You don't need a lawyer or a large estate to leave money and instructions behind
A legacy is not something only wealthy people create. You can leave instructions for your children, designate who gets your bank account, name a guardian for minor kids, and pass along items that matter to you — all without paying thousands in legal fees. The tools exist at different price points, and some cost nothing.
The simplest routes use documents you can write yourself or forms your bank already provides. A handwritten will is legally valid in most states if you follow basic rules. A payable-on-death account at your bank bypasses probate entirely and costs no more than a regular account. A power of attorney document lets you name someone to handle your finances if you become unable to. These are the building blocks most people actually need.
What you choose depends on what you own, who you want to receive it, and whether you have minor children. This guide walks through each option, what it costs, and when to use it.
Key Takeaways
- A handwritten will is free and legally valid in most states if you write it yourself, sign it, and have two witnesses sign it — no lawyer required.
- Payable-on-death accounts at your bank let you name a beneficiary who receives the money directly after you die, skipping probate and costing nothing to set up.
- If you have minor children, you must name a guardian in a will or separate document, because the court will not know your choice otherwise.
- A power of attorney document names someone to handle your finances if you become incapacitated, and costs between $50 and $300 depending on whether you use a template or a lawyer.
- Online legal document services charge $50 to $300 per document and produce state-specific forms, but you still sign them yourself — they do not file anything for you.
Handwritten wills and what makes them valid
A handwritten will — called a holographic will — is free and does not require a lawyer. You write it in your own hand, sign it, and have two adults witness your signature. That is the entire process in most states.
The will must be clear about what you own, who gets it, and who you want to handle your estate. You can write something like: "I leave my car to my son James. I leave my savings account to my daughter Maria. I name my brother David as executor to carry out my wishes." Sign it, date it, and have two people watch you sign and then sign below your name.
Holographic wills are valid in about 30 states, but rules vary. Some states require the entire will to be in your handwriting. Some allow typed wills if you sign them in front of witnesses. A few states do not recognize them at all. Before you write one, search "[your state] holographic will" to confirm the rules where you live. If your state does not recognize them, a typed will with two witnesses works instead.
The main limit of a handwritten will is that it goes through probate — a court process where the judge confirms the will is real, pays any debts, and distributes what you left. Probate takes months and costs money in court fees, though the cost is usually much less than a lawyer would charge. If your estate is small, many states have a simplified probate process that costs under $500.
Payable-on-death accounts that bypass probate
A payable-on-death account (also called a POD account or transfer-on-death account) is a bank or credit union account with a named beneficiary. When you die, the money goes directly to that person without going through probate. It costs nothing to set up — you just fill out a form at your bank.
You keep full control of the money while you are alive. You can spend it, add to it, or change the beneficiary anytime. The beneficiary has no claim to the money until you die. This makes POD accounts ideal for savings you want to pass along: a checking account, savings account, or certificate of deposit.
To set one up, go to your bank or credit union and ask for a payable-on-death form. You will need the beneficiary's full name and Social Security number. Some banks call this a transfer-on-death account or TOD account. The form takes five minutes to fill out. There is no fee.
The catch is that POD accounts only work for bank and credit union accounts. You cannot use them for a house, a car, or personal items. For those, you need a will or a more complex document called a living trust.
Naming a guardian for minor children
If you have children under 18, you must name a guardian in writing. If you do not, the court will choose one, and that person may not be who you would have picked. A guardian is the adult who will raise your children if you die.
You name a guardian in your will. You can also name a guardian in a separate document called a standby guardianship or designation of guardian — the exact name varies by state. This document does the same thing as a will but only addresses guardianship, so it is simpler if you do not have much to leave behind.
Write down who you want as guardian and ask them first. Make sure they are willing and able to take on the role. Then write it clearly in your will or guardianship document: "If I die, I name [person's name] as guardian of my minor children." Sign it, date it, and have two witnesses sign it.
You can also name an alternate guardian in case your first choice is unable or unwilling to serve. This protects your children if something happens to the person you named.
Power of attorney documents for incapacity
A power of attorney is a document that names someone to handle your finances if you become unable to — whether from illness, injury, or age. Without one, your family may have to go to court and ask a judge to let them access your accounts and pay your bills.
There are two types. A durable power of attorney stays in effect even if you become incapacitated, which is what you want. A regular power of attorney ends if you become unable to make decisions. Always choose durable.
You can write a power of attorney yourself using a template, or you can buy a state-specific form online for $50 to $150. Some states provide free templates on the state bar association website. You sign it in front of a notary public (usually costs $5 to $15 at a bank or UPS store). You do not file it anywhere — you just keep it and give a copy to the person you named.
Name someone you trust completely, because this person will have broad access to your money. You can also name an alternate in case your first choice is unable to serve.
Online legal document services and when they make sense
Services like LegalZoom, Nolo, and Rocket Lawyer let you answer questions online and generate state-specific legal documents. They charge $50 to $300 per document depending on what you need. You fill out a questionnaire, the service produces a document, you read it, sign it (usually in front of a notary), and keep it.
These services do not file anything for you or submit documents to the government. They produce a form you then handle yourself. They are useful if you want to make sure your document matches your state's exact rules, or if you want a more polished document than a handwritten will.
The downside is that you still have to understand what you are signing. If your situation is complicated — you own a business, you have a blended family with step-children, you want to leave money in trust for a child with special needs — a lawyer is worth the cost because they can spot problems a template cannot.
For a straightforward situation — you have a bank account, a car, and minor children, and you want to leave everything to your spouse or one child — an online service or a handwritten will works fine.
Living trusts and when they are worth the cost
A living trust is a more complex document that holds your property in the name of the trust while you are alive. When you die, the property passes to whoever you named as beneficiary without going through probate. A lawyer typically charges $500 to $1,500 to set up a living trust.
A living trust is worth considering if you own a house, because probate for real estate can be slow and expensive. It is also useful if you want to leave money to a child with special needs in a way that does not affect their government benefits, or if you own property in more than one state.
For most lower-income households, a living trust is overkill. A will plus POD accounts for your bank money accomplishes the same goal at a fraction of the cost. You only need a living trust if probate costs would be high relative to what you own.
Frequently Asked Questions
Is a handwritten will valid if I do not have two witnesses?
It depends on your state. Some states accept a holographic will with no witnesses if it is entirely in your handwriting. Others require witnesses. Search "[your state] holographic will requirements" to find the exact rule where you live. If you are unsure, having two witnesses sign it makes it valid in almost every state.
What happens if I die without a will?
Your state has intestacy laws that decide who gets your money and property. Usually it goes to your spouse, then your children, then your parents, in that order. If you have no close relatives, the state may keep it. If you have minor children and no will, the court chooses a guardian instead of you. A will prevents both problems.
Can I change my payable-on-death beneficiary after I set it up?
Yes. Go back to your bank and ask to update the POD form. There is no fee and no waiting period. You can change it as many times as you want while you are alive.
Do I need a lawyer to make a will or power of attorney?
No. You can write these documents yourself, use an online template, or use an online legal service. A lawyer is helpful if your situation is complex or if you want someone to review what you wrote, but it is not required for a basic will or power of attorney.
What is the difference between a will and a living trust?
A will tells the court what to do with your property after you die and goes through probate. A living trust holds your property while you are alive and passes it to your beneficiary without probate. A living trust costs more to set up but saves time and money later if you own significant property.