Anyone who is a parent, no matter what financial resources they have, should have a will. One of the important functions of a will is to name a guardian of minor children. While this nomination is not binding, the courts give great deference to a deceased parent's wishes. Further, this designation can eliminate family disputes as to who should have the primary responsibility to raise your children. In addition to this important feature, your will can ensure that your property is distributed in accordance with your wishes, can set up a simple trust for assets being left to minor children, and can designate who will be responsible for winding up and distributing your estate after you are gone.

Even if you have a living trust, you should still have a will. The will passes any property that is owned outside of the trust. This would include property not transferred into the trust, as well as property acquired after the creation of the trust. In addition, the will can act as a safety device in the event the trust is no longer in place at the time of death.