“Just A Will” Estate Planning Is Rarely Enough

Your estate plan can consist of no more than “just a will.” But, even though your estate plan can consist of a will – and only a will – this is rarely a good idea for multiple reasons.

Going over the main reasons why “just a will” estate planning is rarely enough, and speaking with a lawyer, will help you develop an estate plan that satisfies all of your wishes.

Why Is Having “Just A Will” A Bad Idea? 

A will is a very useful document. You can outline all of your assets within a will. And, in doing so, clarify the beneficiaries you would like to receive each and every one of those assets.

If you want to give your car to your nephew, for example, you can use your will to do so. This applies to any of the assets you wish to give your beneficiaries.

Even though a will is very useful, the assets you put into your will must go through probate. Probate takes a long time to conclude – nine months, usually – which means that your beneficiaries won’t receive their assets for a while.

On top of the waiting period probate creates, probate can be very expensive. The assets within your estate will, in most cases, be used to pay the costs associated with probate.

Those two things can be challenging to deal with. But, there is one more point that should be clarified: if a will goes through probate, it becomes public information. And, if someone wants to figure out what is in your estate, they can.

The ultimate result of having “just a will” is, in most cases, your beneficiaries not receiving what you wish to give them in a timely – or inexpensive – manner. And, dealing with the risk of having those assets accessed/tampered.

What Should You Do Instead Of Having “Just A Will?”

The answer to this question is twofold: you should set up a trust and develop further estate planning tools. Doing both of these things will help you develop an estate plan, instead of no more than just a will.

A good trust will bypass probate. Your beneficiaries will receive everything you wish to give them right after your passing. They won’t have to wait for the probate process to conclude.

Other estate planning tools can be implemented. These can ensure that your medical wishes are granted – a power of attorney can help you with this – and that your exact wishes are followed; among other possibilities.

To set up a trust – and any other estate planning tools you would like to implement – you must work with a lawyer who can help you. Setting them up on your own is not a good idea, due to the legal complexities involved. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop an estate plan that satisfies your wishes, you must work with someone who can help you. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop the estate plan you need. 

Sources: 

law.cornell.edu/wex/will

law.cornell.edu/wex/trust