A will is a written declaration of how an individual would like the assets of his or her estate to be distributed. The will directs the probate court on how to divide the assets and to whom they should go. Despite the widespread use of trusts, wills still remain the single most widely used estate planning tool.

Even a carefully crafted estate planning employing revocable and irrevocable trusts, rarely eliminates the need for a will entirely. For example, few people—even the most sophisticated business owners or professionals—want to transfer title to all of their assets to a trustee or relinquish total control during their lifetimes. Moreover acquisitions and compensation that occur after the creation of a trust do not automatically become part of the trust—additional transfers must be made to the trust each time an asset is acquired.

So keep in mind that a will allows you to state definitively your intention for disposition of your property in ways not included in a trust. Moreover, it allows you to target specific personal matter and to designate your preferred guardian or your minor children if both parents die unexpectedly.

A will can be used to dispose of such property as: personal effects; collectibles; stocks; bonds; bank accounts; investment accounts; cash amounts; pets and livestock; real estate; apartments; family business interests.

The will allows you to make direct gifts of money or property to specific individuals or institutions and to detail your wishes for a funeral.

If you do not have a will, you run the risk of the IRS inheriting half of your assets and lawyers, accountants and others inheriting the other half. There is also the danger that beneficiaries of your estate can go on spending frenzy if they are not restricted by a will.

And finally, without a will, your estate will end up in a probate. Probate is a court-supervised process where the decedent’s estate is distributed. It is a public procedure that publicizes the financial assets of the decedent to all and invites anyone who may have a claim against the estate to join.