If you’re thinking about getting a will, know that it may not be your best option. A will allows you to have control over future decisions. However, you should know that it’s important to consider other planning techniques, in addition. A will is not the only planning tool that you need. Take a look at the following information, to learn more. If you have any questions, contact an estate planning attorney.
- You can’t plan for incapacity. Your will is only effective after you die, so if you have no other estate planning documents in place, your wishes and needs won’t be met during incapacity. This means your family may not have the authority to help make decisions on your behalf, and they may need to go to court to get approval.
- You can’t plan for the care of a loved one with special needs with a basic will. If you leave assets to an individual with special needs with the use of a simple will without special provisions, there’s no protection. You likely want to ensure that your loved one is still able to receive Government benefits, in addition to the assets that you leave behind.
- You can’t avoid probate. If you’re looking to avoid probate and you have more than a modest sized estate, you will need to use special estate planning techniques. This can allow you to save time, money, and keep your affairs private. It can also allow you to pass on your assets to beneficiaries more quickly. With only a will and individually owned assets, probate is guaranteed except for estates that are modest in size.
Take a look at our next blog post (part 2 of 2), to learn more about the importance of your will. If you’d like to create a will or discuss other estate planning tools, consult with a qualified and experienced estate planning attorney.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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