Q. What does a will really do?

A. It probably does more than you think. For example:

    * It lets you designate who will inherit which of your assets.

    * It lets you name a guardian for your children and an executor of your estate. (The executor can be an individual you know or a trust company.)

    * It lets you specify when your children will receive what. Otherwise, an 18-year-old may end up receiving his entire inheritance before he’s mature enough to not spend it all on stereos and cars.

    * It lets you save money by waiving the probate bond, which will otherwise be required.

    * It can let you authorize the sale of some of your assets during probate administration. This can be important, because sometimes such a sale is necessary to raise money needed to pay taxes and expenses related to death.

    * It can permit your business to continue operating.

    * It can save you some money in taxes.
Source