When you think of estate planning, a Will is usually the first thing that comes to mind. In fact, most people who contact us say they don’t need anything complicated for their estate- just a Will. Indeed, Wills have a reputation as the number one estate planning tool and can be seen all over TV shows and movies, from the dramatic “reading of the Will” (which rarely happens in real life) to characters plotting how best to defraud their billionaire uncle’s Will in order to inherit his lavish estate.
But although Wills are a key part of your estate plan – and a big part of the movies – relying on a Will alone won’t solve your estate planning needs – no matter what Hollywood says. Instead, using just a Will to plan your final wishes is likely to leave your loved ones with an expensive mess that won’t distribute your assets in the way you intended.
What’s more, a Will alone won’t ensure that you’re taken care of in the event of incapacity, and contrary to what you might think, relying on only a Will actually guarantees that your family will need to go through probate when you die.
If you want to leave your family with legacy instead of a mess if something happens to you, it’s important to know how a Will works and when it can be used to benefit you and your family.
Posted by Suren G. Adams, Adams Law Office, LLC