Will

The Purpose Of A Will

Learn in detail what the true purpose of a will is, including benefits you may not have thought of.

Many people know what a will is, but not everyone knows the true purpose of a will. For those who are unaware, a will is a legally binding document that addresses how your named assets (belongings, bank accounts, etc.) will be distributed at your death. Another purpose of a will, along with naming who will receive your assets, is to name an executor. An executor of a will is the person who will assist with the administration of your estate.

Settlement of your estate may still be supervised by the probate court, though, even with a named executor. This process, depending on the nature of your estate, can last anywhere from a few months for a simple estate up to a couple years for more complex estates. This is another purpose of a will—to be as detailed and thorough as possible in naming beneficiaries so that this process can be as short as possible.

A will is a flexible tool that can be changed at any time as long as you are mentally competent. While the main purpose of a will is to name distribution of the estate, your will can do many other things. The following are very important purposes that a will can also have:

• A will can designate a trust to be established for family members after assets go through probate. (This type of trust is generally known as a testamentary trust.)

• One of the most important purposes of a will is to nominate a guardian for any minor children. You and your spouse aren’t likely to die at the same time, but it is best to be prepared for this type of situation in case this was to happen.

• A will is also able to direct how debts, taxes and expenses are to be paid after your death, something that is very important to those closest to you who may not be aware of what you want to happen without a will.

While the most general purpose of a will is to distribute assets to named parties, the main goal of many people for writing a will is peace of mind. Once you write a will, you can be assured that everything will be taken care of after your death—your assets will go to the people you want them to, your children will have a named guardian, and your family will know how to pay any debts or taxes. Your family will have enough grief and stress upon your death, and a will’s true purpose is to keep your estate issues from adding to this.