What is a Last Will and Testament?

A Will is a legally binding document that specifies:

  • How your property will be distributed: This includes real estate, personal belongings, investments, valuable jewelry, artwork, and other assets.
  • Who will care for your minor children: You can designate a guardian to take care of your children.
  • Who will oversee your estate: The Will allows you to name an executor (sometimes called a personal representative) to ensure your instructions are carried out.

Why Is a Will Important?

A Will starts as the foundation of your estate plan.  Having a Will provides peace of mind and clarity for your family. Key benefits include:

  • Avoiding disputes: A clear, legally enforceable Will minimizes conflicts among heirs or potential disagreements about your wishes during a probate case.
  • Appointing guardianship: Without a Will, the court decides who will care for your children without any input from you. A Will ensures your voice is heard.
  • Protecting your assets: You determine who receives your assets, how they are distributed, and under what conditions.
  • Simplifying the legal process: A Will helps the court know who to name to handle your affairs during the probate process.

Who Needs a Will?

A Will is essential for anyone who:

  • Owns property, investments, or valuable personal items.
  • Has minor children and wants to designate a guardian.
  • Wants to leave specific instructions about their assets or final wishes.
  • Hopes to avoid unnecessary legal delays and disputes for their loved ones.

Even if your assets are modest, a Will ensures they are distributed according to your preferences.

What Happens Without a Will?

If you pass away without a Will (intestate):

  • State law will determine how your property is divided, which may not align with your wishes.
  • The court will appoint a guardian for minor children, potentially someone you wouldn’t have chosen.
  • Family members may face additional emotional and financial stress as they navigate legal uncertainties.

Some Disadvantages of Relying Solely on a Will

While a Will is a critical document, it may not address all your estate planning needs. Here are the potential drawbacks of having only a Will:

1. Requires Probate – Yes, a Will Does NOT Avoid Probate

  • Lengthy Process: A Will must go through probate, a court-supervised process that can take at least 6-12 months or more.
  • Public Record: Probate proceedings are public, meaning your estate details may become accessible to others.
  • Costs: Probate can be expensive, with legal fees and court costs reducing the value of your estate.

2. Lack of Lifetime Planning

  • No Help During Incapacity: A Will only takes effect after your death. It does not address situations where you may become incapacitated and need someone to manage your financial or medical decisions during your lifetime.

3. No Direct Control Over Asset Distribution

  • Immediate Payouts: A Will generally distributes assets outright, without providing long-term financial management or protections for beneficiaries.  This means that once your children reach 18 years of age, they will receive all the money owed to them from your estate. This can also cause issues if a loved one inherits money and is relying on public benefits or is special needs.
  • No Privacy for Beneficiaries: Information about who receives what can become public in probate proceedings.

How We Can Help

Our experienced estate planning attorneys specialize in creating personalized, comprehensive estate plans that reflect your unique needs and goals.  We will help you create an estate plan that is reflection of you and your family by:

  • Listening to your priorities: We take the time to understand your wishes and concerns.
  • Tailoring your plan: Whether your estate is straightforward or complex, we create an estate plan that meets your specific requirements.

Take Control of Your Legacy

Don’t leave your loved ones guessing about your wishes. A well-crafted estate plan is a lasting gift to your family, providing clarity, security, and peace of mind.

Ready to create or update your Will? Contact us today to get started.

Allow the Estate Planning Lawyers at Bloom Legal Advisors to prepare this important document for you. Schedule your Empowering Estate Education Discussion.