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A will is a legal document designating the transfer of a person's property and assets after he dies. Making a will is the simplest way to ensure that a person's funds, property, and personal effects will be distributed according to his wishes after his death. Usually, any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and memory," can write a last will and testament. Each state may impose additional requirements.

Although wills are simple to create, about half of all Americans die without a will, also known as in testate. Without a will to indicate a person's wishes, the court steps in and distributes the property according to state laws. Wills are not just for the rich; the amount of property that a person has is irrelevant. A will ensures that a person's assets will be given to family members or other beneficiaries he designates. If he has no apparent heirs and dies without a will, it is even possible the state may claim his estate.

Having a will is especially important for a parent of young children because he or she can use a will to designate guardians for the children in the even of the parent's death. Without a will, the court will appoint a guardian for the children.

Elements of a will:
Here are some of the basic elements generally included in a will.

• Name and place of residence
• Brief description of assets
• Names of spouses, children, and other beneficiaries such as friends or charities
• Alternate beneficiaries in the event a beneficiary dies before the estate owner does
• Specific gifts, such as an auto or residence
• Establishments of a trust
• Cancellation of debts owed to the estate owner
• Name of an executor to manage the estate.
• Name of a guardian for minor children
• Signature
• Witnesses signature

Two of the most important items included in a will are naming a guardian for minor children and naming an executor.

Naming a Guardian in your Will:
In many cases, a surviving parent assumes the role of a sole guardian. However, it is important to name a guardian for minor children in the will in case neither parent is able and willing to act. The guardian a person chooses should be over 18 and willing to assume the responsibility. A person should talk to the potential guardian ahead of time about what he is asking. If a person does not name a guardian to care for his children in their will, a judge will appoint one, and it may not be someone the parent would not have chosen.

Naming an Executor in your Will:
An executor oversees the distribution of a person's assets in accordance with the will. Most people choose their spouse, an adult friend, a relative, a friend, a trust company, or an attorney to fulfill this duty.

The executor of your will usually undertakes the following responsibilities:

• Paying valid creditors
• Paying taxes
• Notifying Social Security and other agencies and companies of the death
• Canceling credit cards, magazine subscriptions, and similar obligations
• Distributing assets according to the will.

If no executor is named in a will a probate judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in an estate. The executor files the will in probate court, where a judge decides if the will is valid. If the will is found to be valid, assets are distributed according to the will. If the will is found to be invalid, assets are distributed in accordance with state laws.