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WA-Probate > Probate Avoidance > Why Have a Will?
Table of Comparisons & Contrasts
Summary of Major Advantages of Having a Will vs. Having No Will
· Having a Will Lets You:
· Having No Will Lets You:
|Disposition of property in general||Property passes in estate shares to your heirs as provided by state statute||Allows you to give specific assets and to name the beneficiaries who receive them (eg, anyone, friends, charities, etc.; they need not be your relatives)|
|Disposition of tangible personal property ("TPP")||As above||Allows you to dispose of most TPP by a revocable/amendable, separate, signed writing referenced in your Will|
|Disposition of certain nonprobate assets||Property passes independent of Will||Allows you to override the passage of certain nonprobate assets & to name their beneficiaries in your Will|
|Asset management following probate||Not possible||Allows your assets to have common management in trust under terms you provide|
|Disposition of property to incapacitated persons, such as minor children||Necessitates the appointment of a guardian to receive any property that passes to a minor or other incapacitated person; such person automatically entitled to property when incapacity lifted, such as at age 18 for a minor||Allows you to avoid the necessity of a guardianship and to specify the terms under which any beneficiary (ie, not just a minor) is entitled to the property (eg, when, where, how, under what conditions)|
|Survivorship: Beneficiaries||Survivorship determined simply upon order of death||Allows you to specify survivorship period, possibly avoiding the gift's being subject to a second probate if the beneficiary does not survive your stated survivorship period|
|Survivorship: Simultaneous deaths||Subject only to state statute||Allows you to specify who survives upon simultaneous death, possibly resulting in substantial probate and tax savings|
|Disinheritance of your relatives||Not possible||Allows you to disinherit someone who would otherwise inherit as an heir|
|Exercise of Testamentary Power of Appointment||Not possible||Allows you to make such exercise, which can be made only by Will|
|Guardian for your minor children||Appointed by the Court according to state statute||Allows you to nominate your children's Guardians|
|Personal Representative||Appointed by the Court from a priority list provided by state statute||Allows you to nominate your Personal Representative|
|Efficiency & Expense Issues:|
|Simplified probate procedure, substantially reducing effort and expense and allowing actions such as the selling of assets, the continued operation of a business, and the settlement of the estate and distribution of its assets without Court intervention||Possible if your estate can qualify and no one objects||Allows your estate to qualify without satisfying further requirements|
|Probate bond||Usually unavoidable||Allows you to waive your Personal Representative's having to post bond, at added expense|
|Debt & Tax Issues:|
|Specification of source of funds for payment of debts and taxes||Not possible||Allows you to specify which assets to use or sell for such payment|
|Reduce income and death taxes||Not possible||Allows you the possibility of substantial tax savings through the use of trusts and other techniques|
|Sense of Personal Control||Lacking, as all actions determined by state statute and the Court||Allows you substantial control over the management and disposition of your estate, not just during the probate process but thereafter through the use of trusts|
Summary of Major Advantages of Having a Will vs. Having No Will ñ
Having a Will Lets You: ñ
Nominate your own list of Personal
Representatives and do so in the priority order that you desire.
Specify that you want your Personal
Representative to administer your estate using Nonintervention Powers, allowing
him/her to administer your estate with more flexibility and legal authority than
a Trustee has over a Living Trust.
Waive Bond for your Personal
Representative, saving your estate the cost of a Bond premium.
Choose your Beneficiaries --- who gets what from your estate (among other things, allowing you:
To give specific property to specific persons, and
To prevent a potential adverse heir
from inheriting property from your estate if you died without a Will).
Provide for substantial estate tax
savings if you wish to make any gifts to a surviving spouse or to charity.
Provide through a testamentary trust
for ongoing management and control over gifts to any of your Beneficiaries, such
as children or elderly parents, who may need assistance in the management of the
property or to whom you do not want to give your property outright.
Extend past the age of 18 years the
age when any child would otherwise receive outright any property left to
Nominate your own list of
If you are survived by any minor children but not by a spouse:
Nominate your own list of Guardians of their Person, to take care of their personal matters.
Nominate your own list of Guardians of their Estate, to take care of their financial matters.
Waive Bond for the Guardian of their Estate, saving their estate the cost of annual Bond premiums.
Having No Will Lets You: ñ
Rely on the Court to appoint your
Personal Representative, determined according to the state's priority list of
your potential Personal Representatives. See
RCW 11.28.120 for the state's priority list.
Rely on the Court to determine
whether your Personal Representative should administer your estate using
Cost your estate the premium for a
probate Bond to ensure that the Court's appointed Personal Representative will
administer your estate according to law.
Pass your estate only in fractional
shares among all your heirs, determined according to the state's priority list
of your potential heirs.
Ensure that friction will likely
develop among your heirs as to who is entitled to manage, use, or dispose of any
property left among them, with the intensity of the friction likely increasing
substantially as the number of heirs increases.
Pay potentially the maximum amount of
estate tax for which your estate could possibly be liable.
Ensure that if you are survived by a spouse:
All of your half of the community property will pass to your surviving spouse.
If you have any separate property,
one or more persons besides your surviving spouse will likely receive a
fractional share of it along with your spouse.
Ensure that if you are survived by any minor children but not by a spouse:
The Court will likely appoint a Guardian to receive any property passing to those children.
The Court will require the Guardian to deposit any funds or securities into a blocked account, requiring later Court approval for all withdrawal, and to post Bond covering any personal property not deposited into a blocked account.
Each minor children will receive his/her gift outright upon attaining age 18 years.