August marks National Make-A-Will Month, and you may have recently received reminders from AARP or the American Red Cross urging you to prioritize creating a Will, often through partnerships with FreeWill.com. While crafting a Will is indeed essential, it's crucial to understand its limitations and the broader context of estate planning.
A Will Doesn't Cover All Assets
Despite the emphasis placed on making a Will, it's vital to recognize that a Will only governs specific aspects of your estate. It doesn't control assets held jointly or designated to beneficiaries, such as retirement accounts and life insurance policies. Ensuring beneficiary designations are accurate and up to date is paramount to avoid unintended consequences.
A Will Is Ineffective for Incapacity Planning
Another critical aspect often overlooked is that a Will provides no authority during your lifetime, rendering it useless in situations of incapacity. Without a Power of Attorney designating someone to act on your behalf for financial and medical decisions, your loved ones may face a complex and costly guardianship process.
Probate Process is Inevitable
Contrary to popular belief, having a Will doesn't bypass the probate process; it initiates it. Probate can be lengthy, expensive, and public, exposing your estate details to scrutiny and potential exploitation. This underscores the importance of comprehensive estate planning beyond just drafting a Will.
A Will Isn't an Estate Plan
While a Will is a crucial component, it's only part of a broader estate planning framework. An estate plan encompasses various tools and strategies tailored to your unique circumstances and goals, including Trusts, Powers of Attorney, and asset inventories. These elements work together to protect your assets and ensure your wishes are honored.
Trusted Guidance and Counseling
An online program may be able to give you a legally valid Will or other legal documents, but just because something is legally valid doesn’t mean it will be effective. And any document created through a 20-minute online tool is almost guaranteed not to work for you and your loved ones when they need it.
If you’re ready to see how having an estate plan created for your family with heart-forward professional guidance is different than just creating a Will online, schedule your Estate Planning Session today. During the session, we’ll review an inventory of everything you have and everyone you love, and together look at what would happen to your possessions and loved ones when something does happen. Then, I’ll help you develop a plan that works exactly as you want it - at your budget and with your vision - to make sure your loved ones are taken care of when you can’t be there.
Most importantly, any document created using an online tool will lack the knowledge, guidance, and personal counseling of a trusted expert who knows your situation and cares about your plan's effectiveness.
That’s why I don’t just create documents - I guide you and your family through every step of the process, now and at the time of your passing.
To get clarity on what you and the people you love truly need, click this link so you can take the first step toward your Estate Planning Session today.
