Distributes one’s assets to the desired person or people.
Ensures beneficiaries receive the money when you want them to.
Makes appropriate bequests either directly or indirectly through a trust, rather than a will.
Minimizes taxes.
What's missing from the excellent summary is the need for an Advance Health Care Directive (aka Living will) where you specify your wishes for end of life care and name a health care Power of Attorney to speak for you if you are unable to express your wishes. Each state provides specific guidelines. For Utah residents: http://aging.utah.edu/programs/utah-coa/directives/
