A will probably does more than you expected -- it's not just so that you can leave your treasured soup tureen to your nephew Owen. For example:
- It lets you designate who will inherit which of your assets.
- It lets you name a guardian for your children and an executor of your estate. (The executor can be an individual you know or a trust company.)
- It lets you specify when your children will receive what. Otherwise, an 18-year-old may end up receiving his entire inheritance before he's mature enough to keep from spending it all on stereos and cars.
- It lets you save money by waiving the probate bond, which will otherwise be required.
- It can let you authorize the sale of some of your assets during probate administration. This can be important, because sometimes such a sale is necessary to raise money needed to pay taxes and expenses related to death.
- It can permit your business to continue operating.
- It can save you some money in taxes.
Learn more about estate planning at Nolo.com and Estate Planning Links and on our Estate Planning discussion board. You may also be interested in info from the Funeral Consumers Alliance and the long but enlightening Funerals and Ripoffs. Also, check out our previous "Ask the Fools" on how much funerals cost and how to plan your will.
