Wills are designed to permit the orderly transfer of property to a loved one upon death. Having a will saves your heirs time and money during the probate process. A will saves the cost of having your family post a bond in order to probate the estate and saves time and money to qualify for the administration of the estate. If you do not have a will the state uses a distribution scheme to determine for you who shall receive your assets.
A will, in addition to deciding who shall inherit your assets, also determines who shall be responsible for managing the estate by the selection of an executor who shall locate and take possession of all property, collect any money due to the estate, pay all creditors of the estate, including taxes and distribute the assets to the beneficiaries.
A properly drafted will can be used to reduce or eliminate federal or state estate tax by the use of trusts in your will. Wills can appoint a guardian for minor children and a trustee for any trust mentioned in your will.