Many people call my office because they want to create a will.
Quite often the caller will actually say, “I need to create a will because of ______________ (some really good reason)." At this point, sometimes the caller already understands that "a will" is modern slang for an estate plan, but sometimes the caller is actually thinking of a single piece of paper that will declare "who gets what" from the things that they own.
This may have worked in The Wild West when people died quickly and didn't own much more than a horse, pistol and boots - but today, modern medicine is amazing! Even when incapacitated we can recover and live much longer than ever before.
If you have "just a will," your family won't have the legal authority they'll need to manage your affairs while you are not well, or sell and distribute your home, financial accounts, life insurance proceeds or 401K without wasting tens-of-thousands of dollars on administrative fees associated with probate court.
Today, if we pass away or become incapacitated with "just a will" stating "who gets what," your family will be going to probate court to ask a judge's permission to access and manage your financial assets to pay bills, or they will be asking a probate court judge for approval to transfer your financial assets to anyone who is not a spouse. Probate is very expensive and the fee's continue to add up over the year or more that it usually takes for a family to get through probate.
At the very least, you need a medical power of attorney, financial power of attorney, living wills / declarations, HIPAA authorizations, and new deeds for any real estate you own. There are other items you'll need but they go beyond the scope of this discussion.
The Top 6 Things a Will WON'T Do:
1. Make your healthcare preferences known if you are ever incapacitated.
2. Allow someone you trust to discuss your medical care with doctors.
3. Allow someone you trust to manage your finances, pay your bills, and support your family.
4. Allow someone (other than a spouse) to care for your minor children.
5. Protect the inheritance you plan on leaving for your children.
6. Protect your family from the time, expense, and headache of probate.
At Family Wills & Trusts, PLC, we'll make sure that there are no gaps in your estate plan that would leave your family exposed to unnecessary financial waste, headache or stresses of Probate. Request free information or schedule a personal planning session below to see how you can benefit from working with us.
