Will

Will

An essential part of every estate plan, a will is the principal document for transferring wealth at death. Without a valid, up-to-date will, the state decides how a person’s assets are distributed at death. In large estates, dying without a will may result in higher taxes. It may also result in the assets being distributed in a way that the decedent did not want. A will makes the decedent’s intentions known and may save their heirs substantial legal and court costs and delays.

A Will Can Include Provisions To:
• Name a guardian for any minor children if both parents should die.
• Direct the disposition of the decedent’s estate. Provisions can include the creation of one or more trusts to meet other important goals.
• Nominate the executor of the estate. If an executor or an alternate has not been appointed to manage the distribution of property mentioned in a will, the court is legally required to appoint an administrator to perform this function. Generally, a court appointed administrator’s first duty is to the court, rather than the best interests of the decedent.

Because distributing property through a will is considered a privilege granted by the state, a will should be prepared by a qualified attorney. The more assets a person has and the more complex the situation, the more important it is to have a will drafted by an attorney who specializes in estate planning and who will take the time to understand the client’s situation and objectives. Standardized wills, which people can prepare on their own, may be valid in some states. Anyone relying on a standardized will without having it reviewed by an attorney is running a serious risk of having their estate plan not function as intended.