A Will Can Serve Many Important Functions

As the old saying goes, the only guarantees in life are death and taxes.

Since death and taxes are inevitable, it is wise to plan on how to minimize the amount of taxes your estate will pay upon your death. Similarly, it is advisable to plan on how you desire your estate to be distributed upon your death.

Depending upon the value of your estate, there are various vehicles one can use to achieve these goals. Further, if you are a business owner, there are vehicles available to you enabling your business to operate uninterrupted upon your death.

Although there are numerous methods you can utilize to achieve such desired results, I will only discuss the benefits of a will.
A will allows you to determine, well in advance of your death, on how you wish your property to be distributed. Your will can specifically exclude those individuals you do not wish to leave property. Your will can direct that your property be held in trust until the person you want to receive it reaches a specified age, or you can give property from your estate to a specific charity.

Some people feel it they have few assets they have no need for a will. Like much of the law, it depends upon your specific situation. You see, if you die without a will, your assets are distributed not according to your wishes, but those wishes of the Commonwealth through the intestate statute. On some occasions your wishes will be the same as the statute, however, they may not be, and as such you would benefit from utilizing a will.

Even if you have no assets, if you have a child, you would benefit from a will because you have the opportunity to select who you desire to be guardian or alternative guardian over your minor children. As mentioned above, you can also have your will create a trust for the benefit of your children until they reach a certain age.

Having a will also enables you to select your executor.
This is the person who carries out your wishes in the will. Further, you may grant your executor to have the power to invest any funds of the estate in stocks, bonds, notes or other securities or property, real or personal; sell or otherwise dispose of any property, real or personal, without leave or license of court; manage, operate, repair, improve, mortgage, and lease for any term any real estate; retain and operate any business, owned by you at the time of your death, incorporated or otherwise. In general, you can grant to your executor all powers in the management of your estate that any individual could exercise in the management of similar property owned in his own right.

As a practical matter, you and your spouse need separate wills even if you own all your property jointly. When the first spouse dies, all joint property will pass to the survivor. Therefore, the survivor who becomes the sole owner of the property needs a will. Because there is no way of knowing who will die first and who second, both spouses need wills. Also, you may own property – either in the future of even now without knowing it – that is not held jointly with your spouse.

Once your will is created, it should be reviewed if you have married or divorced; have a new child or grandchild; there is a change in tax laws; your assets have increased or decreased in value; or you relationship with a beneficiary has changed or the beneficiary’s needs have changed.
In summary, a will is but one tool you can use to have your property distributed and your estate managed upon your death. Since there are many estate planning tools which have various functions, it is wise to seek the assistance of an attorney in determining which vehicle best suits your legal needs. Everyone has different goals, some goals include planning for nursing care, minimizing taxes, caring for the needs of children or grandchildren, transferring real estate, ensuing the smooth operation of a business and so forth. As such, do not do yourself a disservice by attempting to plan your estate without the assistance of a financial planner and attorney.