simplicity, but it must still satisfy state-law requirements to be valid. Depending on the estate and applicable law, family members may have to wait for court administration before property is distributed. A last will can also 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 consider whether estate planning is appropriate for your circumstances. Creating a trust or will may help document your wishes and provide information for your loved ones, but results vary based on your assets, state law, and individual circumstances.
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.
Trust & Will is a nonbanking service offered by a third party and not by FIGFCU. FIGFCU is not responsible for Trust & Will products, services, advice, or platform availability. This information is not legal or tax advice and is not to be construed as a referral for legal services or an endorsement or guarantee of legal services provided by any individual or firm. Membership required. FIGFCU does not provide legal or tax advice. Trust & Will products and services are not federally insured by NCUA, are not deposits or obligations of FIGFCU, are not guaranteed by FIGFCU, and may be subject to separate terms, conditions, and fees.
*Lustbader, Rachel, “More than half of American Adults don’t have a will, 2017 survey shows.“ Caring.com. Updated 11 February 2026. Accessed 26 July 2026.
