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you have minor children, a will enables you to designate who will care for them after your death. Through a will you can nominate a legal guardian for your children and name an
executor to handle the distribution of your
estate to your designated beneficiaries. Anyone age 18 or older who is of sound mind may make a will.
So what happens if you die without a will?
Since your property must still be distrib-
uted, the probate court in your area will
appoint someone as the administrator of
your estate to distribute the property according to the state laws. The costs associated with this are more expensive than having an executor named by you in advance and must be paid out of your estate before any property is distributed.
Generally, a will directs the distribution of anything listed in the will that you own individually. When you legally own something with someone else—such as a house, or a savings account that is under both your name and that of your spouse—the property generally remains the property of the other person when you die. On the other hand, liv- ing trusts and life insurance policies are governed by their own terms, and will go to the beneficiaries named as part of those documents, and not included in a will.
Getting Ready to Write Your Will
There are three essential steps to writing a will:
1. First, list your assets. These will be both the things you personally own that have monetary value, like a house or car or antiques; and things that may be of little monetary value, but are important to you or the people or institution to whom you want to give them, such as mementos, family heirlooms, or personal treasures.
Wills and Trusts 21
The first step to getting what you want out of life is this: Decide what you want.
—Ben Stein