One of the essential things a person can do for their family is creating a valid Will. A formal Will is an important document that ensures satisfying a person’s wishes after they pass away.
It outlines how someone wants their assets to be distributed and can protect the estate from Probate Court battles.
Also, it is not the only benefit a formal Will provides in Probate cases—there are more. We shall see the top 9 benefits of having a formal Will in probate.
But first, let’s understand what formal and informal Wills are.
Formal Will Vs Informal Will
Wills can be formal or informal. Although formal Wills are much more beneficial, informal Wills are not useless either. And having or not having a Will significantly influences how long does probate take in Victoria.
An informal will is a document that expresses the decedent’s testamentary preferences but does not adhere to the traditional standards for will execution.
Informal wills can take any of the following forms:
- The decedent gives the lawyer instructions to create a will, but he or she dies before doing so.
- A handwritten note containing the decedent’s testamentary wishes is left behind.
- A tape recording or video recording containing the decedent’s testamentary wishes is left behind.
- The decedent instructs the lawyer to alter their Will in a handwritten note but dies before the updated Will or codicil can be signed.
- The decedent specifies their testamentary preferences in an iPad note.
Though it is often a complex matter to admit an informal Will in Probate, it is still a possibility. For it to be admitted, the executor or a person with an adequate interest in the estate must apply to the court.
Now, let’s move on to the benefits of having a formal Will.
1. Safeguard Your Wishes
Having a formal Will that is legally binding in probate lets a person rest easy knowing their wishes will be upheld even after they are gone.
It is especially important if there are any disputes among family members regarding the division of assets or if there is someone who may not have been mentioned in an informal Will.
For example, you may also disinherit someone in your Will. It means that person will not be able to receive any portion of the estate.
2. Specify the Distribution of the Estate.
One can specify how their possessions should be managed after they pass away through a Will, a legally enforceable document. It specifies who receives what and when from an estate and lessens family disputes over inheritance.
When someone dies without a Will, nothing protects their assets nor ensures they are allocated as the deceased had intended.
3. Avoid Family Disputes
Inheritance matters often lead to conflicts and arguments. However, a formal Will puts those conflicts at bay.
A properly drafted and executed Will allows an individual to appoint executors and trustees for their estate, which can help avoid potential family disputes over the division of assets or other matters.
4. Ability to Choose Your Executor
The task of an executor is to see that all of the affairs are in order, including paying off debts, closing bank accounts, cancelling credit cards, terminating memberships, and contacting other businesses. And a formal Will gives you the power to choose the executor of your liking to deal with your estate.
So, you should choose an executor who is organised, trustworthy, and honest because they will play the most significant role in managing the estate.
5. Prevent Prolonged Probate Procedures
All estates must go through the probate process regardless of the existence of a Will. However, the probate procedure is substantially sped up by having a Will, which tells the court how to distribute your estate.
But if someone passes away without a Will (dying “intestate”), the Experienced Probate Attorney in Nevada court will divide your inheritance. It can lead to needless delays and increases the likelihood that your inheritance will be allocated differently than you would have desired.
6. Protect Minor Children & Dependents
If you have minor children or dependents who cannot make decisions for themselves, then having a formalised Will is more important to you. It allows one to appoint guardians for them in case something happens to both parents simultaneously (e.g., accidental death).
In case no such Will exists, the Court will decide who can take care of those dependents. It could either be one of the family members or a state-appointed guardian.
7. Avoid Unnecessary Taxes & Fees
Another benefit of having a will is that it can help you pay less in estate taxes. When it comes time to pay estate taxes, the value of the items you donate to a charity or your family will help lower the value of your estate.
8. Protect Your Business Interests
If you own a business, it’s crucial to have a valid and comprehensive plan outlining how ownership is transferred upon death.
It assures no one else can access confidential information or proprietary intellectual property without permission/approval from authorised parties prior to transfer.
9. Make Changes As Needed Over Time
With informal wills, any changes made must go through an attorney for review before being considered legally binding.
However, with formal Wills, this isn’t necessary since they are already legally binding documents on their own accord.
Ergo, one can change their Will as circumstances change in life. For example, births and deaths in a family always necessitate the change of a Will accordingly.
Conclusion
Having a valid and up-to-date Will in place is one of the best ways to ensure that someone’s wishes are carried out after they pass away. It protects those closest to you from unexpected costs and conflicts associated with probate court proceedings.
The rules of Probate may vary depending on the state you live in. Thus, it is advised to check the rules carefully before making a decision.
You may also seek a lawyer’s advice as they will be better able to guide you through. If you are looking for good advice on Grant of Probate or Letters of administration, get in touch with Probate Consultants. They are one of the best you can find.