WHY YOUR ESTATE PLAN SHOULD GO BEYOND A WILL
Aug. 10, 2021
Simple wills do two basic things: Allow you to say who gets your property and assets and if you have minor children, who raises your children if something catastrophic were to happen to you. This might be the exact goal you're looking to accomplish, and can be a great starting point for an estate plan; however, protecting your family carrying out your wishes can be much more complicated. A will alone cannot do many things:
A will alone will not allow you to avoid court. A will must be proven valid by a probate court, and property left in a will could be held up in a probate court for months or even years before distributed to your loved ones.
Reduce Your Estate and Gift Taxes
Only having a will you will not reduce your possible estate and gift taxes. In 2016 estates worth more than $5.45 Million are liable for estate tax. There are several estate planning tools that can help reduce your estate tax liability. Call our office today to discuss your estate plan with an attorney.
Give Gifts With Certain Conditions
A will allows you to state certain conditions on receiving a gift; however, enforcement becomes and issue. This is where utilizing a trust can make sure your wishes carried out.
Arrange Care For Someone With Special Needs
A will is not the tool to provide long-term specialized care for a beneficiary with special needs. A special needs trust is the best vehicle to make sure your loved ones receive the long-term special care they deserve.
Leave Funeral Instructions
Wills might not be read or found for days or weeks after you die. A completely separate document explicitly stating your wishes will make sure your burial plans are carried out the way you desire.
An estate planning attorney can help guide you through these difficult decisions and make sure your final wishes are carried out to your specifications; and make sure your loved ones are taken care of in the way you desire.