Benjamin Franklin said, "In this world nothing is certain but death and taxes."  Although the prospect of our own death is not something we contemplate gladly, preparing for that eventuality is essential to protect our property and financial assets. Although almost everyone needs a will, about half of all Americans don't have one, leaving more work, legal expense and worry for their surviving spouses and family members in a time of grief.

If you die intestate (without a will) the court will determine how your estate is distributed. The state may even claim your estate if you have no apparent heirs. A will ensures that your property and assets are distributed according to your wishes.

The only requirements are that you must be at least 18 years old (in most states) and of sound mind.

Being of a sound mind simply means that you understand that you are executing a will and the provisions thereof.

Whether or not you employ a legal representative to assist you in writing the will should be determined by the size of your estate and the complexities of its distribution. If you have a sizable estate, own a business, or expect that the will could be challenged, you may want to consult a lawyer.  But a lawyer is not absolutely required.

In many states, a handwritten and unwitnessed will may be valid but it is much more easily disputed. Some states may have "statutory forms" available for your use. These forms are will templates which meet all the legal requirements of your particular state. However, they are limited in scope and if you have a large estate may not be suitable. Computer programs are also available that will create a will by taking you through step-by-step to fill in the necessary information. These will give you more latitude than a statutory form.

The executor of your will is the person you designate to oversee the distribution of your assets in accordance with your stated wishes. Usually the executor will also be responsible for paying your debts from your estate, paying any taxes and notifying various creditors and government agencies (such as Social Security) of the death. Commonly a spouse, adult child, trusted friend or an attorney is chosen as executor for an estate. If you do not name an executor, the court will appoint one whose services will be paid for from your estate.

Generally, the surviving parent automatically becomes the guardian of minor children but in some cases that may not be possible. It is important to name a guardian of your choosing to care for your minor children. The guardian you name must be at least 18 years old. Make sure the person you choose is willing to take on the responsibility. If you do not name a guardian and one is needed, the court will choose one. Designating a guardian ensures that you get to decide who will care for your minor children in the event of your death.

You can distribute your property as you choose, to as many or as few people as you wish. When naming a beneficiary, be specific. Make sure that you give their full names and addresses so that there is no confusion as to whom you meant. If your intent is to disinherit someone who would otherwise be considered your beneficiary, be specific. Just leaving them out of the will may not be sufficient. Some states give a statutory share to a surviving spouse by law, regardless of the provisions of the will.

After your will has been prepared and you are satisfied that it expresses your wishes, it must be signed by you. Many states require at least two adult witnesses to the signing. The witnesses should be disinterested parties, that is, not parties who are named in the will. It is best to check the laws of your state regarding the number and qualifications of witnesses to avoid any challenges to the will. If a court cannot establish the legitimacy of the witnesses, the will could be declared invalid.

Generally a court will not allow bequests or conditions that are illegal or against public policy.

The original, signed will can be kept in a safety deposit box along with other important documents like life insurance policies, 401( documents and savings bonds. You may want to leave it with your lawyer. If you keep it in a bank safety deposit box, make sure your executor has a key and the authority to open it as these boxes may be sealed by the court after your death. You can make copies of the will to keep at home or give them to a spouse, your executor and your lawyer.

·          Do I Need A Lawyer to Draft My Will?

·          What is a Living Will?

·          How to Avoid Probate