ot everyone wants to sit down and draft a will.  But viewing this document as a means of protecting your most precious assets may add some urgency to a task you'd probably rather put off as long as possible.

The fact is, most adults will likely need a will at some point, even if only to guarantee that they — and no outsider, such as the government — decide how to fairly dispense with their estates.  Let's examine some situations where a will protects you and your potential heirs.

Appointing a guardian

If you have a minor child, you urgently need a will.  It's the only document that lets you appoint a guardian who will care for your children in case you and your spouse (if any) die unexpectedly.  If you die intestate (without a will), a state judge will appoint a guardian, and it may be someone you wouldn't approve of.

Unless you die with a valid

 will, a probate court will

decide how to distribute

 your probate assets and

 personal property.

Even with no children, you shouldn't wait too long to plan your estate, the linchpin of which is normally a will, powers of attorney and one or more trusts.  If only you could witness the stream of people going to court each month, distraught because a loved one's estate is a tangled mess.  They often end up spending a small fortune and way too much time trying to untangle the mess — resulting in painful disputes or lawsuits between family members.  These incidents underscore that the modest amount of time and expense involved in preparing a will is well worth the sense of orderliness and peace of mind that it gives you.

Achieving other goals

In addition to designating a guardian for your minor children, a will can accomplish four other primary objectives:

1. Leave property to an organization or someone other than your spouse or child.  Unless you die with a valid will, a probate court will decide how to distribute your probate assets and personal property.  Courts usually split those assets between your spouse and children, to the exclusion of all others.  If you want to leave probate assets or personal property to a charitable organization, for example, or to a cousin or close friend, you must make those designations in a will or living trust.

Probate assets may include real estate, cars, bank accounts, stocks and bonds, partnership interests, and other financial assets that normally pass through probate before going to heirs — unless they are retitled in a trust.  A will can't cover non-probate assets, including insurance policies and annuities, qualified pension plans, property held in joint tenancy or in tenancy by the entirety, and property held in some trusts (as long as the estate is not the trust beneficiary).  Note, though, that if the estate is named as beneficiary of any asset, then the will provisions will govern distribution.

2. Appoint an executor for your estate.  Only in a will can you appoint an executor — known in some states as a personal representative — of your choosing.  The executor will perform these tasks:

·        Take charge of your assets and personal property,

·        Pay all outstanding debts and taxes,

·        Collect any debts owed to the estate,

·        Audit and value your assets for tax purposes — or hire a professional to do so,