Here's what you need to know about creating a will

Here's what you need to know about creating a will  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUN 03, 2020 YOUR WEALTH Editor's Note Does everybody need a will? The short answer is "yes." The most common and simple reason to make a will is to decide who will get your property when you die. When a person dies without a will, a probate court determines how your property will be distributed, according to the laws of that state. This process is called "intestate succession" or "intestacy." Who will take care of your children? If you die without a will, the state's probate court will determine who takes care of your children, known as the guardian. Even though you might assume your spouse is the logical choice, imagine the consequences if both parents die together. It's important for parents to write a will in order to select their children's guardian. Additionally, you can use your will to name a trusted caretaker for your pet. You can also leave money to that person to help him or her care for your pet. After you die, someone needs to help wrap up your estate. You can use your will to name an executor to take on this task. Without a will, a probate court will assign the person who will make those decisions. Meanwhile, without a will, the probate process can take months to complete, with debt piling up and no assets available to pay them. Having a will is a good way to ensure some peace of mind knowing that all your worldly goods, no matter how big or small, will be handed down to the right friends and family members as quickly and efficiently as possible. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. In an effort to assist our audience when it comes to money, we urge you to sign up for our 8-week learning course to financial literacy, plus get tips on managing your money during times of crisis, delivered to your inbox. Visit: www.cnbc.com/money101/. Jim Pavia @JIMPAVIA Here's what you need to know about creating a will Pandemic or not, a key aspect to consider is what would happen to your bank accounts, your home, your belongings — i.e., everything you own — and, perhaps, your dependents, if you're no longer here. Tax Day is coming soon. What you need for July 15 It feels like only yesterday the Treasury Department gave taxpayers until July to submit last year's returns and pay taxes owed. The new deadline is rapidly approaching. What you should know. How the coronavirus pandemic is shaking retirement confidence across generations The recent economic downturn has prompted more workers to question whether they will retire comfortably, according to a survey. 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