No Kids, $2M in IRAs: Why You Still Need a Will

The question is more common than you'd think: with no children and a healthy retirement nest egg, many couples in their 50s assume a will is unnecessary. But that assumption can lead to costly, unintended consequences. Without a will, your estate falls under state intestacy laws, which dictate a rigid distribution formula that may not reflect your wishes—especially if you want to leave assets to charities, friends, or a spouse in a specific way.

For a couple with $2 million in IRAs and 401(k)s, the stakes are even higher. While retirement accounts pass directly to named beneficiaries, a will covers everything else—real estate, bank accounts, personal property, and any assets without a beneficiary designation. If you both die simultaneously (a real risk in an accident), intestacy rules could send your assets to distant relatives you barely know, or even to the state, rather than to the people or causes you care about.

Estate Planning Beyond the Will

A will is just the starting point. For childless couples, a comprehensive estate plan should also include a durable power of attorney, a healthcare proxy, and a living will—documents that ensure your wishes are honored if you become incapacitated. Additionally, consider a revocable living trust. It can bypass probate, provide privacy, and give you precise control over how and when assets are distributed, including to charities or a trusted friend.

The real purpose of a will isn't just about heirs—it's about control and clarity. It lets you decide who gets what, who manages your estate, and who makes medical decisions for you. Without it, the state makes those choices for you, often at the cost of time, money, and family friction. The good news: drafting a will is relatively inexpensive and can be updated as your circumstances change. Consult an estate attorney, review your beneficiary designations, and revisit the plan every few years. Your $2 million deserves better than a default outcome.