These legal documents are critical in preventing unpleasant, emotional clashes in which family members battle one another over an inheritance. Although wills may help minimize taxes, they do not excuse people from paying taxes. (Remember Ben Franklin's observation: "In this world nothing is certain but death and taxes.") Writing a will is a critical part of your long term financial planning; you will need to consider your insurance, investment and retirement goals. Almost everyone needs a will. 

You Need a Will if:

• You have children (especially if you have children from a previous marriage). 
• You're married, separated or divorced. 
• You want to leave your estate to people that wouldn't automatically be legally entitled to your property (for example, you live with a long time companion but aren't legally married, or you care for children whom you haven't legally adopted). 
• You have estranged relatives (like your no-good brother) who don't deserve a penny from you but might be legally entitled to your property if you don't leave a will.

The only people who might not need a will are people whose assets are worth less than $20,000. The court will handle estates of this size using a concept called "summary administration," which is less formal than the probate process. The heirs make a filing with the court clerk that says that the value of the estate is less than $20,000. The court will direct that the entire state go to the spouse or, if there is no spouse, to the heirs according to state law. No formal court hearing takes place. The heirs are liable for funeral expenses (if someone else paid for them) and to pay the bills of the estate within 60 days. 

What makes a Will Valid?

Witnesses: 
Most states require that a valid will be signed by two witnesses. These witnesses shouldn't be anyone listed as beneficiaries in the will. In some states, the witnesses must sign the will on the same day it was written and in front of a notary, in order to make the will "self-proving." Without notarization, the witnesses might be asked to appear before the probate court to testify that they signed the will. Some states recognize "holographic wills." Such wills are hand-written by their authors, and don't require the signatures of witnesses. 

Do I Need a Lawyer?
Can you write your will without ever consulting a lawyer? Absolutely. (Technically, a valid will can be scribbled on a bar napkin.) Should you? Probably not. You can buy a fill-in-the-blanks will template at a stationary store, but it won't allow for much personalization or complexity.

There are many software programs that can help you create a will on your personal computer. These tools, however, often don't take local laws or the latest changes in the tax code into account. 

By all means, use a template or software program in composing the first draft of your will, but it's a good idea to hire a lawyer to review the document before you sign. You don't have to pay the lawyer to rewrite your will, just take good notes about what changes he/she suggests.