Motley Fool and Wills

In What a Will Does (May 15, 2006), the Motley Fool Staff does a commendable job of explaining some of the main reasons a person should have a will.  Here is their list:

• It lets you designate who will inherit which of your assets.
• It lets you name a guardian for your children and an executor of your estate. (The executor can be an individual you know or a trust company.)
• It lets you specify when your children will receive what. Otherwise, an 18-year-old may end up receiving his entire inheritance before he’s mature enough to keep from spending it all on stereos and cars.
• It lets you save money by waiving the probate bond, which will otherwise be required.
• It can let you authorize the sale of some of your assets during probate administration. This can be important, because sometimes such a sale is necessary to raise money needed to pay taxes and expenses related to death.
• It can permit your business to continue operating. 
• It can save you some money in taxes.

Special thanks to Douglas Cowan (Stumpf, Craddock, Massey & Farrimond P.C., San Antonip, Texas) for bringing this article to my attention.