Term
| Non Estate Planning Benefits |
|
Definition
| Common purchases, gifts, etc. Reduced value of estate but typically not part of estate plan |
|
|
Term
| Accelerate Asset Distribution |
|
Definition
| Consequences of probate delay: heirs/beneficiaries are unable to use property, property suffers from gap in management, emotional impact of lengthy administration |
|
|
Term
| Reduce Estate Planning and Admin Expenses |
|
Definition
| Costs typically based on size of estate |
|
|
Term
|
Definition
| Keep financial and family matters private |
|
|
Term
|
Definition
| Save income, gift, and estate taxes |
|
|
Term
|
Definition
| Intestate causes property to pass in ways decedent did intend. Testator has limits on what they can do with a will. |
|
|
Term
| Change with Less Difficulty |
|
Definition
| Formalities required when executing a will |
|
|
Term
|
Definition
| Property in probate estate is subject to claims of the decedent's creditors |
|
|
Term
|
Definition
| More resistant to contest |
|
|
Term
| Increase Understandability |
|
Definition
| Wills are complex. More simple methods may increase likelihood that intent is being carried out. |
|
|
