Almost everyone owns assets, such as bank accounts, automobiles, tangible personal property, stocks, bonds, mutual funds, or real property. Without a Will, the State determines who inherits your property and who administers your estate.
With a valid Will, you can do the following:
> Designate who receives your property when you die. You can also designate what proportions or which specific assets each beneficiary is to receive.
> Determine whether you want your beneficiary to receive his or her inheritance outright or whether it would be held in trust.
> Nominate the person you prefer to have as guardian for your minor children.
Having a valid Will can help save money for your beneficiaries, possibly in legal and accounting fees, court costs, and bond fees.