This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.
If you pass away without leaving clear instructions as to how your assets will be distributed, it can add to the world of hurt for those loved ones left to sort it all out. There are many ways to accomplish that final feat, but for a combination of efficiency and a firm legal foundation, it’s worth considering a last will and testament.
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Soundly rooted in common law
Wills have a deep history in common law, beginning with the transition from a feudal system in which the average person had very little property or control over what they had. A pivotal moment of that evolution was the Statute of Wills, enacted by the English Parliament in 1540 during the reign of King Henry VIII, to provide a legal framework for the distribution of land, based on its owner’s wishes.
Five centuries later, for many people, wills are still a fairly easy, practical, and sometimes inexpensive way to ensure their real estate and worldly goods, including their money, are dispersed as they intend. Here are three reasons why.
Reason 1: Wills can make your wishes clear
A basic will is a legal document that allows you to clearly state who should receive what. It’s intended to simplify what can be a complicated process and one fraught with the potential for family conflict, especially if you die without one. A will is often the first step to avoiding lengthy legal battles that can cost time, money, and relationships.
A will can also address non-material things, like who you designate as guardians for minor children, helping to ensure their well-being and care in the event of your untimely demise.
Reason 2: Flexibility to change your mind
Wills also provide flexibility. While they often follow a somewhat scripted form, there are ways to be more creative about how to address the specific needs of your heirs. That includes the freedom to designate beneficiaries, specify asset distribution, and include charitable donations.
You can also make changes to your will over the course of your lifetime as you update your estate plan to address your evolving priorities and wishes. You just have to update the latest version and follow whatever advice your lawyer — and do make sure you have one of those — gives you on making sure that’s the version that the critical stakeholders get when the time comes.
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Reason 3: Wills can be relatively inexpensive
According to recent surveys, a simple, lawyer-drafted will can cost between $300 and $1,000 or so. That’s less than the average associated with other options, such as the multiple types of trusts. That’s in part because wills sometimes involve fewer legal complexities and administrative expenses.
There are do-it-yourself templates available online that can save you even more, but those savings could come at the cost of not effectively ensuring that your wishes are fulfilled. Again, it’s a good idea to consult an attorney to be sure of your footing here.
Where there’s a will, there’s a way
A will typically involves appointing an executor, and the final execution of a will can require a nod from the probate court in many jurisdictions. Some jurisdictions make it simpler than others to expedite the distribution of assets — especially from small estates — thus saving time and money.
But those requirements can vary widely from county to county, state to state, and country to country. Consult with an attorney experienced in estate planning and probate law to ensure you choose the best path for your circumstances and desires. That counselor can review your options, and you just may find that a will is your best way.
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