Establishing a Will
The Most Basic, and Most Important, Estate Planning Document
Establishing a Last Will and Testament is the most basic estate planning step an individual or family can take. Yet, after working with clients for many years, one of the most surprising realities is how many people do not have a will in place. When someone passes away unexpectedly without a will, it can leave their family exposed to unnecessary legal complications, delays, and emotional stress.
A will is one of those documents where we often say, having something is far better than having nothing. While more advanced estate planning may be appropriate for some families, a properly drafted will creates clarity, direction, and control during an otherwise difficult time.
Custody of Minor Children
For parents with minor children, having a will is absolutely vital.
A will is the document that allows parents to name a guardian for their children in the event both parents pass away. Without a will, this decision is left to a judge—someone who may have no knowledge of your family dynamics, values, or wishes.
Without a guardian designation:
Courts determine who raises your children
Family disputes may arise
Outcomes may conflict with your intentions
By naming guardians in a will, parents maintain control over one of the most important decisions they can make for their children.
Testamentary Trusts
In addition to guardianship, many parents choose to include a testamentary trust within their will.
A testamentary trust:
Is built directly into the will
Does not exist during your lifetime
Only becomes active if certain events occur (such as death)
Without a trust, assets left to children typically become theirs outright once they reach the age of majority—often age 18 or 21 depending on the state. For many families, this is not ideal.
A testamentary trust allows:
Assets from the estate to flow into the trust
A named trustee to manage assets on behalf of children
Distributions for health, education, housing, and support
Parents to specify ages (25, 30, 35, etc.) when children gain control
Because the trust does not exist until triggered, there is no ongoing administration or special tax planning during your lifetime—making it a cost-effective and practical solution for many families.
Wills Are Not Expensive
A common concern is that establishing a will will cost thousands of dollars. In reality, putting a basic will in place is typically a relatively inexpensive process when working with an estate attorney.
Professional fees vary depending on complexity and location, but for many individuals and families:
A basic will is affordable
The cost is modest compared to the potential consequences of not having one
There are also online legal platforms that allow individuals to execute a basic will. While working with an attorney is often preferable, having an online will is still far better than having no will at all.
What Happens If You Die Without a Will?
When someone dies without a will, they are considered to have died intestate, and state intestacy laws determine how assets are distributed.
This can lead to unintended outcomes, including:
Assets passing to individuals you would not have chosen
In some states, assets being split between a surviving spouse and children
Delays and added legal costs
Loss of control over guardianship decisions
A will ensures your wishes—not default state rules—guide the process
Working With a Financial Planner
A will is just one piece of an effective estate plan.
The most challenging part of estate planning is often:
Not knowing which questions to ask
Not understanding how assets should be structured
Not understanding tax implications for heirs
This is where financial planning plays a critical role.
At Greenbush Financial Group, we help clients:
Clarify estate and legacy goals
Understand how assets will pass to beneficiaries
Identify tax considerations
Determine whether trusts or additional planning are appropriate
By the time clients engage an estate attorney, a clear blueprint already exists, allowing the attorney to efficiently draft documents that reflect the financial plan.
Our Establishing a Will Articles
Frequently Asked Questions About Establishing a Will
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Why is a will important?A will allows you to control how your assets are distributed, name guardians for minor children, and reduce confusion and legal complications after death.
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What happens if I die without a will?State intestacy laws determine asset distribution, which may not align with your wishes. Some assets may not pass entirely to a surviving spouse.
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Do I need a will if I don’t have many assets?Yes. A will is still essential for naming guardians, appointing an executor, and ensuring your wishes are followed.
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Can I name guardians for my children in a will?Yes. A will is the primary document used to name guardians for minor children.
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What is a testamentary trust?It is a trust created within a will that becomes active upon death, allowing assets to be managed for beneficiaries—often minor children—until a specified age.
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Are online wills legally valid?In many cases, yes. While an attorney-drafted will is often preferred, an online will is better than having no will at all.
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How often should I update my will?You should review your will after major life events such as marriage, divorce, birth of a child, or significant changes in assets.
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Should I work with a financial planner before creating a will?Yes. Financial planning helps clarify asset structure, tax considerations, and beneficiary goals—making the legal drafting process more efficient and effective.
Contact Us . . . .
All of our services start with a complimentary consult. No high pressure sales tactics. We are financial planners, not salesmen.
About Our Firm: Greenbush Financial Group is an independent registered investment advisory firm based in Albany, New York, that provides four main services to clients: fee-based financial planning services, investment management, employer-sponsored retirement plans, and retirement planning services. The firm serves clients locally in the Albany region and virtually across the United States.
