Pros & Cons of a Will & Why it's Important? Will have been used to ensure the orderly transfer of property from generation to generation and to state one's wishes after death. wills can be drawn up at any time, as can their close estate-planning cousin, the trust. Here are some pros and cons to consider:
Some pros of a will are: • • • •
Simple wills can be prepared quickly when necessary. Even handwritten wills are valid if prepared correctly. Will allow you the opportunity to name a guardian to care for your children after your death. Will usually do not require changing names on financial accounts. Professionals often charge a lower upfront fee to prepare wills.
Some cons of a will are: • • •
Will take effect only at death, thus making it necessary to create other documents to handle situations requiring care during a person's lifetime. Assets that pass by way of a will are potentially subject to probate proceedings, which can be time-consuming and expensive and are open to the public. Creating or changing a will requires following certain formalities. Failing to do so can jeopardize the validity of the will.
Most people should have a will. Wills can distribute your property, name an executor, name guardians for children, forgive debts and more. Having a will also means that you, rather than your state's laws, decide who gets your property when you die. • • • • •
Don't make it yourself. Identify your assets. Joint property with a spouse falls outside the will. Be careful in selecting guardians and trustees. Beneficiary designations override wills.