Advantages and Disadvantages of Wills

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Advantages of Wills
Disadvantages of Wills
Wills direct assets that pass by will
to beneficiaries.
Wills only take effect after death.
Wills name guardians for minor
children.
Wills do not provide lifetime planning. Provisions for disability and naming a
guardian is nonexistent. Furthermore,
there is no system for the management
of your assets during lifetime.
Wills name personal representatives
to settle estates.
Wills are subject to probate.
Wills become public after death.
Will can create trusts at death to
accomplish after death planning.
Wills are ineffective interstate
planning tools.
Wills can be ineffective with
minors involved.
ADVANTAGES AND DISADVANTAGES OF WILLS