Estate planning? Nah, I’m good, I have a Will!

I have a Will - What else is there?

Many people equate “estate planning” with having a Will. I get it, but let me tell you that there’s so much more to consider! Particularly if one of your goals is to protect the people you care about by keeping them out of court and out of conflict, that’s going to require a lot more than a simple Last Will and Testament.

Keep in mind that Wills - by definition - will be dealt with in the Probate Court after an individual’s death. The process of “probating” a person’s estate, even if he/she had a valid will, can often take many months, and this process will incur expenses that will diminish the assets before they pass on to your heirs. Can your family afford to pay approximately 3-7% of the value of the estate in fees and expenses before any intended beneficiary receives the assets? Can you family afford to wait 6-12 months before having access to the assets left for them?

Another important issue to consider is that Wills only take effect upon the death of the individual. What if something happens and you’re incapacitated? In that situation, even the best-written Will cannot ensure that your wishes are honored, because it has no legal effect while you’re still living. Who will step in as your healthcare proxy? Have you made your wishes regarding healthcare decisions known in a document that can serve to guide your family? Call to set up a consultation so that we can review the options available that will ensure that your wishes are honored not just after your death, but in the event that you are unable to make decisions yourself. Proper estate planning can be an amazing gift of peace of mind for you, and clear guidance for your family members during some of life’s most difficult events.