No one wants to think about things like death and incapacitation. Unfortunately, there will be a time when you will no longer be around and would wish to the right people to inherit your properties and assets. Estate planning allows you to make room for these wishes. From deciding who makes financial and medical decisions upon your incapacitation to choosing beneficiaries to inherit your estate, you can do almost all things with an estate plan. The first step in the process is to consult an attorney who can tell you how estate planning actually works in your estate. One of the key documents that you would create is a Will, also known as the last Will and testament. The Will is used after your death to distribute your estate between the chosen beneficiaries. In this post, we are sharing the pros and cons of having a Will.
The benefits
- A Will allows you to choose who gets your estate after your death. If you die without a will, the state’s intestacy laws will be used to determine who gets the properties and assets you own; therefore, the people you would want to benefit from your estate may not get anything at all.
- A Will also allows you to choose a guardian for children, which is something you cannot do even through a living trust. You can also set funds aside and choose someone to manage your assets meant for your child until they are adults.
- A Will also gives you the right to choose an executor. The executor is the person who will ensure that the Will is executed as you wanted. You can choose someone you trust for the job and who is ready to take that responsibility.
- A Will also allows you to make arrangements for your pets and even your funeral. You can also amend or change the Will as and when you want.
The cons
- Wills have to go through probate, which is an extensive process and can be expensive. In other words, your beneficiaries will have to wait longer to get their share of your estate.
- Wills can be challenged, even after your death. An estranged spouse may decide to challenge the Will, which can come with additional problems.
Wills are a matter of public record too. In some cases, you may want to have a revocable living and a trust to protect the estate. Talk to your lawyer to know more.
