A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you're gone.

Though no single document will likely resolve every issue that arises after your death, a will—officially known as a last will and testament—can come pretty close. Here's what you need to know about these vital documents.

KEY TAKEAWAYS

1. A will is a document that contains your direct wishes for your property and assets, as well as the care of your dependents.
2. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.
3. You can prepare a valid will yourself, but you should have the document witnessed to decrease the likelihood of successful challenges later.
4. To be completely sure everything is in order, consider having your will prepared by a trusts and estates attorney.