The Benefits of having a Will:

In this section:
The most important benefit
Avoid Intestacy
Choose your own Executor
Appoint Property Guardians or Trustees
Choose a Guardian for your Children

The most important benefit

There are many reasons why it is desirable to have a Will.

The most important reason is to ensure that it is you who decides how your Estate is distributed upon your death and to be assured that your loved ones are provided for in accordance with your wishes.

The following are all significant benefits of having a Will:

• a. To avoid Intestacy and having the State decide who receives your property
  
• b. To appoint an Executor whom you trust
  
• c. To appoint a Guardian for your children
  
• d. To appoint a Guardian or Trustee to administer property for your children
  

Avoid Intestacy

If you die without leaving a valid Will you are said to die Intestate.

In such situations, your property will be distributed pursuant to a legislative scheme devised to attempt to provide for an orderly distribution of property.

The terms of Intestate distribution plans vary from jurisdiction to jurisdiction and can be very complex.

In most instances, the spouse and children of the deceased are the first to share in the Estate.

While the legislative distribution plans are intended to provide for a fair and orderly distribution of property, they do not take into account the wishes of the deceased. These legislative distribution plans have been created based on an assumption that family members are the only parties that a deceased person would wish to have inherit his or her property. Without a Will, it is therefore impossible to leave any gifts or property to close friends, in-laws, charities or other organizations.

If the legislative distribution plan fails to provide for distribution because there are no living blood relatives, the state confiscates all the property and it accrues to the benefit of the state. The best way to avoid having the state decide who is to receive your property is to have a valid Will.

Choose your own Executor

The ability to appoint an Executor of your own choice is an important benefit of having a Will.

An Executor is your personal representative who sees to it that your wishes, as contained in your Will, are carried out after your death. An Executor collects and inventories all of your property and is responsible for seeing that your property is distributed according to your wishes as contained in your Will.

Typically, most people choose a spouse, sibling or other close family member or trusted friend to act as Executor.

You may choose any responsible adult whom you feel would properly fulfill the duties and responsibilities of an Executor. Often, this person is a spouse or other family member. You may instead have a lawyer, bank or trust company act in this role. However, those parties often charge substantial fees for the completion of the Executor's responsibilities. If you choose an individual to act as your Executor, he or she should reside in the jurisdiction in where you live.

If you do not have a Will or do not appoint an Executor in your Will, the Court will appoint an administrator to oversee the distribution of your property. Your Estate may be administered by a stranger who again may charge a substantial fee for carrying out that duty.

Appoint your own Property Guardians or Trustee

You may want to establish a Trust and appoint a Trustee to administer the inheritance left to your children until such time that you feel they are able to handle/manage their own affairs. A Trust consists of assets which are managed and distributed by a Trustee to benefit one or more Beneficiaries.

If a Trust is not provided for and a minor child is left money or property, the Courts will generally decide who should administer the property. Once a child reaches the legal age of majority in that jurisdiction, the child will receive full control over the property and/or money.
Such a result may not be desirable or prudent.

A properly drafted Will can easily provide for property or money to be held in Trust and used to benefit a child or children until a later age and can provide an orderly plan for distribution of that property or money for the benefit of the child as needed.

Choose a Guardian for your Children

For those with minor or dependent children, appointment of a Guardian is a very significant item to be accomplished through the use of a Will.

A Guardian is responsible for the care, custody and upbringing of a child.

If both parents die without appointing a guardian in a Will, the Court will choose the person who will care for your children.

A Will is the most reliable way to select a Guardian to care for your children in the event of your death.

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