I don’t have enough money to write a Will.
Many people mistakenly believe that only the wealthy need to create a Will. If you are an adult and have any property at all, or have any specific wishes about what happens after your death, you need to create a Will. If you are concerned that hiring an attorney to help you create your last will and testament will be too expensive for you, will costs are usually not very high, and will often save your family money when it comes time to distribute your assets.
My Will can allow my estate avoid the probate process.
The probate process is the set of legal rules that must be followed whenever you die leaving behind specific assets. If you create a Will, the document must be submitted before a probate court so the court can determine whether or not it is valid. The Will does not allow you to avoid probate. However, a Will in conjunction with other estate planning devices, such as trusts, can help you avoid probate as much as possible while still allowing you to use your will as a sort of safety net for anything you miss.
If I have a Trust I don’t need a Will at all.
While having a living trust or creating a will that establishes a testamentary trust can be very beneficial, creating a trust does not eliminate the need for having a last Will and testament. Only through your Will can you nominate an executor, nominate a guardian for your children, and take other specific steps. If you don’t have a Will, your estate plan will always be incomplete.
- Estate Planning for Parents with Young Children - May 15, 2021
- How Do I Administer a Trust? - May 13, 2021
- 10 Estate Planning Steps - May 8, 2021
