Why does everyone need a will? Print E-mail

With a Will Without a Will
  • You can direct the distribution of your assets to those you care about most.
  • You can choose a personal representative (executor) who will oversee the distribution of your assets.
  • You avoid unnecessary expenses on the administration of the estate.
  • You can provide appropriately for minor children by naming a guardian or establishing a trust.
  • You can provide for family members, friends, or relatives according to their needs.
  • You can save considerable estate tax by utilizing proper estate planning techniques.
  • You can provide support for charitable causes that have had special meaning for you.
  • State statute determines the distribution of your property.
  • The court appoints an administrator for you.
  • Because the administrator is subject to constant court supervision, the cost of administering the estate may be greater.
  • You cannot provide for minors. The court will appoint a guardian for them, and the guardian will make decisions about a child’s care which you should have made.
  • Your heirs will benefit equally by class not necessarily in proportions you would have intended.
  • Your estate may lose thousands of dollars in needless taxes because you did not take advantage of the tax-saving opportunities available to you.
  • You cannot support a charitable cause.

Source: Excerpted with permission from The Complete Guide to Planned Giving by Debra Ashton, copyright 2002, Ashton Associates, Quincy, MA 02169 www.debraashton.com


Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use.The content in this Planned Giving section has been developed for Gospel Rescue Mission by Future Focus. Please report any problems to section webmaster. Revised: June 2008 .

The "SITEMAP" link below lets you navigate to any page within this Estate Planning and Planned Giving section. Should you have any concerns regarding the privacy of information you might furnish us or the Terms of Use for this website, please visit our "PRIVACY POLICY and TERMS of USE" link located at the bottom of the page.