When you’re beginning your estate planning affairs, you may be tempted just to create a will. While a will is a great planning tool that is especially important, there are many other planning devices to consider. Take a look at the reasons below, to learn why your will is not the only document that you need. If you have any questions, or if you’d like to draft a will, or any other document, contact an estate planning attorney.
- A will doesn’t allow you to plan for incapacity. Unfortunately, medical emergencies can happen at any time. It’s important to have the right documents in places, so that you can get assistance during your time of need and so that you’re able to have some say in your medical care. A will is only effective if you’re dead; it doesn’t help with incapacity at all.
- All of the assets controlled by your will are subject to probate. If you’re looking for a way to keep your assets out of the probate process, you will need to utilize other planning techniques. This can make it possible to get some of your assets to your beneficiaries more quickly, while maintaining privacy and reducing expenses.
- A will doesn’t allow you to plan for the care of a loved one with special needs. There are planning techniques that allow you to leave assets to a loved one with special needs. This can ensure that the money is used appropriate, and that your loved one doesn’t lose his or her Government benefits.
- A will doesn’t help you during your lifetime. It’s important to remember that a will is only useful after your death. You should always consider the needs that you may have during your lifetime. Whether you’re looking to plan for future financial needs, or want to protect your assets during your lifetime, you will need to take a look at other planning tools.
If you have any questions, or if you’d like to review your will, or other planning documents, consult with a qualified estate planning attorney.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018