Estate planning isn’t just about writing a will and calling it a day. It’s about protecting your family, assets and peace of mind. Look at the bigger picture and think of estate planning as a roadmap for your legacy and not just a single stop sign.
Here’s why you should not limit your estate plan to a single document.
A will leaves some important gaps
A will says who gets your assets when you’re gone. What happens if you become unable to make decisions for yourself? There is also the probate headache. That’s the legal process an estate must go through before assets are distributed. It can be lengthy, costly and public, which is not what you may have envisioned.
Filling such gaps with tools like trusts, powers of attorney and health care directives can help you plan for unexpected events during your lifetime.
A will doesn’t protect assets
Once your loved ones inherit assets through a will, they become the legal owners. That means they can sell them if they choose, and unfortunately, creditors can also come after those assets to settle any outstanding debts. In short, a will doesn’t offer any asset protection benefits.
Additionally, since you won’t have any control over the assets, there’s no way to ensure they’ll be used the way you intended. This can be a concern if you’re hoping to preserve wealth for future generations, protect a vulnerable loved one or make sure the money is used wisely.
Don’t leave your legacy to chance
Estate planning is no simple task. Going it alone risks costly errors that could hurt your family. Reach out for qualified legal guidance to help you explore your options, avoid common blunders and create a plan that reflects your wishes, now and in the future.
