Not having a will can cause some problems. It can be difficult to pick the right executor for your estate, and you may have a hard time finding a trustworthy person who will carry out your wishes. Besides, you might want to avoid paying additional taxes or debts. In addition, you will have to deal with legal issues and have to choose someone who will handle your estate with care. However, having a will can make your life easier and save you from these problems.
Creating a will is simple administratively. It only requires the signatures of two witnesses and generally covers all assets in your name at the time of your death. Another advantage is that you don’t have to specify which assets go to whom, which is a benefit to many people. This can mean that you can leave everything to Jim. In this way, your family will know exactly what to expect should something happen to you.
One disadvantage of not having a will is that it doesn’t control the assets you leave to your beneficiaries. Assets that have beneficiary designations are not included in the will. In addition, assets that are not in your name will have to go through the probate process, which isn’t ideal for everyone. In addition, assets that are placed in a trust will not be included in your will. It’s important to consider both options, since you might use them in different ways.