Here's the uncomfortable truth: roughly 67% of Americans don't have a will. That's two out of every three people leaving their families to deal with a legal mess during the worst time of their lives. And if you die without one — what lawyers call dying "intestate" — your state's default rules kick in. Those rules don't care about your wishes. They follow a rigid formula based on bloodlines. Your partner of 15 years who you never married? They might get nothing. Your estranged sibling you haven't spoken to in a decade? They could inherit half your estate.

A last will and testament is your way of overriding those defaults. At its core, it's a legal document where you — the testator — spell out three things: who gets your property, who raises your minor children if something happens to you, and who you trust to manage the whole process (that's your executor). You can be as broad or as specific as you want. Leave everything to your spouse, or divide your vinyl collection among your three best friends. It's your call.

People sometimes confuse a will with a living trust. They're different tools. A trust avoids probate — the court-supervised process of validating your will and distributing assets — but it's more complex to set up and maintain. A will goes through probate, but it's simpler and covers things a trust can't, like naming a guardian for your kids. Most estate plans actually use both.

Short answer: now. If you own anything — a house, a car, a savings account, even a guitar collection — you need a will. But certain situations make it especially urgent.

Parents with minor children should consider this non-negotiable. Without a will, a judge picks who raises your kids. That judge doesn't know your family dynamics, doesn't know that Uncle Mike has a gambling problem, and doesn't know you'd want your best friend Sarah to step in instead. A guardian designation in your will fixes that.

Blended families face unique risks too. If you've remarried and have kids from a prior relationship, intestate laws might hand everything to your current spouse — leaving your biological children with nothing from your estate. Business owners also can't afford to skip this. Without clear instructions, a family-owned business can get tangled in probate for months.

Life events should trigger action. Just got married? Update it. Divorced? Definitely update it — in some states a divorce automatically revokes bequests to an ex-spouse, but not all. Had a baby? Add a guardian clause. Bought a house or received an inheritance? Make sure your will reflects those new assets. Got a serious health diagnosis? Don't wait another week.

Every valid will starts with testator identification — your full legal name, address, and a declaration that you're of sound mind and acting freely. This establishes testamentary capacity, which is one of the first things someone will challenge if they contest your will.

Next comes your executor appointment. Pick someone organized and trustworthy — they'll be filing paperwork with the probate court, paying your debts, and distributing assets. Always name an alternate executor too, because your first choice might not be available when the time comes.

If you have minor children, the guardian designation is arguably the most critical section. Name a primary guardian and a backup. Talk to them first — don't surprise someone with that responsibility.

Then you get into the substance: specific bequests. This is where you say who gets the house, who gets the car, who gets grandma's ring. Be precise. "My jewelry" is vague and breeds arguments. "My diamond engagement ring to my daughter Emily" — that's clear. A residuary estate clause catches everything you didn't specifically mention and directs it somewhere.

You'll also want provisions for debts and taxes — should they come out of the general estate or a specific account? Many people include funeral and burial wishes here as well.

On execution requirements: most states require two witnesses who watch you sign and aren't beneficiaries in the will. A self-proving affidavit — signed by you and your witnesses before a notary — speeds up probate by eliminating the need to track down witnesses later. And always include a revocation clause stating this will replaces all prior versions. Old wills floating around cause confusion and litigation.