- 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.
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