A will is a legal document which serves many purposes. Without one, your property will be distributed according to formulas in state law. With one, you can designate who will receive property held in your name such as cash, stocks, bonds, and real estate.  However a will is only effective upon your death and not during your lifetime.

A will cannot, however, determine who will receive joint-owned assets or the proceeds of life insurance, or of a profit-sharing or pension plan where there is a designated beneficiary. For example, you may intend to leave everything to your spouse, yet you hold a joint savings account with your mother. In this case - despite your intentions - your mother will receive all the money in the account, not your spouse.

The proceeds of a life insurance policy which names your child as beneficiary will go to the child and no one else. An insurance contract cannot be changed by instructions in your will, but must follow the specifications of the policy.

You may, in your will, name a guardian and a conservator to care for your minor children's affairs in the event of the death of both you and your spouse. In Missouri, children are considered minors for most purposes until age 18. A guardian is customarily responsible for seeing to minor children's well-being and a conservator for managing their property.

A will may also designate an individual or institution to act as executor or personal representative to see to it that the terms of your will are carried out. It is best to choose an executor yourself. If you do not, the court will appoint an administrator after you die. While you can name a guardian and executor to your will, those named may decline to serve. Therefore, you should obtain the consent of all parties you intend to nominate such a responsibility before drawing up your will.

You can use your will to minimize estate taxes levied by both the federal and state governments. For instance, while the transfer of property from one spouse to another at the time of death is not taxed in the estate of the first spouse, when the second spouse dies, leaving the same property to the children, it may be taxed in the second estate depending on the amount involved. However, a properly drawn will can reduce this kind of taxation.

You may also direct that a trust be created at the time of your death. This is called a testamentary trust and it offers two important benefits. First, it may reduce estate taxes and costs. Second, it may provide financial assistance and management for a beneficiary.

A will is a legal expression of your wishes. The best way of making sure those wishes are carried out is to obtain the services of an attorney.