Estate Planning Resources
Is Your Will Enough? Probably Not.
Estate Planning:
Why a Single Document Leaves Your Family Unprotected
So, You Made a Will
You finally sat down, signed your will, and left either an office or your kitchen table with something most families never get around to doing. But there’s one thing we tell clients who comes to us after making a will somewhere else.
You may think your job is done, but your family may still be at risk.
What Does a Will Actually Do?
A will is a legal document that tells a court what you want to happen to your assets after you pass away. However, a will doesn’t keep your family out of the public, time-consuming probate process.
Most individuals or family members sign their wills, file them away, and assume they’re fully covered. Then when something happens, and they find out exactly how much their will can’t do.
A will only has goes into effect when you pass away. People generally know that.
What many people don’t think about though is that a will doesn’t do anything to help you or your family if you become incapacitated in an accident. It also doesn’t control assets that have their own beneficiary designations.
A will is simply not a complete plan.
Is your estate plan complete?
Don’t wait for a crisis to discover the gaps in your planning.
Talk with us now about building a comprehensive strategy that truly protects your family.
Your Checklist for What Comes Next
A will is an important piece of an estate plan even though there are things it can’t do for you.
If you recently signed a will, that’s a great first step.
Next, make sure your family isn’t left stranded or stuck in court. Follow these next steps, and know we’re here to help you along the way.
These are the hidden gaps in a will that need to be addressed right away:
- Review Your Beneficiary Designations: When there is a conflict between what your will says and what a beneficiary form says, the form wins every single time. A judge does not have the authority to override it. If your ex-spouse is still named on your retirement account, they get the money, regardless of what your will says./li>
- Use Proprietary Forms: Many large financial institutions, like Chase, Fidelity, Vanguard, and Schwab, require that you verify your Power of Attorney with them using their own internal forms. Make sure you complete those forms along with the documents your attorney drafts for you.
- Plan for Incapacity: Because a will only activates when you pass away, you need a durable power of attorney and a healthcare proxy. Without these, your family has no legal authority to manage your finances or make medical decisions if you are in a severe accident.
- Keep Your Plan Updated: A divorce, a new baby, or a move to a different state can quietly create a gap in a plan that looked complete when it was signed. A plan you sign and file away is a plan waiting to fail.
Why Wills Made Online Aren’t Enough
If you made your will using an online platform, one that sells itself as an easy solution, we can say this: having that will is better than not having a will at all. However, the online platform you used failed you in several ways.
- It didn’t check your beneficiary designations.
- It didn’t ask if your trust is actually funded.
- It didn’t think about what happens if you are incapacitated
- It certainly won’t be there to review your plan when your life changes.
Most importantly, an algorithm can give you the definition of a successor trustee, but a lawyer can help you understand who actually belongs in that role. A platform generates a document; a lawyer helps you build a plan that functions exactly the way you intended when your family needs it most.
Common Questions About Wills
Understanding the limits of a will can be discouraging, but getting the answers you need doesn’t have to be. Here are a few common ones, and we’re here to answer any others you have.
Will my family have to go to court if I have a will?
Yes. In most states, assets that pass through a will must go through probate. This is a public court process that can take months, cost thousands in fees, and freeze your assets while it is happening.
Can a judge override my beneficiary designation?
No. When there is a conflict between your will and a beneficiary designation on a retirement or bank account, the designation form wins every time. Neither a judge nor your will has the authority to override whatever name is on that form.
What happens to my will if I am in a severe accident?
A will does nothing if you are incapacitated. It only activates upon your death. If you are alive but unable to make decisions, your family must rely on separate incapacity documents, like a durable power of attorney and healthcare proxy, to manage your affairs.
You took the first step by making a will.
We help you look at the full picture: what you own, who you want to protect, and what specific legal structures will keep your family out of court.
Schedule your free, no-obligation consultation with Bishota Law. We’ll walk you through what you have in place and identify exactly what you and your family still need.
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