WHY DO YOU NEED A WILL?

Wills can make all of the difference to your families when you die. A will is used to distribute property according to your wishes, and to appoint a guardian for your minor children. In addition, a will can utilize the marital tax deduction and provide special procedures in case you and your spouse die simultaneously.

Specifically, a will can be used to:

Create A Plan For Your Heirs
In a will, YOU decide who gets your assets, and YOU decide when they get it. For example, without a will, if both parents die, the children get equal shares of the assets at age 18. If one of your children has special needs, you could give that child more. Without a will or trust, if a married couple with no children die from the same accident, but one outlives the other, the relatives of the one who lived the longest may get all the couple's assets, and the relatives of the other may get nothing.

Decide How Your Property Is Distributed
If you don't have a will, the State Intestacy Law passes property to the closest relatives of the decedent. While these laws are intended to be fair, you probably prefer to choose who will inherit your estate.

Allows You To Pick A Guardian For Your Children
This is a major decision and you will want to decide who would raise your children with the values that are most important to you. Without a nomination in a will, the court will appoint a guardian for minor children for you.

Choose An Executor You Trust.
The duties of the executor (administrator) of an estate can be very time consuming and frustrating, especially to a spouse who has just lost his or her mate. In your will, a qualified individual and/or a corporate trust company can be chosen to handle these duties.

Waive The Probate Bond
Without a Will, the court will require a fiduciary bond to be posted by the executor of the estate to guarantee the replacement of any funds embezzled or diverted by him or her. In your will, you can pick your trustworthy executor. So you can save the cost of the bond from being taken out of your estate to pay for both the executor and the bond itself. This will leave more for your family.

Specify Who You Want To Give Things To
You may bequeath jewelry, heirlooms, furniture, or cash, and be certain that they will pass to the person. Without a Will, written or oral instructions may not be followed.

Sell Assets During Probate Administration
Probate administration is court supervision of what the executor does. A sale of assets may be necessary in order to pay death taxes and probate expenses. Additional expense to the estate can generally be avoided by permitting the sale of assets without the executor having to complete forms, schedules, and appear in court. This hassle and expense can all be avoided if your will specifies "informal, unsupervised" probate.

Authorize The Continuation Of Your Business
Unless the Will authorizes the continuation of a business, the executor must operate it at his or her own risk. Many executors may elect not to administer the estate unless this risk is borne by the estate.

Defer Distributions To Minors
When parents die leaving minor children, each child's share of the estate must be held in a guardianship account until he or she turns 18 (in Minnesota; 21 in some states), at which time the entire remaining share is distributed outright. With a will, you may have them receive distributions of their inheritance in stages, for example portions at ages 25, 30 and 35.

Save Your Family Income Tax Expenses
Certain substantial tax savings are possible by creating Trusts in the Will (known as Testamentary Credit Shelter Trusts). Similar tax savings, plus probate savings can be gained by using Revocable Trusts that include Credit Shelter Trusts.

Peace Of Mind
Although this advantage cannot be measured in dollars, when your estate is in order, an emotional load is lifted from the person who is concerned for his or her family's well being.