What is a Will?
A Will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children. To be valid, a Will must follow specific statutory requirements such as witnesses, notaries, and specific legislative restrictions.
A Will is essentially a roadmap through the probate process, and it provides for naming the person(s) responsible for overseeing the settlement of the decedent's estate, usually called the"executor."
Why Choose a Will Plan?
1 / Simple and Easy
Once you draft your Will, there is little to think about after. There likely are no forms you need to file, no immediate tax consequences, and you can sleep easy knowing your Estate Plan is in place.
2 / Put Who You Want In Charge
Allows you to designate an "Executor" who the Court most likely will put into place to manage the distribution of your Assets. Put the person you want and trust in charge, rather than who the State picks.
3 / Can be Revoked or Changed
Just because you sign your will, does not mean that it is permanent. Should you change your mind or should your situation change, you can adjust your beneficiaries, your suggested guardian, and how they might receive assets.
4 / Cheaper Now
Before you death, a Will will be cheaper and requires less time to prepare and maintain than a Trust.
Disadvantages of a Will Based Plan
1 / Does not avoid Probate
Probate is expensive, and the more you have, likely the more Probate will cost. Further, Probate can oftentimes take 1 to 2 years to settle an Estate, and possibly more if contested by your heirs.
2 / Less Privacy
A Will will be required to be probated and therefore, your personal information will likely become public record that may be searched by anyone. Should you seek the utmost privacy, a Trust may be a better option.