This article is part of the Biblically Informed Framework for Retirement Stewardship (BIFRS) series. This article was originally published in August of 2016 and updated in May of 2026.
This article follows from the previous one on legacy and estate planning. Once you’ve thought through what you want to accomplish with your estate, the next step is putting it in writing. I originally wrote this article in 2016 and have now updated it for 2026 to reflect significant changes in tax law and inherited IRA rules.
A reminder: I am not a professional financial adviser or an attorney. Treat everything here as educational rather than advice for your specific situation. For legal advice, consult an estate attorney. For tax planning, work with a CPA. For financial planning, work with a Certified Financial Planner.
Why you need a will
A will is how you communicate your wishes after you’re gone. Without one, state intestacy laws determine who receives what—which may bear no resemblance to your intentions—and courts may need to appoint a guardian or administrator, at expense and delay to your family.
Scripture supports the concept plainly. Heb. 9:16–17 references the mechanics of a will—that it only takes effect at death. And Is. 38:1 records God’s instruction to Hezekiah to “set your house in order.” A will is one of the primary ways to do that.
Think of a will as the instructions you leave for your family for the most important things: who receives what, who oversees the process as executor, and what happens in contingency situations. The more clearly you communicate it in writing while you are alive, the more likely it is to be done well after you are gone.
Simplify before you write it
Before relying on a will, set up structures that keep assets entirely out of probate. Beneficiary designations on IRAs, 401(k)s, life insurance policies, bank accounts, and brokerage accounts—all POD (payable on death) arrangements—pass assets directly to named beneficiaries without going through probate. This is simple, free, and highly effective.
Joint ownership with right of survivorship (most checking accounts, most primary residences) also avoids probate for the surviving joint owner. These two strategies—beneficiary designations and joint ownership—handle the majority of most retirees’ financial assets without any need for probate or a trust.
Whatever remains—real property not held jointly, personal possessions, vehicles, and other assets that can’t be passed by POD designation—needs to pass through either a will (which may require probate, depending on the value) or a trust.
Inherited IRAs
When I first wrote this article, a major estate planning strategy for IRA owners was the “Stretch IRA”—designating non-spouse beneficiaries who could take distributions over their life expectancy, stretching the tax-deferred growth over decades. That strategy is gone for most beneficiaries.
The SECURE Act (2019) eliminated the Stretch IRA for most non-spouse beneficiaries of people who died after December 31, 2019. Under current rules (including IRS final regulations effective 2025), adult children, grandchildren, and other non-spouse beneficiaries must fully distribute an inherited traditional IRA within 10 years of the original owner’s death. If the original owner had already begun RMDs, annual distributions are required during years 1–9 as well.
The tax consequences can be substantial. A child inheriting a $500,000 traditional IRA must distribute the entire account within 10 years, potentially adding $50,000 or more per year to their taxable income. This is a meaningful consideration if you have a large traditional IRA: Roth conversions during your lifetime allow you to pay the tax now at potentially lower rates, leaving heirs a tax-free inheritance that must still be distributed within 10 years but without the income tax burden.
Surviving spouses remain the most favorably treated beneficiaries. They can roll inherited IRA assets into their own IRA or, under SECURE Act 2.0 rules effective as of 2024, use the more favorable Uniform Lifetime Table for RMD calculations.
Do you need a trust?
Attorneys often recommend trusts, and sometimes they are the right tool. The most common reasons retirees consider a trust are: avoiding probate for real estate or other assets that cannot pass via POD designation; maintaining control over how assets are distributed over time (especially for minor grandchildren or beneficiaries whose financial judgment is uncertain); planning for a dependent with special needs; and managing complex assets like a business interest or real estate in multiple states.
If your state has a simple, inexpensive probate process—or if your estate consists primarily of jointly held accounts and financial assets with beneficiary designations—a trust may be more complex than the situation warrants. The real estate and vehicles that can’t be easily handled via POD or TOD arrangements are the most common reason for a trust in otherwise straightforward situations.
If you do set up a trust, it must be “funded”—meaning assets actually re-titled into the trust’s name—or it provides no benefit. An unfunded trust is a legal document that does nothing. The re-titling process requires real effort: deed changes, account transfers, and car title updates. An estate attorney can guide you through this.
Choosing your executor
The executor (or personal representative) is the person who oversees your estate after your death: filing the will with the court, notifying creditors, paying debts, managing assets during the process, and distributing what remains to beneficiaries. Choosing the right person matters as much as writing the will itself.
A good executor is trustworthy and financially competent, willing to take on the administrative work involved, not easily pressured by other family members, and ideally geographically convenient. Being an executor requires real time and effort—often over months or years for more complex estates. Make sure the person you name is willing and able. A professional executor (typically a bank trust department or estate attorney) is an option if there is no suitable family member or friend.
Other key documents
A will is the centerpiece of an estate plan, but several other documents are equally essential during your lifetime: a Durable Power of Attorney for finances (allows a designated person to manage financial affairs if you become incapacitated), a Healthcare Power of Attorney (designates who makes medical decisions on your behalf), a Living Will or Advance Directive (specifies your wishes for end-of-life medical treatment), and HIPAA Authorization (authorizes named individuals to access your medical information).
Without a durable power of attorney, a family member who needs to manage your finances if you become incapacitated must go to court for a guardianship or conservatorship—an expensive and time-consuming process at exactly the wrong moment. Execute these documents while you are healthy and clear-minded; they are among the most loving gifts you can give your family.
Review them regularly
Estate plans are not set-and-forget documents. Review yours when major life events occur: a marriage or divorce (yours or your children’s), a birth or death in the family, a significant change in your financial situation, or a move to a different state (estate and probate laws vary by state). Also, review after major tax law changes—the OBBBA of 2025 and the SECURE Act changes of recent years are both good reasons to revisit plans that haven’t been reviewed since 2019 or earlier.
Are you convinced?
I hope you are convinced that having a will is very important, and if you don’t have one, you will get ‘er done as soon as possible. And also that it may be easier to get it done than you thought! I hope so. And remember, if you think you need legal advice, then, by all means, go get it – don’t let that stop you from doing this. But if you’re comfortable with it, one of the lower-cost online/software options. You will experience the peace of knowing that your “affairs are in order” no matter when your life on this earth may end.