Is Developing An “I Love You” Will A Good Idea?
You may have heard of a type of will referred to as an “I love you will.” And, you may be interested in developing a will of that sort. But, even though this type of will may sound right for you, it is likely not.
Going over the flaws that an “I love you” will offers, and speaking with an estate planning lawyer, will allow you to develop a proper will that satisfies your estate planning needs.
What Is An “I Love You” Will?
Right before we clarify what an “I love you” will actually is, we must go over what a will is. And, in its simplest form, a will is a document that clarifies what you would like to do with your assets, in the event of your death.
Just as an example, if you want to give your house to your husband when you pass away, then you can outline this particular wish within your will. Assuming the proper legal procedures are followed, your husband will receive your house, when you pass away.
Given the facts outlined above, an “I love you” will is a regular will, but with the central provision that one’s entire estate is given to their spouse and, if applicable, their children.
On its own, there may not appear to be anything wrong with this. But, developing a good will is complex and what seems like a good idea can, in fact, be detrimental to your loved ones.
Is Developing An “I Love You” Will A Good Idea?
To answer the question outlined above “No, it is usually not a good idea.”
A variety of reasons support this answer. Some of the most notable, of these reasons, are as follows:
- Your spouse will still have to go through the probate process, which is time-consuming and expensive.
- Your spouse will likely need to pay significant taxes on the assets you have chosen to give them.
- Your spouse will not be protected from creditors and lawsuits that seek to take away these assets.
- Your spouse will likely no longer be able to access Medicare, which they may need.
- Your spouse will be able to remarry and, in doing so, potentially take these assets out of the family.
Many other reasons exist. But, the above are some of the most notable.
How Can You Develop An Effective Will?
Rather than developing a will – or, even, just a will – it is of the utmost importance that you develop an estate plan.
A good estate plan allows you to satisfy your estate planning goals – your wishes, regarding your estate, in the event of your passing – in a manner that is safe, secure, and effective.
Sometimes, a good estate plan does not contain a will. Other times, though, it does. This is dependent on your estate planning goals and, as such, the best way to develop an effective will is to clarify those goals with a lawyer.
Speak With A Florida Estate Planning Lawyer Today
A good estate plan enables you to give your assets to those you love in a safe, secure, and effective manner. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop an effective will.
Sources:
law.cornell.edu/wex/will
help.flcourts.gov/Other-Resources/Probate
