A will allows you to distribute your property as you want. If you do not have a will, state law will determine how your assets are divided and distributed. The court will appoint an administrator for your estate which may not be the family member or friend that you would have chosen to handle your affairs. Also, settling your estate may be more costly and time-consuming to administer.
Through your will, you can:
- Appoint an executor for your estate. An executor "executes" or carries out the terms of your will.
- Appoint a guardian for your children. If you leave no will, the court will select a guardian that may or may not be the person you would have chosen to care for your children and to manage their inheritance until they become adults.
- Provide instruction for the distribution of your property.
If you currenly have a will, review it. Should it be updated? Are you holding the original copy? Can you read the names of the witnesses?