Top 10 Reasons to Have a Will

1, To determine who gets your money (Naming beneficiaries)

2, To determine guardianship (Saying who will take care of you children)

3, To determine who controls the money (Naming of executors and trustees)

4, To minimize estate or inheritance taxes

5, To avoid the cost of an insurance bond (If you do not allow for an executor or administrator to serve without paying for an insurance bond, the court will require one. In New Jersey, this can cost your heirs $500 for each $100,000 of assets you leave them)

6, To develop a trust for your heirs (This controls the timing of payout to beneficiaries)

7, To specify the authority of the Executor and Trustees (E.g. should they run a business, sell your property, or keep certain stocks?)

8, To determine who pays estate taxes (you can actually specify this and frequently should)

9, It provides for a quicker probate process

10, It clarifies your living intentions after your death (in other words, it maximizes the chance that your heirs will respect your wishes)