Why Everyone Needs a Will, No Matter How Much (or Little) You Own

Do I need a will?

Jimi Hendrix. Bob Marley. Abraham Lincoln. Amy Winehouse. Martin Luther King Jr.

All well-known celebrities or historical figures who seemed to have it all figured out. None of them had a will.

These weren’t reckless people. Some had estates worth millions. Yet, without a basic estate plan, their families were left with years of court battles and confusion. It’s a reminder that fame, fortune, intelligence, and good intentions don’t replace planning.

Are wills only for the wealthy? Nope!

If you own a house, care for a loved one, have kids, pets, or anything you’d want to pass to someone specific, then you need a will. It doesn’t matter if your estate is $0 or $20 million. If you don’t decide, the state will. And the state doesn’t know or care what matters to you.

According to Caring.com, only 24% of Americans have a will. That’s staggering. It means most families are unprepared. It also means you can do better.

Here are some common questions that I am asked and the answers.

Disclosure: This article is for informational purposes only and does not constitute legal advice. Estate planning involves complex legal considerations that vary based on individual circumstances and state laws. Before drafting or executing any legal documents (including wills, powers of attorney, or trust) you should consult a qualified estate planning attorney licensed in your state. Integritas Financial LLC does not provide legal services. We are happy to coordinate with your attorney or refer you to one if needed.

Do I Need a Will?

Yes. Almost always.

Even if you have a trust, there are assets a will may still need to cover. A forgotten vehicle. A savings account opened years ago. Personal items you never titled properly. The will becomes your safety net.

It also names guardians for children and pets. That alone is reason enough.

What Happens If I Die Without One?

The legal term is “intestate.”

Your estate goes into probate and a judge follows state laws to divide your assets. That might sound fine until you realize those laws don’t reflect real life.

Take Bob Marley. He died in 1981 with no will which he cited his Rastafarian beliefs for not preparing one. His estate has been tangled in disputes for over 30 years. Dozens of people claimed a piece. 11 children from multiple relationships. Business partners. Former lovers. It dragged on because he thought it conflicted with his beliefs but in the end his wealth, music rights and royalties still went through a legal process.

You may not be Marley, but your life is no less complex. And if you’ve built anything worth protecting, you probably don’t want a stranger deciding what happens next.

Who Might Not Need a Will?

If you’re under 18, have no assets, no kids, and no responsibilities, it’s possible you don’t need one right now.

For everyone else, a simple will is a smart starting point. Especially if you're married, own property, or run a business. A simple will is a great way to streamline the probate process and make life easier for the loved ones you may have left behind.

How Much Does It Cost?

It depends.

Online templates can cost under $100. Attorneys can charge anywhere from $500 to $2,000+ depending on the complexity.

Here’s the problem with DIY online tools. They don’t know you. They won’t ask the questions a good professional would. What if you forgot to name an alternate guardian? What if your signature was in the wrong place? One error can invalidate the whole thing.

Online tools are getting better, but they’re not ready to replace good counsel. Not yet.

And for the record, I don’t draft legal documents. I help clients understand where a will fits into the bigger picture. When needed, I bring in a trusted estate attorney that fits my client's budget.

Do I Need Anything Else Besides a Will?

Yes. A will alone doesn’t cover everything.

Here’s what else matters:

  • Beneficiary designations: These control what happens to retirement accounts, life insurance, and certain bank accounts. They override the will, so keep them updated.

  • Power of Attorney (POA): Two types are ideal. One for financial matters. One for medical decisions. If you become incapacitated, these documents let someone act on your behalf.

  • Living will: This outlines your preferences for end-of-life care. Important, especially if you don’t want aggressive measures or you don’t want to burden your family with the most difficult choice of their lives or yours.

  • Guardianship designations: If you have young children or dependents, this is non-negotiable. This could be included in the will.

Is There a Downside to Having a Will?

Only one. Probate.

Wills go through a public court process. That means delays, costs, and potential exposure of private matters.

You can avoid probate for certain assets by using certain trusts, lifetime gifts, or beneficiary designations. But even then, a will is still necessary. It acts as a catch-all. Especially for assets not titled correctly or not transferred into the trust.

Are There Better Alternatives?

There are different tools. Whether they’re better depends on your goals. Here are just a few better known estate planning tools.

  • Trusts: Certain types can avoid probate. They can offer more control and are useful if you own property in multiple states or want privacy.

  • Beneficiary designations: Simple and effective. Just make sure they align with your estate plan. Having a clear visual of which assets are going where is very helpful with this task. Think of it as an asset map.

  • Gifting: You can give up to $19,000 per person in 2025 without triggering gift taxes or use of your lifetime exemption. Over time, this can be a powerful way to transfer wealth outside of probate. Plus you can see the benefits of your accumulated wealth in action.

  • Testamentary trusts: Created through your will. Good for minor children or those who may not be ready to handle an inheritance.

  • Life insurance: Creates cash for taxes, debt, or to replace income. Can be used strategically in estate planning.

You don’t need to use every tool. You need the right mix for your situation which can be identified by using a qualified estate attorney or financial planner.

One Last Thought

Planning isn’t about dying. It’s about leaving clarity behind. It’s about making hard times a little easier for the people you care about. Don’t think of estate planning as a death plan but rather a life plan for your heirs and loved ones.

Whether you’re selling your business soon, starting to plan retirement, or simply want to get your affairs in order, having a will is one of the most basic things you can do. It’s not just responsible. It’s an act of care.

If you're not sure where to begin, I offer consultations for business owners and families who want to think through these issues clearly and calmly. Reach out anytime. We’ll take the next step together.


Our Fiduciary Mission:

At Integritas Financial, we specialize in helping small business owners navigate the complexities of their financial lives, providing fee-only financial planning services with a fiduciary responsibility. Our mission is to serve as your trusted partner, offering personalized guidance that aligns with your unique goals and the demands of running a business.

We work closely with business owners to address critical financial areas, including business exit strategies, tax planning, retirement planning, asset protection, estate planning, and coordinating with your team of professional advisors. Whether you’re preparing for a business sale, planning for succession, or balancing personal and professional financial priorities, we help you build a comprehensive strategy tailored to your needs.

At Integritas, your financial success is at the heart of everything we do. As a fiduciary firm, we are committed to acting in your best interests, providing transparent advice without the pressure of commissions or product sales. We believe in empowering you to make informed decisions by simplifying complex financial matters and delivering solutions designed to support your long-term prosperity.

Whether you’re in the early stages of growing your business or preparing for a major transition, Integritas Financial is here to help you manage the intersection of business and personal finance with confidence. Let us partner with you to create a roadmap for your success, so you can focus on what you do best—running your business.


The information contained herein is intended to be used for educational purposes only and is not exhaustive.  Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return.  If applicable, historical discussions and/or opinions are not predictive of future events.  The content is presented in good faith and has been drawn from sources believed to be reliable.  The content is not intended to be legal, tax or financial advice.  Please consult a legal, tax or financial professional for information specific to your individual situation.

This content not reviewed by FINRA

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