People often understand that wills protect them and their loved ones. However, it is still relatively common for people to procrastinate about creating estate plans. Recent research indicates that roughly two-thirds of adults in the United States do not have even a will.
Those who have not yet established formal estate plans might have a number of reasons why they have delayed estate planning. If those people learn about the benefits of drafting a will, they may be able to overcome the proclivity to procrastinate.
What are some of the key benefits that people can derive from drafting wills?
1. Protection for vulnerable dependents
One of the most important goals people can accomplish with an estate plan is the designation of a guardian to support dependent family members. Minor children and even adult children with special needs typically rely on their parents for daily support. The ability to name a guardian to take care of those vulnerable loved ones is often one of the most valuable benefits derived from estate planning.
2. Control over asset distribution
If someone dies without a will, state statutes determine what happens with their property. The courts generally need to distribute their assets to their closest surviving family members. Unmarried romantic partners, close friends and more distant family members may not receive anything from an estate after someone dies without a will.
Additionally, there’s the risk of family members fighting over assets that have emotional significance. Drafting a will gives an individual an opportunity to allocate specific assets for particular people. They can leave meaningful bequests and limit the likelihood of their loved ones fighting over their property.
3. Choosing their personal representative
The personal representative who oversees the probate process has significant authority. Their actions can either help optimize the impact of the estate on beneficiaries or undermine the intentions of the decedent in some cases.
Instead of leaving it up to surviving family members or the courts to select a personal representative, a testator can make that choice on their own. They can name a candidate to serve as their personal representative and can even designate an alternate candidate if their first choice is not available.
Taking the time to draft a will can be beneficial for both the testator and their close family members. A will can help communicate an individual’s testamentary wishes and protect the people they love.