Three Limitations of Wills

When people first start thinking about planning their estate, they often first think about writing a will. It is also not uncommon for people to think they only need a will. It is true that wills are critical legal documents and all adults should take the time to draft one. However, wills also have their own limitations and there are certain things they cannot do. Below, our New Port Richey estate planning lawyer explains what these are.

Avoid the Probate Process

Many people believe that they can help their loved ones avoid the probate process by writing a will. Unfortunately, this is not true. In fact, proving the will, which means to validate it, is one of the first steps during the probate process. The probate process can be expensive and time-consuming. It can also deplete the property within the estate, meaning there will be less property to pass on to your heirs and beneficiaries. Anything that happens during probate also becomes public record, which means anyone can look up what happened during proceedings.

On its own, a will does not protect assets from probate. Still, there are other estate planning tools that can. For instance, if you establish a trust and retitle the property into the name of the trust before you pass away, those assets are not subject to the probate process.

Distribute All Assets 

One of the main reasons people draft wills is to outline how they want their assets distributed after they pass away. However, a will alone may not cover all of your property. For example, a life insurance policy in your name likely also has a beneficiary designation on it. You can also place a payable-on-death designation on your bank account, meaning the funds within it will automatically be distributed to the person you designated upon your death. These destinations take priority over the provisions contained in a will.

Protect You During Your Lifetime

The provisions in your will only take effect after you pass away. Due to this, your will cannot provide you with the protection you may need if you become incapacitated in the future and cannot make medical, legal or financial decisions for yourself. If this happens, the court will have to appoint a guardian and the person the court selects may not be the same person you would have chosen. To avoid this and ensure that you retain some level of control over your own care, it is important to draft a power of attorney and other legal documents that can provide the protection you may need.

Our Estate Planning Lawyer in New Port Richey Can Help with Your Plan 

Creating a comprehensive estate plan is critical to ensure that you and your loved ones are properly cared for. At Messina Law Group, P.A., our New Port Richey estate planning lawyer can recommend the documents that will help you achieve your goals and ensure they are executed properly so they are enforced when necessary. Call us now at (813) 492-7798 or chat with us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html