People planning their estates typically have two main options for testamentary instruments. Some people establish trusts that they fund with valuable assets. They can protect their assets and control the use of trust assets with proper planning.
Others decide to draft wills. Wills are often simpler than trusts but can achieve many of the main goals of testators. What specific functions can a will serve?
Allocating property
To most people, a will is synonymous with a list of beneficiaries and instructions for the distribution of property. People can choose who inherits their property. They can even designate specific assets for certain beneficiaries. This allows them to provide support to those who are vulnerable and emotionally meaningful inheritances for their loved ones.
Selecting a personal representative
A personal representative or executor oversees estate administration. They manage assets, communicate with interested parties and distribute the estate’s resources. People can nominate a personal representative in their wills. They can even select an alternative candidate in case their first choice isn’t available.
Naming a guardian
If the testator has minor children, they may worry about their child ending up in foster care or in the home of the wrong person. They can take control of the situation by selecting a guardian and naming them in the will. As is the case with personal representatives, nominating an alternative candidate in case the first-choice candidate isn’t available could be a smart move.
People hoping to draft wills may need help determining the right terms to include. Establishing a thorough will can help an individual protect their loved ones and leave a meaningful legacy.