When it comes to handling the details of estates, wills offer a valuable way for individuals to have a say about what happens to their property after their death. Many people think the term "estate" refers to a large property with a mansion, lots of money in the bank, expensive jewelry and maybe a yacht. However, it is really just a legal term that refers to any asset of value that a person leaves behind. This could be a modest home, a car that is paid off, or just checking and savings accounts.

This means everyone should make a will (become a testator). That way, when the estate goes through probate the property is distributed exactly as the testator wished. It is important to keep in mind that any outstanding debts will have to be paid before heirs inherit assets. Because of this, it sometimes makes sense to write a will so that a percentage rather than a set dollar amount goes to each beneficiary. For example, 70% might go to a surviving spouse with the other 30% divided equally between any surviving children. That way the percentage distributed to each beneficiary remains the same even if some property is sold off to pay creditors. It is also possible to state a preference for which items will be sold to pay debts and which should be retained for beneficiaries.