Why a Will Isn’t the Only Document You Need (part 2 of 2)

When beginning to think about your estate planning needs, you may decide to execute a will.  A will can allow you to achieve a number of goals.  However, it likely won’t allow you to handle all of your estate planning affairs unless you have a simple and modest estate.  Take a look at the following information, to learn more.  If you have any questions about the use of a will, contact an experienced and qualified estate planning attorney.

• You can’t control all asset distribution.  It’s important to note that you can’t control how all of your assets will be distributed with the use of a will.  If you have assets that are held in joint tenancy with another individual, they will be transferred automatically to the joint owner after your death regardless of what you will says.

 Additionally, assets in a revocable living trust follow the trust’s instructions.  Assets with beneficiary designations are also not transferred through the use of a will.

Make sure that you work with an experienced and qualified estate planning attorney, if you want to make changes to how these assets are distributed.  You can’t change your mind by outlining different terms in your will.

• You can’t plan for your pet’s future with a simple will.  If you want to include your pet in your planning, you will need to use other methods or at least specific provisions for your pet in your will.  You can’t leave asset to your pet with a simple will.

You may want to consider creating a pet trust.  A pet trust allows you to leave assets for the care of your pet, and can allow you to choose a loving and responsible caretaker to care for your pet on a daily basis.

• Your will can be contested, or challenged.  If you want to make sure that your wishes are respected, you may want to consider other planning tools.  This is an important thing to consider, if you think that your family will disagree with, and challenge, your wishes.

Make sure that you consider using a combination of estate planning tools.  This will allow you to have a full plan in place.  If you have any questions about creating a will or other estate planning documents, consult with a qualified and experienced estate planning attorney.

• Author
• Recent Posts

Timothy P. Murphy

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.

Latest posts by Timothy P. Murphy (see all)

• Estate Planning for Individuals with a Terminal Illness - May 18, 2023
• A Living Trust Allows for Estate Privacy - May 6, 2023
• Probate in California – Creditor Notifications - May 4, 2023