Define the Advantages & Disadvantages of a Legal Will
A will is a legal document that enables you to distribute your property to the people you designate as your beneficiaries after your death. With a will, you can select people or institutions to inherit specific belongings or property from your estate. Wills are generally a good idea, but they come with both advantages and disadvantages.
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Disadvantage: Costs of Settlement
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The disadvantages of a will include its costs in money and time. A will is settled through probate court, a type of court that checks the will for authenticity and makes sure that the property of the deceased person is distributed properly. The costs of probate can be high. If the conditions of the will are complex, such as when there are many recipients and the estate is large, the probate can take months and sometimes years. If the deceased person owned real property in more than one state, a separate probate may be required in each state. Until probate is completed, there is no distribution of the assets. Fees, including legal fees, can become so costly that they affect the value of the estate.
Advantage: A Will Creates a Forum
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The probate process can be an advantage for beneficiaries who are dissatisfied with the will. The fact that a will exists provides for court supervision of disputes. If creditors and beneficiaries disagree as to the handling of the estate, they have a forum in which to be heard and for challenging and resolving their disputes.
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Disadvantage: No Provision for Being Incapacitated
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A legal will applies to asset distribution or control of an estate after death. It has no provision for when a person becomes incapacitated but remains alive. If a beneficiary or other concerned person wants to address someone's incapacity to handle his own affairs, that beneficiary would need to instigate a separate proceeding for conservatorship.
Advantage: Ability to Name an Executor
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In your will you can designate a person whom you want to carry out and follow through on your wishes. The person you designate is known as the executor of your will. As an example, if you have a collection of antique toy trains and a beneficiary in mind for them, the executor is the person who makes sure the bequest gets to the person you designate.
Disadvantage: No Privacy
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A legal will is recorded and becomes a matter of public record. When a deceased person's estate is set forth in his will, the result is some loss of privacy. The value of the estate and the distribution of the assets are available for all to see.
Advantage: Ability to Nominate a Guardian
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If you are the parent of a minor child, creating a will gives you an opportunity to nominate a legal guardian in the event of your death. The act of nominating someone to be the legal guardian for your child is important, since a guardian takes legal responsibility to care for the child, including her physical welfare. The final decision for appointing a guardian for a child rests with the court. In many instances, the court takes the deceased's nomination into account and accepts that person as the guardian.
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