Oftentimes the question is asked, how can a will save me money or can a will save me money? The answer is absolutely. First of all, it can avoid disputes amongst family members as to who’s in charge of the estate and avoid the stress and anxiety that may come with that kind of dispute. Second, of course, you have the ability if you have minor children to appoint who would be the guardians for those children and/or the conservators of any portion of your estate, which you leave to them.
In addition, of course, there are tax issues that can be associated with estates and more often they are with the death tax or the estate tax. There are ways by which using a will can save on those taxes should they apply to your estate. Most estates today aren’t subject to estate taxes because of the generous estate tax exemption, which is in the millions now, and which is adjusted for inflation as the years go forward, so it’ll increase in size. But it also appoints the personal representative of the individual who is responsible for preparing and signing your income tax returns and other matters.
I suppose in the end the most important way a will can save you money is to avoid disputes if it is well-drafted and is clear as to who gets what and under what circumstances. There are many, many benefits in terms of financial savings that can result from preparing a will. If you have any further questions about it, feel free to call me at Miller & Steiert.
