Pros & Cons of a Will & Why it's Important? Will have been used to ensure the orderly transfer of property from generation to generation and to state one's wishes after death. wills can be drawn up at any time, as can their close estate-planning cousin, the trust. Here are some pros and cons to consider:
Some pros of a will are: • • • •
Simple wills can be prepared quickly when necessary. Even handwritten wills are valid if prepared correctly. Will allow you the opportunity to name a guardian to care for your children after your death. Will usually do not require changing names on financial accounts. Professionals often charge a lower upfront fee to prepare wills.
Some cons of a will are: • • •
Will take effect only at death, thus making it necessary to create other documents to handle situations requiring care during a person's lifetime. Assets that pass by way of a will are potentially subject to probate proceedings, which can be time-consuming and expensive and are open to the public. Creating or changing a will requires following certain formalities. Failing to do so can jeopardize the validity of the will.
Most people should have a will. Wills can distribute your property, name an executor, name guardians for children, forgive debts and more. Having a will also means that you, rather than your state's laws, decide who gets your property when you die. • • • • •
Don't make it yourself. Identify your assets. Joint property with a spouse falls outside the will. Be careful in selecting guardians and trustees. Beneficiary designations override wills.
Some following points what to think about before you write your will: • • •
Appointing a guardian for your minor children Choosing the beneficiaries of your will Deciding on a personal representative to execute your wishes
Following a few tips for an executor of a will can help make your work easier. Copy the Will To open the probate estate and do your work as an executor, you will need to file the will with the probate court. Order Extra Death Certificates The family of a deceased person and the executor of his estate receive a few copies of the death certificate as a matter of course in most states. Find and Inventory Assets Before you begin paying bills and distributing property to beneficiaries, you need to know what assets the estate has and what forms. Gather together the deceased person's bank statements, bills, insurance policies, investment paperwork and other items of value, including valuable personal property, and make a written inventory so that you know what needs to be paid and what is available to pay it. Prepare Taxes One of your duties as executor is to pay the final tax bills on the estate and any property contained in it, such as real estate. Make the tax work easier by obtaining copies of the estate's most recent tax returns and keeping track of payments made for medical bills and other deductible expenses. If you have any concerns or questions regarding Will attorney you can contact us. We, as Elder Law Attorneys are always there to assist you.