A will is a legal document you generate to manage three main areas of what you leave behind: who gets your property, who will be your children's guardian, and who will handle your estate once you are deceased.

A will may be the most significant legal document a regular person will ever create and yet, over 70% of American adults don't have one. The justifications for not having a will are very common - not enough time to get it done, attorneys are expensive and out of their price ranges, life is simply too hectic to think about it.

If you pass away without a will in place, what is called "intestate," the state determines how your property is to be dispersed, not you. In many states, your property will be distributed according to set rules with unnecessary expenses that creating a last will and testament can help you avoid.

In the average will, gifts fall into two types: specific gifts and general gifts. Specific gifts are optional and the first gifts bestowed from a will. They indicate leaving a particular object and might read: "I leave to my daughter Angela my wedding ring." Specific gifts can also forgive a specific debt that is owed to you.

A general gift indicates leaving a percentage of all assets which remain once specific gifts are made. Those who collect general gifts are called as "principal heirs" since they generally receive the most of the estate after smaller gifts are dispersed. Each will must have no less than one principal heir. Frequently, the principal heir is the will maker's spouse or closest relative.

In your will, you are going to likely appoint a personal representative known as the "executor." The executor is responsible for divvying up the gifts and ensuring your requests are carried out.

For more information about wills, click here. LegalZoom's free online legal library can help you better understand probate court, how to deal with debts, property, testamentary trusts, how to amend or revoke your will and many other questions surrounding establishing a will. If you're ready to get started planning your estate, LegalZoom can lend a hand, generating a legally binding will ready for you to sign and valid in all states.

LegalZoom is not a lawfirm and can only provide self-help services at your specific direction. Information contained above is subject to change and is not applicable to every state. Visit LegalZoom.com for specific state-by state-documents.

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