Wills, trusts, and other estate planning documents can be very important in preserving assets and in ensuring distribution of assets to chosen beneficiaries. Without a will or trust, upon a person's death, that person's assets are disposed of according to state law. State law, called the law of intestacy, mayor may not match what the decedent's desires were as to whom should get the property or how the property should be handled.
 

Even if current law does match a person's wishes for distribution of his/her estate, intestacy law at the time of that person's death may have changed. Unless a person wants to constantly keep up with changes in the law, it is wise to have a will or trust.
 

Will and trust provisions are usually accepted as written, and are generally not affected by changes in the law. However, there are some restrictions on what will and trust provisions will be accepted. For example, a spouse cannot be totally disinherited unless specific steps are taken, such as agreements entered into during lifetime where the spouse agrees to total disinheritance.
 

Without a will or trust, a person has no opportunity to personally select guardians for minor children, to name the person who should manage the beneficiaries' assets until they are distributed at a particular age, or to select the person who should handle the details of distributing the estate. Without estate planning, these important decisions are left to be made by a judge who can only apply statute and attempt to determine what would be reasonable under the circumstances. Most people would prefer to set their own standards and plan for distribution and management of assets. If no special provisions are made, beneficiaries receive their share of the estate immediately upon reaching the age of majority. Through trust provisions, parents can give directions and restrictions on how and when assets should be distributed.
 

Clearly written wills and trusts can minimize the cost of administering an estate. If a will is used and probate is required, the will tells the probate court what the decedent's wishes were so the court can more quickly and inexpensively approve procedures to carry out those wishes. A trust can be used to totally avoid the probate process, allowing for transfer of assets to beneficiaries with no court intervention. (See chapters on probate avoidance and the living trust.)
 

Tax planning as part of the estate plan can save significant amounts of money, regardless of the size of the estate. Whether capital gains tax will be recognized on appreciated assets can depend on how those assets are titled or the content of estate planning documents. The Tax Relief Act of 2001 does contain tax relief, but planning is essential to be certain that tax relief applies to you in every way possible.
 

Provisions can be added to your estate planning documents to prevent unnecessary bureaucracy. For example, the document can provide that if a beneficiary does not survive by at least 60 days, that beneficiary will be deemed not to have survived. This provision could save the cost and delay of probating assets through the estate of the deceased beneficiary to get them to the actual recipient.
 

A survivorship clause also prevents an unintended distribution of property. Suppose George and Gladys are a married couple with no children, and have no will or trust. Under the law of intestacy, the distribution of property is determined according to the order of death. If an accident occurs and only one spouse survives, the surviving spouse inherits all property. If the surviving spouse lives for only a week due to injuries incurred in the accident, all assets are inherited by the relatives of the second spouse to die, since the predeceased spouse's relatives are not considered heirs of the spouse who survived one week. Since the spouse who survived legally owned all assets, only that spouse's heirs receive an inheritance.
 

Many states have statutory survivorship requirements, stating that if a beneficiary does not survive for a specified time period, for purposes of distribution, the beneficiary will be treated as if he or she had not survived. However, statutory survivorship requirements are generally only a few days, and the laws are always subject to change. A survivorship clause in a will or trust allows you to establish the amount of time a beneficiary must survive in order to inherit.
 

It is very important that wills and trusts are drafted according to statutory requirements, are clearly written, and cover all details of the estate plan since, if ambiguities arise after a death, the person whose document is being discussed is not available to answer questions. Professional help is highly recommended.
 

Thinking about death, accident, or illness is never pleasant. However, if something does happen, that is not the time for family members to be forced into making important decisions, or to be burdened with excessive administrative details. Planning ahead is much more efficient, inexpensive, and thoughtful than burdening a family during a period of grief. We all work too hard to accumulate property to allow it to be wasted on unnecessary bureaucracy or to allow it to go to someone other than the people or cause of our choice.