International Baccalaureate (IB) Practice Exam

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Which of the following is not a benefit of having a will?

A will enables you to nominate the persons who will handle your estate or serve as guardians to your children.
Your will can be an expression of your personal values.
A well-drafted will can allow your family to minimize death taxes and costs.
You only need a will if you have a large estate.

The correct answer is: You only need a will if you have a large estate.

Having a will is beneficial regardless of the size of one’s estate, as it serves several crucial purposes beyond simply managing assets. The primary benefit of a will is that it allows individuals to specify who will oversee the distribution of their possessions and care for any dependents, ensuring that their preferences are honored after their passing. This includes the ability to nominate guardians for minor children, thus providing clarity and security for their future. Additionally, a will can embody personal values and intentions, reflecting the individual's wishes about how their legacy should be handled. Furthermore, a well-structured will can help streamline the probate process, potentially reducing legal expenses, including death taxes, and alleviating the burden on surviving family members. In contrast, the notion that a will is only necessary for those with large estates is misleading. All individuals, regardless of the value of their assets, benefit from having a will to ensure their wishes are followed and to simplify the legal processes involved after their death.