Avoids Distribution Under the State Law of Intestacy
If you die without a will, the state will decide who will get your assets. It
may be much different than you would specify in your will.
Allows Nomination of Guardians
Relatives may not be the best choice for a guardian of your
minor children. You should consider things like; ages of adults and their children,
health, religion, willingness to care for your children, etc.
Provides for Waiver of Bond
A probate may be required in each state that you own property. Some states require the
executor to post a fiduciary bond (paid by your estate). You can generally waive this bond
in your will.
Allows Choosing the Executor of your Will
The duties of the executor may be time consuming and complex. It may be too much for
grieving family members. A corporate trustee should be considered.
Makes Bequest of Specific Assets
Without a will, your desire to give specific assets to specific persons will not likely be fulfilled.
Allows the Sale of Assets During Probate
Unless the will waives the requirement to publish a legal notice of sale, the estate will likely
incur additional expense and delay with such transactions.
Allows the Continuation of a Business
The executor will be held personally liable for running a family business unless the will authorizes
him or her to do so.
Defers Distributions to Children
Without trust provisions, assets passing to children are given outright to them at age 18.
Goals for college education may be abandoned for more immediate pleasures.
Reduces Taxes
Very substantial estate tax savings may be available in estates exceeding $1,500,000 (Net worth plus
life insurance face amounts).
Gives Peace of Mind
This benefit is often the most welcome one to the estate owner. A tremendous emotional load is
lifted when one’s estate is in order.