A Will is the traditional form of estate planning. With a Will, you arrange for someone, upon your death, to wrap up your affairs and distribute your remaining property based on your directions. You can also designate guardians for your minor or disabled children.

“Wrapping up your affairs” typically means gathering up and selling your assets as necessary to pay any outstanding debts, funeral and administration expenses, and taxes. After that’s completed, then your remaining assets are distributed according to your desires.

When your Will is probated, it can reduce the period that most of your creditors can make a claim against your estate, and thus, speed up the administration of your estate. A Will can also be used to reduce the estate taxes payable on your death, if you’re married.

The main disadvantage of a Will is that it doesn’t take effect until you die. As a result, a Will can’t provide any help if you become disabled. Although the probate process can shorten the claim period when you die, it will be a public process with the possible disclosure of the size of your estate and your beneficiaries. Also, any outright gifts to minors may be controlled by the probate court until the child reaches age 18.