Planning for the future often begins with financial goals like saving, investing, and managing debt. However, an important piece that’s often overlooked is estate planning, which for many, begins with a properly executed will.

A will is a legal document specifying how a person’s assets and affairs should be handled and distributed after their death. Having a will is an essential tool for ensuring your wishes are respected and that your loved ones are cared for according to your wishes.

While confronting mortality can be uncomfortable, having a will in place is a practical and compassionate step that provides clarity, protects loved ones, and significantly reduces burden on family members during an already challenging time.

Key Benefits of Having a Will

A thoughtfully prepared will is a foundational part of any estate plan. It offers essential protections and control over your affairs; benefits that are often overlooked until it’s too late. Here are five key reasons why having a will is important:

Provides Direction for Your Assets
With a will, you can designate exactly how your property and belongings should be distributed. This might include your home, investments, personal possessions, or family heirlooms. Without a will, your estate falls subject to state intestacy laws, which may distribute assets in a manner that contradicts your wishes.

Your will ensures specific intentions are honored, whether designating items to friends, allocating a portion of your estate to your favorite charity, establishing education funds for grandchildren, or protecting family businesses. These intentions must be clearly documented to be legally enforceable.

Appoints Guardians for Minor Children
For parents, their greatest priority is the well-being of their children. One of the most important reasons to have a will is to designate a guardian who will care for your minor children in the event both parents pass away. Without a named guardian in your will, this decision is left to the courts, which will act in the child’s best interest, but their choice may not align with your personal wishes or values.

Including guardian instructions in your will ensures your children receive care from individuals you've thoughtfully selected, which will help provide them with stability in a difficult time.

Prevents Family Confusion or Conflict
When someone passes without a will, surviving family members often face the emotional burden of interpreting what their loved one "would have wanted," which frequently leads to misunderstandings, tension, and even costly legal disputes. This can be particularly true in blended families or with complex asset structures.

A clear, legally sound will brings clarity during a difficult time. By explicitly outlining your intentions, it helps prevent misunderstandings and eases both the emotional and logistical burdens on those left behind.

Supports Charities or Causes You Care About
Using a will, you can extend your impact beyond your lifetime by supporting organizations and causes that are important to you. Whether it's a one-time donation, a percentage of your estate, or establishing ongoing foundations or scholarships, a will allows you to make these gifts in a structured and legally recognized way, ensuring they're executed as part of your lasting legacy.

Plans for More Than Just Assets
Modern estate planning extends beyond traditional assets to include digital accounts, intellectual property, business interests, and personal messages. Your will serves as the foundation for addressing:

• Access to online accounts and passwords
• Instructions for family-owned businesses
• Funeral or memorial preferences
• Messages to loved ones

While some of these may not all be handled directly in the will itself, drafting a will creates the perfect opportunity to have broader conversations with your family about your full legacy beyond just finances.

When to Create or Update a Will

There’s no perfect moment to draft a will, but certain life milestones are good times to consider creating or updating your will, including:   

• Marriage or divorce
• Birth or adoption of children
• Acquisition of significant assets or inheritance
• Relocation to different states
• Changes in tax legislation
• Business ownership changes

      Regularly reviewing your estate plan every few years is also a smart habit, especially if your personal or financial circumstances change.

Beyond the Will: Additional Planning Tools

While a will is essential for many aspects of estate planning, it has certain limitations. One significant consideration is that assets distributed through a will typically must go through probate, the legal process where the court validates the will, settles debts, and oversees asset distribution.

Probate isn’t necessarily a bad thing, it’s simply a public, court-supervised process that provides structure and protection. However, it often involves time, expense, and public disclosure of estate details. For these reasons, many people incorporate complementary tools alongside their will for a more comprehensive approach, such as:

• Beneficiary Designations – Certain assets, like retirement accounts, life insurance policies, and some bank or investment accounts, allow you to name a beneficiary directly. These assets pass outside of probate and go straight to the named individual, if the designation is current and valid. This is one of the simplest ways to ensure a smooth transfer of assets.
• Living Trusts (Also known as Revocable Trusts) – Assets placed in a trust can bypass probate entirely. A trust is a legal tool that allows you to place your assets in the care of a person or organization you choose (called a trustee), who then manages those assets for people you want to benefit (your beneficiaries). You can think of a trust as a legal framework that organizes and protects your assets while ensuring they are used according to your instructions. Living trusts are often used in conjunction with “pour-over” provisions in wills to assure that all your assets are ultimately controlled by your trust.
• Joint Ownership with Right of Survivorship – When property is owned jointly with another person (such as a spouse or family member) and includes the right of survivorship, ownership automatically transfers to the surviving co-owner when one person passes away.
• Transfer-on-death (TOD) Registrations – This allows you to name a beneficiary who will automatically inherit certain assets—such as real estate, vehicles, or investment accounts—upon your death, without going through probate. Availability and rules vary by asset type and jurisdiction, so it's important to confirm what's allowed in your state or province.

Your Next Steps to Creating Your Financial Legacy

A thoughtfully crafted will represents far more than a legal document, it reflects your values, protects those you care about, and creates your legacy. It delivers clarity and security for both you and your loved ones.

Creating an effective will requires professional guidance. At FNBO Wealth, our professionals will collaborate with your legal team to ensure seamless integration between your financial strategy and estate planning needs. We’re ready to guide you through this essential planning process, helping ensure your financial goals are honored and your loved ones are well cared for.

Contact us today to begin this important conversation about securing your legacy.