Top 7 Reasons to Execute a Last Will & Testament

     Who doesn't love a good list? There are countless reasons an individual should draft and execute a Last Will and Testament.  However, I would like to outline what I believe to be the top 7 reasons:

#7.  Avoiding Taxes. 
Creating or establishing a plan to protect assets from the State or Federal Government is, in my opinion, always an excellent strategy.  After all, you worked hard to obtain the things you own and less taxes paid to the Government means more assets for your beneficiaries.

#6.  Protecting your beneficiaries from themselves. 
Depending on the individuals or organizations you determine you would like to inherit your assets, it might be wise to protect those individuals or organizations from themselves.  The easiest way to explain this is to use a couple hypothetical situations.

Ex. 1)   Great Uncle Harry is a spendthrift, alcoholic, and drug user, but you would still like to provide for him.  Additionally, you do not want him to blow his inheritance on a week long bender. 

Ex. 2)  You would like to see that your assets are protected and available to fund a project or cause indefinitely. 

The possible examples which fall into this category are limitless.

#5.  Nomination of Executor.  
 The person you select as your Executor will eventually gather your assets and distribute your Estate according to the terms of your Will.  If an Executor is not nominated by a deceased individual by way of a Will, State law provides, by default, who may act. 

I am of the opinion that a personally chosen individual is superior to a "default."  (You might see a theme developing.)

#4.  Waiving Bond or Surety on Bond. 
Without getting too in depth, an individual appointed by the Court to administer an Estate of an individual may be required to post bond or surety. 

The amount of the bond is largely dependent on the size of the Estate of the deceased individual.  However, the ability to release your chosen Executor of this burden can be accomplished in a Will.

#3.  Nominating a Guardian for Minor Children. 
Any parent of a Minor Child (under 18) can move this to the number 1 reason on your list. 

Considering who will care for that Minor in the event of an unfortunate event is a huge decision.  However, if a nomination is not made, the person who ultimately becomes Guardian of that Minor may not be the same person you would choose.

#2.  Choosing Beneficiaries. 
You can choose the individuals and/or organizations you want to have your "stuff." 

This reason is simple, yet one of the most important reasons I can offer.  As you may have guessed, if you do not choose your beneficiaries, the government will.

#1.  Letting your desires be known. 
This is a broad reason, and encompasses many of the other reasons I have listed above.  However, when you are gone, a Last Will and Testament is the only way to tell the world how to execute your wishes.

     There is my list.  I am sure there are other reasons to execute a Will, and I am sure there could be lively (for some) debate about my ranking of the reasons I have listed. 

     Always remember, once you have executed a Will, make sure you do not use it for a very, very long time.