There are many good reasons why everyone should have a Will. A Will can outline a person's last wishes, allow for a tax-free rollover of capital assets to a spouse, and set out an executor (and trustee, if desired) to administer the estate. Appointing an executor can make the administration of the estate more timely and cost effective as it eliminates the need to seek court permission to exercise authority over the estate.

There are two types of Will. The first is the formal Will, drawn up by a lawyer. A formal Will is typed, and requires two witnesses who must watch each other sign as well as watch the testator (the person making the Will) sign and date the Will. As a further precaution, the testator and witnesses generally initial every page of the Will to avoid the possibility of a different typed page being inserted.

A holograph Will is the second type. It must be entirely handwritten and signed by the testator and requires no witnesses. While holograph Wills were originally developed for armed forces personnel and people in isolated areas without easy access to lawyers, anyone is free to make a holograph Will. The fill-in-the-blank Will kits on the market today are not considered holograph Wills as they are not made entirely in the handwriting of the testator. It is important to note these Will kits require adherence to the rules of formal Wills.

Generally, a Will is deemed valid unless a party questions this validity by applying to the Court. Reasons for questioning a Will's validity could include that the testator was not of sound mind when executing the Will, or that the testator was under duress to sign the Will. Normally, if an estate is involved in litigation, the executor will pay the legal fees out of the estate's assets before any assets will be disbursed to the beneficiaries, which can reduce the bequests to the beneficiaries. Closely following the requirements in setting up a Will can avoid depletion of the estate through needless litigation.

To revoke a previous Will, a testator can either tear up it up or simply sign and date a new one stating that the previous one is revoked. The Will with the most recent date is considered the valid one. A preexisting Will is automatically revoked upon marriage.

It's a good idea for a testator to appoint a contingent executor or trustee to avoid having to redo the Will if the primary executor or trustee is unable or unwilling to accept the role. While a Will is a secret document until it is probated (ie. Certified by the Court as the last Will and Testament), and once probated, it becomes a matter of public record, it's wise to ensure that the executor(s) and trustee(s) are willing to accept the position(s) beforehand and to discuss funeral arrangements with them. If an executor isn't aware of the testator's last wish to be cremated because the Will hasn't yet been seen or because the executor was not advised of its contents regarding funeral arrangements, it may be too late to honor the testator's last wishes.

An executor or trustee must be at least 18 years old. They may be entitled to compensation of up to 5% of the value of the assets for acting as executor. However, the compensation is negotiable beforehand. If there is more than one executor or trustee, they must act unanimously, unless the Will contains a specific provision allowing for a majority vote to rule. This provision is Important if there is no unanimity or if there is a tie vote, as the executors or trustees must included in a Will, unless a specific bequest is made to a specific beneficiary. Therefore, it is usually unnecessary to redo a Will if assets are acquired or disposed of. However, testators are advised to make a list of all assets including bank accounts and their locations, safety deposit boxes, insurance policies, other investments, and real estate holdings, and keep it separate with the Will. The list is not part of the Will and should be kept up to date, as the executor will need this information to find and gather the assets to properly administer the estate.