A will may likely be the most important document you own. If you die without a will (intestate), your state may determine how your assets will be divided and who will receive them. Key decisions regarding the disbursement of your estate will be left to outsiders and the probate process itself can be long and costly.

A will provides many benefits to your heirs and your estate. It allows your assets to be distributed according to your wishes. It allows you to appoint a guardian for any minor children and allows you to identify an executor to ensure that your wishes are carried out as documented.

The decisions you outline in your will can have a significant impact on any taxes your estate may be required to pay and on the portion of your estate your heirs actually receive.

• Save Administration Costs—In the absence of a will, property is distributed according to the intestacy laws of the state. A valid will often saves administrative expenses by reducing the time spent by an attorney and probate court identifying beneficiaries.



• Provide Direction—A will allows you to designate an executor of your estate who will handle the affairs, settle claims and pay debts. It can also provide direction for rare circumstances such as the simultaneous death of both spouses.



• Remember to Review—Like most other important items, a will should be reviewed periodically, and especially after a major life event, to verify that its directives are still in line with your goals.

Estates come in all sizes, some requiring extensive tax planning, while others don't. Regardless of your situation, a will allows you to decide the distribution of your assets.