A will is a testamentary instrument. It details an individual’s wishes regarding their estate. Adults in a variety of different circumstances may find that drafting a will not only gives them peace of mind but also protects the people that they love.
The exact benefits secured through estate planning depend in part on the relationships that a person has, their health concerns and even their personal holdings. The three benefits for others explained below are among the most compelling reasons to consider drafting a will.
1. Protecting non-heirs
Intestate succession laws protect families. They help ensure that if a person dies without a will, their closest surviving family members have the right to inherit their property. Unfortunately, those rules aren’t necessarily beneficial for all adults. Many people have long-term romantic relationships with people they never intend to marry. Their partners could be in a very vulnerable position if they die without a will on record. A will allows an individual to name anyone of their choosing as a beneficiary and to designate specific resources for them to inherit.
2. Limiting family conflict
People frequently fight over the assets that become the property of an estate. Some people want to inherit the most valuable property, while others may have an emotional attachment to certain possessions. Families may end up litigating in probate court when they disagree about the best way to distribute property. A thorough, valid will reduces the likelihood of probate litigation and family disputes that permanently damage relationships.
3. Empowering the right people
The probate courts have to make decisions based on limited information. Without a will, the judge hearing a case in probate court may choose the nearest surviving family member to serve as personal representative. They may also control who serves as a guardian for the deceased person’s minor children. Drafting a will gives an adult an opportunity to choose their own personal representative and to empower a trustworthy individual to act as their children’s guardian.
Thorough estate plans offer a host of benefits for a testator and their loved ones. Drafting a will, and then keeping it updated, can ultimately have a profound positive impact on an individual’s legacy and their closest loved ones.
