There are various laws that govern how property is divided after death during the probate process. Even if you don't own property, you still need a will to guarantee that the way you wish your affairs to be managed will be honored. No matter how good your health is now, you don't know what will happen tomorrow. It's never too early to create a will, and there are several benefits to doing so sooner rather than later.

Beyond Asset Management

Creating a will helps you designate who is entitled to receive any assets you have after you die. It also allows you to appoint an executor, the person you trust to manage your affairs. There are other factors to consider, though:

• Guardianship for minors
• Pet care
• Management of digital accounts
• Donations to charitable causes

It's common for people to assume that they don't have really strong opinions about what happens after they die. Once they start thinking about all the loose ends that will need to be tied up, however, they find that they are more concerned than they expected to be. Even if you think you want to leave the decision up to someone else, it's a good idea to get some general guidelines in writing.

Assistance for Loved Ones

No amount of planning is going to ease the pain that family and friends feel when they lose you. Outlining your plans in a legally binding document can help them avoid the added stress of making decisions during such a difficult time, though. A will can cut down on family squabbling and allow them the peace of simply being there for each other as they grieve. 

You can even include instructions and provisions for your funeral in your will. While you probably want to discuss some of the details with a few family members or the clergy member who is likely to perform the ceremony to make sure you're all on the same page, putting it in writing can help them remember what you talked about when it's time to put the plan in action. 

Reduction of Tax Liability

Estate taxes can be complicated, but planning ahead can help you get the guidance you need to minimize the amount your heirs will be responsible for. While your assets can be divided according to the standard formula, it takes longer and is usually more expensive if you have not made previous plans. This is especially relevant if you own a lot of property. It's important to take both state and federal taxes into account, so it's best to hire an expert in the field to help you make good decisions. Talk to your attorney about the difference between a trust and a will and the aspects of each that are most beneficial to your circumstances.

Block for Underserving Parties

If you die without a will, your assets are divvied up to the standard set by the law. These guidelines award the benefits to those who typically are designated as heirs, such as spouses and children, but they don't take specific relationships into account. Therefore, someone with whom you are no longer in contact may end up inheriting the bulk or a portion of your estate. This can include an ex-spouse as well as estranged parents or children. By making your wishes clear, you can direct your assets to the people whom you trust to handle them responsibly and keep those with nefarious intent from successfully swooping in. 

It may not be pleasant to think about the end of your life, but inevitably such a day will arrive. It's better to have a solid plan in place that accurately outlines your wishes than to leave the decisions to the courts or chance.