If you do not have a will, your assets may not be distributed as you intended. Creating a will gives you sole discretion to decide who receives your assets and when. If you have minor children, a will allows you to direct who will care for them and who will manage the funds used for their care. The absence of a will can fuel disharmony among family members who may have different ideas of who should receive your prized possessions and who should care for your children.

If you quitclaim your home to your children during your lifetime, there may be tax consequences. Additionally, when you leave assets to your children in your will versus making them co-owners during your lifetime, your beneficiaries can incur significant financial consequences when they sell the property. A will protects against this unintended consequence, potentially saving your beneficiary thousands.