What Are the Other Functions of a Will?

Most people know that a will allows you to make many decision regarding your property and affairs after you have passed away.  However, a will can do much more than simply designate how your property will be distributed.  Here are a few examples of what you can accomplish with your will:

  • As previously discussed, with a will, you decide how your estate will be distributed and you may dispose of your property as you choose. Without a will, your estate is distributed to your heirs, who are determined in accordance with state law.
  • Parents outline who should serve as the guardians of minor children in the even both parents pass away or are unable to care for the children.
  • You can direct that your property be held by a trust or trustee for the benefit of a minor or disabled child or disabled adult.
  • You can establish a life estate for someone, such as your spouse.  (A life estate is basically, temporary ownership of property during one’s life, but you name the person to receive the property once that person passes away)
  • For some wealthy people, a will and other estate planning instruments are necessary to minimize the amount of estate taxes due to the Government.
  • Individuals can use a will combined with a simple trust to make certain that you take care of non-relatives or children from another relationship.  This is a common situation for individuals with children from multiple relationships.
  • A will allows you choose who or what entity should  serve as executor of your estate.  (The role of the executor is discussed further below).  It is important to note that, without a will, your beneficiaries would have to petition the court for an administrator to serve, which can be expensive and invite disagreement.
  • A will enables you to eliminate many unnecessary expenses and costs involved in the administration of an estate without a will.

In Summary, a will allows you to plan for the summation of all of your affairs at the time of passing.  Further, it allows you to protect and provide for the well-being of your family.  Most people should have a will.  If you have children you definitely should have a will.

To get started executing your estate document, please visit  www.GAWillsOnline.com.    We look forward to working for you.

Jason M. Gordon

www.GAWillsOnline.com

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