Will

Advantages And Disadvantages Of Making A Will

Includes a list of the most prominent advantages and disadvantages of making a will to distribute your assets.

There are many advantages and disadvantages to making a will, as you will see below. The important thing is to read through these and make an informed decision before creating your will. The advantages and disadvantages to making a will vary greatly in importance. This is why you need to be informed about all of the details, from the minor to very important. Knowing the advantages and disadvantages of making a will can help you determine whether making a will is right for you or not. Read below to see advantages and disadvantages to making a will that could have an effect on you:

Advantages of a Will

• Distribution can be settled through the probate court.

• A will is traditionally cheaper to prepare than a trust ($200 compared to $2,000).

• The probate process can lessen the time allowed for creditors to make claims against your estate.

• Probate estates can select a fiscal year rather than a calendar year for income tax purposes.

Disadvantages of a Will

• Lack of privacy. Your estate files can be accessed through the records office.

• Time. Probate can take a few months to a couple years until distribution is administered.

• Probate may need to be held in each state, if you own property in more than one state.

• Probate and legal fees can become very expensive.

• A will does not make any provisions if you should become incapacitated.

• A separate conservatorship proceeding would be held.

As you can see from above, the most prominent feature of a will is that your estate needs to go through probate. Once you have examined and compared the above advantages and disadvantages to making a will, then you will be better able to decide whether doing so is right for you.