Planning for the end of life is never high on anyone's priority list. However, individuals who don't make any end of life plans run the risk of having their assets tied up in probate court for a long time before they are distributed to next of kin. Just about everyone can benefit from having a will that outlines how they would like to see their assets distributed at the time of their death.
The main purpose of virtually all wills is to outline what should be done with the deceased person's assets. The maker of the will can name beneficiaries and decide who gets what, including cash, property, and pets. The will is also a good place to name a guardian for young children or other dependents. It is also a good idea to name an executor for the will, a person who will be responsible for managing assets and paying any standing debts.