A properly drafted will may provide for the following:
- Avoids distribution under the Law of Intestacy ("intestacy" refers to the state law that dictates who will receive a person's property, when they die without leaving any estate plan documents).
- Permits the nomination of a Guardian for minor children (without such nomination, the court will appoint a guardian).
- Waives the probate bond.
- Appoints the Executor. This avoids confusion (and sometimes legal entanglements) when more than one of your heirs believes they should be the one to administer your assets.
- Makes specific bequests to individuals.
- Sale of assets are made during the probate administration without the executor having to publish a notice of sale in the newspaper.
- Authorizes the continuation of a business.
- Defers distribution to minors.
- Tax savings are possible through the use of Trusts, which can be created in a Will.
- Peace of mind.
Remember a will does not control the distribution of ALL of your assets. Two examples are property held in joint tenancy and retirement account proceeds. Property held in joint tenancy with right of survivorship bypasses a will and title passes automatically upon death to the joint tenant(s). Likewise, retirement accounts pass outside of your will and go directly to the named beneficiaries.
This aspect of estate distribution is one of many reasons it is advisable to consult an attorney when creating a will. Your attorney will be able to confirm that any assets not controlled by your will are coordinated with your distribution objectives.
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