Will a will be enough?

You may have heard the expression “where there’s a will, there’s a way.” When it comes to estate planning, however, many people feel that just “doing a will” is enough to lead the way for their estate to sail through probate court and make sure everyone knows what should happen with their stuff.

It may not be enough, though, to prevent conflicts and provide the best guidance for your heirs.

What exactly is a will?

A will is a document that is signed by a person in a way that complies with state law requirements (which vary state by state) and which tells a probate court what to do with your belongings. The key here is that it must go through probate court. There are ways around that, which I’ll address in just a minute.

If you leave things that go to kids under 18, then someone will have to be designated by the court to take care of that property (and account to the court annually) until the minor turns 18. At that time, the 18 year old gets everything you leave him or her – and that may not be an ideal time for them to receive it. Not a lot of people make the best financial decisions at that age!

The documents that get filed in probate are available to the public. Anyone can find out what is in your estate and where it’s going. I’m sure you can imagine just how helpful that information could be for someone with nefarious intentions….

So, what’s a trust?

A trust is an agreement between the person who creates it and the person named as trustee to administer and take care of property for someone else. When set up properly, certain types of trusts can allow your family to avoid the probate process entirely and ensure that minor children (or even adults) do not have unfettered access to assets you leave behind.

A properly drafted trust can make sure money gets used for education, buying a first house, or whatever else you want it to be earmarked for. Generally speaking, trusts are private documents that do not have to be filed in probate court, which means the public won’t have access to your family’s private affairs.

So, to answer the question of whether a will will be enough, it really depends on your wishes. If you want to lay out your plans in the least expensive way now, then a will may be all you need. If you have assets that will not need to pass through probate (that’s a whole other conversation), then a will may also be sufficient.

But if you want to avoid probate and ensure that the things you worked so hard for are used for specific purposes, then a trust could be the right choice for you.

The best way to find out what is best for you and your situation is to click here to schedule a consultation where we can review your assets, listen to your wishes, and share our thoughts for your best options.