Here’s a brief summary of 5 Advantages of a Will.
1. Control the distribution of your estate. If you die without a will (referred to as “intestate”) the rules of intestate succession provide how your assets will be distributed. Where community property will be distributed to your spouse, two-thirds of your separate property will be distributed to your children in equal shares.
2. Opportunities to include specific gifts. A will enables you to include specific gifts to a person. For example, a client was an avid gun collector but his wife and their daughters had no desire to retain the guns. The client was able to include specific provisions for the transfer of the guns to his brother at death while all other assets were left to the immediate family.
3. Eliminate stress for your family. The Administrator of your estate will have to make decisions about which family member receives various items. This can easily lead to hard feeling and I’ve seen families fight over furniture and photographs, with little to no monetary value. A well thought out will can specify who receives what.
4. Provide Funeral Instruction. Do you want to be cremated? How should your ashes be handled? What type of service do you desire? Where do you desire to be buried? Although these are difficult topics to be considered, if you have specific instructions you want to be followed, a will is a crucial document.
5. Determine Who’s in charge. Generally, your spouse will be in charge of administering your estate. But if you are a widow or widower or not married at the time of death, your adult children have a right to petition to be appointed your administrator. Tensions can easily be avoided by designating in a will who will be in charge and alternates if necessary.
So there you have it, 5 Advantages of a Will.
For more than 30 years, Attorney Lee A. Drizin has practiced in the areas of estate planning, probate, trusts, guardianship and real estate matters representing clients throughout the state of Nevada.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.