What is the purpose of having a will?

The purpose of having a will is fundamentally about the distribution of one’s assets after death. A will serves as a legal document that articulates an individual’s wishes regarding how their estate—comprising their property and possessions—should be handled after they pass away. This includes specifying who will receive particular assets and in what proportions, which helps to reduce confusion or disputes among heirs.

While minimizing taxation on estates can be a consideration in estate planning, a will primarily focuses on the distribution of assets. Similarly, appointing a guardian for minor children is certainly a critical function of a will, aligning with the broader purpose of providing for one's family, but not all wills serve to appoint guardians, as such provisions may be included in separate documents. Financial investment opportunities are not a direct function of a will; rather, wills deal with the transfer of assets. Thus, the essence of having a will is to ensure that one's estate is divided according to their explicit instructions, reflecting their personal wishes and priorities.