Why should you have a Will? Most people know that a will lets them determine who will receive their property when they die. Despite this significant benefit, relatively few people have wills.

If you die without a will, your property will be distribued according to state law. It may not be distributed the way your want, since it is distrubitued without considerig the needs or circumstances of recipients.

A will can do more than just determine how property is distributed upon death. It can name an executor. The executor will oversee your estate's financial affairs during "probate, including making sure your debts are paid and that your property is distributed as stated in your will. Without a will, a judge chooses your executor and generally appoints the Public Administrator. The public administrator is an attorney or law firm appointed by the Court to handle the estate's affairs from the beginning to the end.

A Will can also set up a trust, which can help save on taxes. Thus, for people with substantial assets, a Will can be a cost saving tool.

For married couples with young children, Wills are essential unless you want the Court and strangers making decisions for your children and handling your affairs. Each spouse can choose a guardian for the children if both parents die to raise their children and manage the money as a trustee.