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So what is a will, and why do I need a will? There's a lot of misinformation out there
about wills and what a will does and does not do. Many people think, "Well, if I have
a will, then that will avoid probate." That is not true. A will does... The will is simply
the instructions for probate. So why do I even need a will? Basically, two main reasons
to have a will. One is, it directs where assets that are in your name will go after your lifetime.
There may be some other ways to do that through the use of trusts, through the use of jointly
held property, but if it's not in a trust, if it's not some kind of right of survivorship
or some sort of official beneficiary designation, your will will determine where the property
will go after your lifetime, if it's in your name.
Another important purpose of a will is to name the person who will be the guardian of
any dependent that you have, or at least, give the court your recommendation which the
court will follow most of the time. The court will always do what it believes is in the
best interest of that minor or otherwise protected person, but 99% of the time that's what you
think would be in that person's best interest, and the will is a place for that to be designated.
But like I said, a will does not avoid probate, and if probate avoidance is important, then
there are other estate planning vehicles and planning opportunities that you need to take
a look at. But even with those, a will is important, especially with minor children
or dependents, to let the court know who you want to be able to take care of them, and
to dispose of any property that is in your name individually at the time of your passing.