What it is:

A will is a document that distributes certain property (including your real estate, money, and your personal possessions), appoints a guardian for your children, and appoints a person to handle your affairs when you die.

The problems a will (with some good asset allocation) can or may avoid:

• The government dictating how your wealth should be distributed
• Strife among your family and heirs about distribution of your wealth and property
• The wrong people receiving your property and assets
• Disputes over who should care for your children and where they should live
• Expensive probate court costs (estimated to be up to 10% of your estate)
• Significant delay before your assets can be distributed to your heirs

How it protects you:

A will allows you to distribute property of many kinds, such as homes, bank accounts, furniture, etc., to the people you decide should receive that property. A will takes the guesswork out of who will take care of your children, so you can be confident that they will be cared for by the right people or person. A will allows you to name a responsible person to handle your affairs when you die. Depending on the type of will you have, it may also help you avoid probate of certain assets.