Wills are traditionally thought of as the fundamental tool in an estate plan. A will is a legal document signed by you and witnessed according to the law, which directs how your property is to be distributed upon your death. In addition, wills can address several other important issues, including:

• Nomination of a personal representative to manage the affairs of your estate, waiving any bond required by the court and, if desired, limiting the personal representative's compensation;
• Appointment of a guardian for any minor children or a fiduciary to manage the affairs of any incapacitated beneficiary;
• Selection of certain property to be placed into trust for family members or other beneficiaries;
• Your wishes concerning funeral and burial plans;
• Instruction concerning the payment of debts, taxes and other fees and costs; and
• Authorization of the payment of living expenses for family members during the probate period.

A will does not become effective until your death. You can change its terms or revoke it at any time before your death, as long as you are considered mentally competent. If you have property titled solely in your name at death, a will is the only document which ensures that your property will be conveyed according to your wishes. Property owned by individuals who die without a will is distributed according to the law of the state where they resided at death. Sometimes this results in a surviving spouse receiving only half of the estate, with the parents of the decedent receiving the other half. If this is not a result which you desire or intend, you must plan accordingly.