Some estate plans are incredibly complex. People have the option of drafting a variety of different documents. They might fund a trust and create living documents in case of a medical emergency.
Other people want to keep things as simple as possible. They might try to use a will and nothing else to plan for their eventual passing. Wills are popular testamentary instruments in part because they can handle many of the most important estate planning concerns. People can generally achieve all three of the common estate planning goals outlined below with a valid and well-drafted will.
Allocating property to beneficiaries
For many people, the main purpose of a will is to designate specific beneficiaries who inherit assets from their estate. In some cases, testators arrange to leave specific assets for particular people. Other times, their estate plan may leave instructions to divide their assets by granting a certain portion of their estate to different beneficiaries. Both approaches can give someone control over their legacy and allow them to provide support for their loved ones.
Naming a guardian for children
Many people create estate plans specifically because they worry about their families. They want to ensure their children have support if anything happens to them while the children are still young. Choosing a guardian and discussing that decision with the selected individual is a critical aspect of estate planning as a parent. A parent can feel more confident about the future of their children if they name a guardian and possibly an alternate candidate in their will.
Naming a personal representative
An executor or personal representative carries out the instructions included in an estate plan. They oversee probate matters and distribute property to beneficiaries. If people don’t name a representative on their own behalf, the courts may appoint someone without their input. Many people dedicate a lot of thought to choosing a personal representative or executor capable of carrying out their wishes in a competent and ethical manner.
Drafting a will, and possibly also supplementary documents, can provide individuals with peace of mind. Those who know they have a clear estate plan in place can feel confident about leaving a meaningful legacy and ensuring the protection of their loved ones after their passing.
