The people receiving your property are often referred to as your heirs or beneficiaries. Although not always the same, beneficiaries can be heirs, and heirs can become beneficiaries.
Beneficiaries are selected by name in your Will. Heirs are actually predetermined by the law of descent in your state. An heir will inherit the property of someone who dies without a Will (called intestate). Heirs could also inherit if all of the named beneficiaries and their heirs were all dead.
Even if you don’t think you need a Will because you have no assets, you need one for your children’s well-being. People with minor children should always name a guardian for the children in a Will. Not naming a guardian can cause turmoil for you children and your family if tragedy should strike leaving the children orphans. Both short term and long term plans should be made so they never have to spend time in limbo.
Wills can be very simple forms or they can be very complex depending on what you have and who you want to give it to. As you can imagine, a properly executed will can help eliminate family conflict.
A Will WON’T keep your estate out of probate!
Nearly 50% of the population dies without a Will. I know it can be a scary process, but my clients are always relieved once a plan is in place. They have a peace of mind that the well-being of their loved ones is secured.