Deciding on Your Will

Last Updated: December 30, 2025

As you kick off your retirement journey, now is the time to review your will. If you don’t already have a will, now is the time to write one. 

Your will makes it clear what should happen to any children you have that are under 18 or need ongoing dependent care. You can also make arrangements for the proper distribution of your estate. If you care about your legacy, a will is a really important tool to let your loved ones know your wishes. If you don’t have a will, then you may be leaving the decision of who gets your assets to the state. Someone who dies without a will is called intestate, and every state has a plan of dealing with intestate distribution: the handling of the estate of someone who dies without a will. And it is important to note that in most states if you have children, your surviving spouse does not take the lion’s share. For example in New York, if you die without a will and are survived by a spouse and children, your surviving spouse gets the first $50,000 of your estate plus half the balance, the children get everything else.¹ In fact, depending on your estate, the intestate distribution might certainly look like what you don't want to happen.  

If you already have a will, retirement is a good time to review it, especially if you haven’t looked at your will in several years. Some of the things to consider as you review your will include:

• Have your children grown up? Do you still need to make guardian provisions for them? 
• Has your own situation changed? Are you divorced or widowed? Have you remarried since your will was last updated? 
• What about your grown children? Have they married or divorced since you last updated your Will? Do you have new grandchildren? Do they have special needs or maybe disabled?
• If you are married, does your will protect your surviving spouse? Have you made provisions for your spouse?

Pay attention to the changes in your family situation over the years. Retirement is a good time to reflect on your life since you’re embarking on a new journey with new challenges and changes. Your will should acknowledge what’s different about your life now.

Types of Will

Depending on your situation going into retirement, consider the different types of will available. They have different purposes in the way they fit into your estate plan.

There are four main types of will:²

Simple Will

This is a straightforward will that includes how you want your assets distributed, as well as who should take care of your dependent children and pets. Most people think of a simple will when they consider a will. If you’re looking for a will that covers the basics, this type can make a lot of sense. Simply list out who should receive what and name an executor who oversees the process after you pass. It’s important to realize, though, that some financial accounts may already designate a beneficiary. When you pass, the beneficiary you’ve designated on such investment accounts takes precedence over what’s in your will. (More on beneficiaries later in the class.)

Testamentary Trust

Testamentary trusts are trusts that are created in your will. In your will, you can direct a part or all of your estate to be held in trust for the benefit of one or more of your beneficiaries in such amounts as you determine. During the term of the trust, the trustee can pay out income and capital to your beneficiaries at certain times or at the discretion of the trustee. If you do not want your beneficiaries to receive any assets until they reach a certain age or ages, or if you do not want your beneficiaries to receive a big lump sum because you don't think they will be good stewards with what you are giving them, a testamentary trust is a good choice. Testamentary trusts can also be a good choice when you have children with special needs. 

Living Will

Rather than focusing on what happens to your assets after you pass on, a living will is all about what type of medical care you want if you’re no longer able to function or make decisions for yourself. With the living will, you decide in advance your medical wishes if you can no longer make such decisions; for example, deciding when it’s time to stop extraordinary life-prolonging medical measures. As a retiree, having a living will is vital, since as you age there may be a point where you can no longer make healthcare decisions for yourself. It is important to note that a living will is not a substitute for a will or a testamentary trust. A living will is effective during life, whereas your will and a testamentary trust are only effective after you die. 

Joint Will

A joint will is inflexible and designed for spouses who want to have the same beneficiaries and provisions. In general, a joint will — sometimes called a mirror will — is meant to ensure that the surviving spouse inherits everything and that the assets are only distributed after the death of both. It’s important to note that if you choose to enact a joint will, it can’t be changed even if one of you passes away. That means that if the situation changes or you change your mind about an aspect of the will after your spouse dies, you won’t be able to adjust the terms of the will. 

Deciding Which Will is Right For You

Carefully think about which type of will is the right move for you. Consider consulting with an estate planning attorney or an online estate planning service to determine which is right for you.

SOURCES

1. “2013 New York Consolidated Laws EPT - Estates, Powers & Trusts.” JUSTIA US Law, https://law.justia.com/codes/new-york/2013/ept/article-4/part-1/4-1.1. Accessed 30 December 2025.
2. What are the different types of wills and what should they include?” LegalZoom, 13 November 2024, https://www.legalzoom.com/articles/what-are-the-4-types-of-wills-and-what-should-they-include. Accessed 30 December 2025.