Traditionally, people believe that they only need a Will to properly pass on their assets to their family when they are gone. A Will is, typically, the first thing they think of when considering options for protecting their assets and family for when they pass. However, relying on a Will, alone, can leave you unprotected. A Will fails to address the most useful aspects of estate planning. Using a Will as your only estate planning tool can result in a complicated and costly situation for your family and even fail to distribute your assets as you intended.
A Will Only Works When You Are Dead
A Will takes effect only on your death. Therefore, a Will cannot grant decision-making authority to allow someone to act on your behalf if you become incapacitated. The person(s) you designate to care for your children or manage your estate have no authority to intervene until your passing. This can create challenging circumstances for your family in the event of a long-term illness or injury. Other estate planning documents, like a revocable trust or power of attorney, ensure you and your family are covered.
Also, relying solely on a Will virtually guarantees your family will face the long and expensive process of probate after you pass. Probate is a legal proceeding that takes place after a death and is designed to provide court supervision of an Executor and the administration of a Will. During Probate the deceased person’s estate will be administered, the deceased outstanding debts will be paid, and the deceased assets will be distributed according to the terms of the Will. Court costs, legal fees, and administrative expenses associated with probate quickly add up, making the entire process unnecessarily expensive. Probate can also be lengthy, taking 12 to 18 months or longer to be completed. Also, Probate is a public proceeding, exposing information to the public about your estate, assets, and gifts, and can leave your loved ones in a vulnerable position. With all its challenges, it is best to avoid probate all together, using tools like revocable trusts.
An estate planning attorney can design and implement tools in your estate plan that allow your family to bypass the probate process entirely. For example, if you establish a trust to manage your assets, the person you nominate as “Successor Trustee” will be able to step into your shoes and manage your assets with no need for formal court proceedings.
Our office is experienced in both Probate and Trust Administration. We are available to drafts both Wills and Trusts, as well as the other documents we recommend for your estate plan. Schedule an estate planning consultation with one of our attorneys to discuss the best options for protecting your family and your assets. Working with an attorney ensures that every detail is carefully considered, providing you and your family with peace of mind for the future.
