1. You determine who gets your property, personal and real, and also who receives your money.
2. Potential arguments between family and friends over who gets what are minimized.
3. You may appoint a guardian for your children. If you do not appoint a guardian, the court will, and that person may not be someone you wish to raise your child.
4. You may appoint trustees for your minor children to oversee the estate they inherited. When you appoint a trustee, you may place specific directions in your will to allow for using your child's inheritance for support, education, and direct how and when your child receives the remainder of their inheritance.
5. You can appoint an executors (or administrator) to determine your assets, pay off any debts, pay any death taxes, and distribute what is left of your estate.
6. If you are an unmarried couple you can ensure that your partner is provided for.
7. If you are separated but not yet divorced your spouse or civil partner may still be able to make a claim on your estate until the divorce is finalized.
8. You can ensure you do not pay more inheritance tax than is necessary. Wills can be utilized to make savings on inheritance tax.
If you would like to speak with an estate planning attorney concerning drafting a will, contact Adkins Law. We have locations in Huntersville and south Charlotte for your convenience.