What does a Will do?

A will is a legal document, drafted and executed in accordance with state law, which becomes irrevocable at your death. In your will, you can name:

• Your beneficiaries. These can be family members, friends, a domestic partner, or charitable organizations who will receive your assets as you direct. You should also provide for the distribution of the residue of your estate - that is, your remaining assets.
• A guardian for your minor children. You may nominate a person who will have the responsibility to care for your child if you and your spouse die before the child attains 18 years of age. You may also name a guardian - who may or may not be the same person - to be responsible for management of assets given to a minor child, until the child attains 18 years of age.
• An executor. This person or institution of your choice, named in your will and appointed by the probate court, collects and manages your assets, pays your debts and expenses and any taxes that might be due, and then, in a manner approved by the court, distributes your assets to your beneficiaries in accordance with the provisions of your will.

It can be a time-consuming job. You should choose your executor carefully. To get started on your will, please go here and choose your state.