Your will governs the distribution of your assets (your money, house, things in your house, vehicles, coin collections, time shares, etc.) after you pass away. By preparing a will, you get to decide:
Your will provides instructions to your friends and family members on how to deal with everything you own after you pass away. You may wish to gift everything to your spouse and/or your children. You may wish to leave some specific items to your nieces and nephews or make a cash gift to a charity. You may wish to have someone hold money in trust for your grandchildren until they turn 21. All of these instructions can be included in your will so that the people handling your estate will know what your wishes are and be legally authorized to carry out those wishes.