What is a Will or Testament

Helping advisors explain a familiar, but often misunderstood, document

Most people have heard of a will. But ask them what it actually does, and you’ll likely get a pause or a vague answer. In one of his recent videos, CJ Eagar, our Chief Legal Officer and attorney, breaks down the confusion.

A will is a written record of three things: who you are, what you own, and who should receive what after your passing. Your will also names the person responsible for carrying out your desired intentions. This person is called an executor, or in some states, a personal representative. They are responsible for carrying out the directions of the will.

Your will’s executor matters. If no one is named, the court picks someone for you. If there’s no will at all, the state has a default plan for what to do with your estate. It’s according to their rules and timeline, not what you intended to do.

Why naming an executor is central

Most people spend more time deciding who gets their belongings than who will be responsible for making it all happen. That’s worth reconsidering.

Your executor is the person who represents you after your passing, while your family is grieving and your estate is unresolved. The executor has the legal authority, and their decisions can affect how long the process takes, how much it costs, and how much conflict your loved ones have to navigate.

Their duties can include:

• Filing the will with the probate court
• Notifying beneficiaries, heirs, and known creditors
• Inventorying and valuing all estate assets
• Paying outstanding debts, taxes, and administrative costs
• Distributing the remaining assets in accordance with the will
• Closing out financial accounts and final affairs

Because the executor carries that authority, the court supervises their work. Beneficiaries can also challenge decisions if they feel the executor isn’t fulfilling their responsibilities.

Naming this person in your will keeps that choice yours. If you don’t, the court appoints someone. That person may not know your family, reflect your values, or be who you would have chosen.

What a will does (and doesn’t)

A last will and testament is powerful, but not limitless.

What it does:

• Directs the distribution of your probate assets (property in your name without beneficiaries or joint ownership)
• Names your executor/personal representative
• Appoints guardians for minor children
• Provides instructions for personal property, heirlooms, or specific gifts
• Creates testamentary trusts, if included in the will

What it doesn’t:

• Avoid probate, wills go through the court system by design
• Control non-probate assets (retirement accounts, life insurance, payable-on-death accounts)
• Override beneficiary designations (those forms take priority)
• Cover incapacity planning (that’s where powers of attorney and advance directives come in)

What happens if you don’t have a will

If you die without a valid will, you die intestate. That means that the state steps in and makes the decisions you didn’t.

• State law decides who inherits and how much. Most intestacy laws favor spouses, children, and then more distant relatives, often in fixed shares.
• The court appoints an administrator instead of the executor you would have named.
• The process usually takes longer. Some studies show intestate probate drags on 25% longer on average than estates with valid wills.
• Loved ones may be left out. Intestacy formulas don’t account for unmarried partners, stepchildren, charities, or close friends unless state statutes include them.

If you don’t write a will, the government already has one drafted for you. It won’t reflect your values.

Probate timelines: the reality check

Even with a will, probate takes time. On average:

• Simple probates run 6–12 months.
• More complex estates can last 1–2 years, especially in crowded courts like California’s.
• Executors typically cannot distribute assets until debts, taxes, and claims are resolved. Beneficiaries may wait months before receiving their share.

A will doesn’t bypass this process. It guides the probate process. The clearer and more current your will, the smoother things tend to go.

Common pitfalls to avoid

Even a well-intentioned will can create problems if it isn’t done carefully and kept current.

• Will contests: Beneficiaries challenge the validity, capacity, or undue influence (between 0.25% and 3% of wills are contested).
• Outdated documents: Wills written decades earlier may not reflect current family structures or laws.
• Ambiguity: Unclear wording leads to disputes or court interpretation.
• Forgotten updates: Failing to update after marriage, divorce, births, or relocations.
• Over-reliance on wills: Thinking the will controls everything, when assets with beneficiary designations or trusts follow their own paths.

A will written for your life ten years ago may not fit your life today. The document should grow with you.

A financial advisor’s perspective

For financial advisors, a will is usually where the broader planning conversation begins. It surfaces what clients haven’t thought about yet, and what still needs to be put in place.

Advisors should:

• Encourage every client, regardless of net worth, to have at least a basic will.
• Stress the importance of naming guardians for minor children.
• Position wills as part of a portfolio of estate documents, not a standalone solution.
• Recommend regular updates every 3–5 years, or after major life changes.

Final takeaway

As CJ, our CLO, says, a will is one of the most recognized pieces of an estate plan and one of the most misunderstood. It’s not just a list of who gets what. It’s the document that puts the right person in charge, gives your family a clear path forward, and makes sure the state doesn’t fill in the blanks you left open.

But a will alone isn’t the whole plan. Paired with trusts, powers of attorney, and healthcare directives, it becomes part of something more complete. The will starts the conversation. The full plan is what protects the people you’re leaving behind.

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