A will is a common and popular estate planning device. However, it often isnt the only estate planning tool that needs to be implemented. If you want to make sure that all of your affairs are in order, its important to consult with an estate planning attorney about the documents that need to be created. Weve outlined 3 needs and explained why a will wont help you achieve these goals. If you have any questions, or if youd like to discuss what a will can help you do, contact an estate planning attorney.
- A will doesnt allow you to avoid probate.
Many people want to avoid probate because it can take a lot of time, cost a lot of money, and its a very public process. All of the assets included in your will are subject to probate. There are other planning tools that allow you to avoid probate and keep your affairs private.
- A will doesnt allow you to plan for incapacity
Your will cant be used to prepare for possible medical emergencies because your will is only effective after your death. Its important to speak with an estate planning attorney to learn about the documents that can be used to prepare for incapacity. You likely want to make sure that you have as much control as possible during an emergency.
- A simple will doesnt allow you to plan for the care of a loved one with special needs
While you can leave assets directly to a loved one with special needs with the use of a will, its not recommended. There are special planning techniques that make it possible for you to leave assets to your loved one without sacrificing his or her ability to qualify for Government benefits. This can allow your loved one to receive all of the care and support possible.
If you have any questions about how a will can be useful in your estate plan, consult with a qualified estate planning attorney.