Estate planning and wills are closely linked as a will specifies how an estate will be divided and who the beneficiaries are, while dying without a proper will leaves the distribution of assets to state representatives. A will also allows for specific wishes to be implemented, such as leaving an estate to a philanthropic organization, and enables the appointment of a guardian for minors or dependents with mental disabilities.
The relationship between estate planning and wills relates to the importance of one’s own wills in the process of classifying the estate of a deceased individual. This connection between estate planning and wills can be seen in the drawbacks in an estate planning application when an individual dies involuntarily, known as intestate. A will is important because it specifically states the exact way the estate will be divided, including a clear list of who will be the beneficiaries of the estate or the heirs. As such, dying in the absence of a proper will only leaves an option open to the administrators of the estate, typically the representatives of the state who will apply any applicable state law to the distribution of assets.
One of the links between estate planning and wills is the fact that the beneficiaries, along with who gets what is clearly stated. Some people may decide to leave their estate to a philanthropic organization, such as a society dedicated to the preservation of historical symbols. In such a case, the application of the will towards estate planning is the fact that it allows the wishes of the deceased to be implemented, in opposition to the laws of the land. The law generally establishes the beneficiaries of the estate of a person who died without a will according to varying degrees of the surviving descendants’ relationship to the person, beginning with the next of kin.
Another application of the relationship between estate planning and wills derives from the fact that it allows the owner of the estate to make concrete plans for any minor dependent or any mentally incompetent dependent in terms of the appointment of a guardian to administer the estate on behalf of such person up to a set period. The value of this type of provision is the fact that it gives the owner of the estate the option of choosing a guardian of his own choosing rather than the court assuming the responsibility of appointing someone of his own choosing. Most of the time, when this type of situation occurs, some close relatives will present themselves as candidates for the position of guardians of minors or dependents with mental disabilities. If these people are not the type of people the property owner would have chosen, he or she would have lost the right to choose a person by dying without a will.
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