A Will-based plan is a collection of documents that help ensure that you choose the best person to manage your affairs after death or incapacity and that your intended beneficiaries receive your assets. If you become unable to care for yourself or your assets, your Will–Based plan can help avoid a lengthy and expensive conservatorship.
Included in a Will-based plan are:
Will-based plans can provide protection for your minor children, protection if you foresee conflicts among your family members, and they can be helpful for simple and smaller estates. A Will-based is subject to probate administration. If you die without a Will, your assets are distributed according to intestate laws. Therefore, your assets may not be distributed as you wish. A well-drafted Will plan ensures that your assets are properly distributed and that your final wishes are met according to the directives you have put in place.