- Distribution under the rules of intestacy (“intestacy” refers to the that portion of the Probate Code that dictates who will receive a person’s property when they die with no written plan).
- Permits the nomination of a Guardian of the estate and of the person for minor children (without such nomination, the court will appoint a guardian).
- Nominates an Executor. This avoids confusion (and sometimes legal entanglements) when more than one of your heirs believes they should be the one to administer your assets.
- Allows you to waive the probate bond for your Executor, which saves administrative expenses when you have an Executor your truly trust.
- Gives you the option to make specific bequests to individuals and/or charities.
- Can authorize “independent authority” so your Executor can sell assets with proper notice instead of petitioning the court for a hearing and incurring additional administrative expenses.
- Can provide options for minor beneficiaries such as a trust or transfers under the Uniform Transfer to Minors Act.
- Estate Tax savings are possible when you create testamentary trusts in your Will.
- Peace of mind.
This aspect of estate distribution is one of many reasons it is advisable to consult an attorney when creating a will. Your attorney will be able to assist you so that any assets not controlled by your will are coordinated with your distribution objectives.