Advantages of Having A Will
- Having a will enables you to decide how your property is to be distributed at your death. You may refer in your will to a list of tangible personal property which you may change from time to time without rewriting your entire will.
- You may save some probate expenses by having a will. The requirement that your personal representative be bonded may be waived and you may authorize independent administration to keep probate proceedings to a minimum. NOTE, HOWEVER, THAT A WILL DOES NOT AVOID PROBATE.
- Testamentary trusts, which go into effect at your death, may be written into your will to provide for the needs of your family. For example, a guardianship trust may be used to avoid continued probate court administration of property for minor beneficiaries or a credit shelter trust may be used to minimize or eliminate federal estate tax liability.
- Your will is a flexible approach to estate planning and can be written to provide for many contingencies. It can resolve the question of what happens to your property if you and your spouse die simultaneously. It can specify who is to receive your property if your primary beneficiaries predecease you. Most importantly, your will is revocable, which means that you can change your will in the future, if necessary, to meet the changing circumstances and needs of your family.