Most individuals have feelings—typically strong ones—concerning who should receive their assets after they’ve passed on. But many delay creating a will until it is too late. The welcome news is that creating a will is a lot more simple and more affordable than a lot of people believe. Before anything else, you should know the benefits and disadvantages.

Nobody wants to think about a time in which they are no longer going to be around, but planning for the unavoidable—that is, putting down your wishes in a last will—can not only provide you peace of mind, but it can also make it easier on members of your family and close friends.

With a last will in place at the time of your passing is a wise choice, but just like everything, there are benefits and disadvantages to think about when creating one. Some of these benefits and disadvantages are discussed below.

Benefits of a last will

Below are some benefits to a last will:

You can leave property to those you select.

One of the best benefits of having a will is that you can decide on who is going to receive what from your estate. When not having a will, your estate is conditional on state laws of “intestacy.” Meaning the individuals you would like to benefit might receive little or nothing, whereas others with whom you are not as close receive the majority. Therefore, if you aren’t married but have a long-term partner, they could receive nothing through such laws. Alternatively, if you are in the process of divorcing but it hasn’t been finalized, without a will, your estranged spouse could demand a claim on your estate.

You can appoint a guardian for children and provide for them.

A will enables you to appoint a guardian for your children and earmark funds to make sure of their well-being support.

You can devise a testamentary trust in your will.

You can devise a testamentary trust through a last will, which is devised upon your passing and used to retain property for another individual’s benefit, like your child(ren).

You choose your executor.

The executor makes sure all your bequests are carried out. A will gives you total control over choosing who this is going to be. The executor needs to be someone that is willing and able to manage everything that is involved when closing your estate. Devoid of a will, a court designates someone to oversee your estate, and that individual might not be somebody you would choose.

You can plan for personal matters.

From funeral arrangements to caring for your pets, you can use your will to decree what kind of services, if any, you would want, and other personal matters.

You can modify it.

Situations change, and your will can match that. Using a “codicil,” you can modify any conditions of your will any time you wish so they better address your most present wishes and assets.

You can rescind it.

If you discover that your will no longer reflects your interests, you can rescind it completely and start over.

Doesn’t have to be cost.

Creating a last will can be surprisingly budget friendly, especially when your finances, assets and beneficiaries are somewhat simple.

Disadvantages of a last will

As there are benefits to a last will, there are disadvantage. Read more below:

Possible contests.

Even though it’s possible that somebody could contest your will, if you have followed all the appropriate procedures in its creation, your will and its provisions are going to likely stand.

Possibly required to go through probate.

Should you have assets that pass through your will valued more than a specific amount, your will is required to go through probate, this can be a drawn-out process, which can be expensive for the estate. Whereas a living trust doesn’t require probate.

It is a public record.

A will becomes a public record as soon as it is filed for probate, meaning anyone can search for it and view its contents.

Might not fully handle tax issues.

A will that is not thoroughly planned out might leave your estate subject to paying significant state and/or federal estate taxes or your beneficiaries to pay large inheritance taxes. Some online forms include conditions to help reduce state and federal estate taxes.

Closing remarks on last wills

All the disadvantages aforementioned can be addressed with appropriate will planning and/or other estate planning documentation, so don’t let the possible downsides prevent you from declaring your last wishes in writing.

Additionally, laws regarding last wills do differ by state, so it is crucial that you understand the requirements for creating and signing a valid will in your jurisdiction to avoid further issues in its implementation.

Source:

1. Michelle Kaminsky, E. (2023, March 21). Creating a last will: Pros and cons. LegalZoom. Retrieved April 26, 2023, from https://www.legalzoom.com/articles/creating-a-last-will-pros-and-cons

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