Estate planning can involve a variety of different documents. Some people fund trusts to protect themselves later in life and provide structure for their beneficiaries. Others focus primarily on living documents such as powers of attorney because they have major medical issues that could leave them vulnerable.
Of course, estate planning is often all about an individual’s estate or the property they leave behind when they die. For those thinking about what happens after they die, a will is often the most basic and essential of all estate planning documents.
Wills can help testators achieve a number of important goals related to their dependents and their estates. What can wills accomplish for those engaged in estate planning?
Empowering the right people
One of the most important aspects of an estate plan is the nomination of candidates for specific roles. If a testator has minor children, they likely want to choose someone trustworthy to act as the guardian of their children if they die.
People can also select an organized and competent individual to act as the personal representative who administers their estate. Instead of leaving the selection of those people to chance or the courts, testators can make that decision on their own behalf in advance. They can even nominate alternate candidates in case their first choice isn’t available when the time comes.
Distributing their property
The main use of many wills is to allocate property among beneficiaries. Testators can choose who inherits their property. They can leave instructions to split everything evenly among their children or designate specific assets as the intended inheritance for individual beneficiaries.
Wills allow for the direct transfer of those resources to selected beneficiaries during probate proceedings. Without a will, the state may apply intestate succession laws. In most cases, immediate family members inherit all of the estate in such scenarios.
Taking the time to draft a will is one of the most important estate planning decisions an individual can make. Those with dependent family members or valuable property can often handle their most important estate matters with a will. They may then need to regularly review and update their will to ensure it is accurate as their circumstances change.