A Will Alone Will Not Prevent…Bella Vista Will Lawyer
A Last Will and Testament is a great starting point for a complete Estate Plan, but a Will alone will not prevent
- Probate
- Guardianship (Court intervention in your personal, legal, financial, and healthcare affairs)
A Will alone does not help if you become
- Disabled
- Incapacitated (i.e. Alzheimer’s or a stroke)
- Otherwise incompetent to make your own decisions
A Will Alone Is Not In Force During Your Lifetime!
If you become disabled, incapacitated, or incompetent, a Will does not help you! So what happens if you only have a Will?
The State has already created a plan for you in this case and it is called Guardianship. There will be court hearings to determine if you are competent to make your own decisions and decide who gets to take over your life. The Judge will take away your rights to make some or all decisions. A guardian of the Judge’s choice will be appointed to take over making those decisions for you. It may even end up being a faceless stranger from Adult Protective Services. All of your assets could come under the control of the Court.
The Judge appoints the guardian and has the final say. The Judge does not have to appoint your spouse or a child to the position of guardian. If the Judge appoints a local professional or attorney to the position, that person can collect fees for their work from your money.
You can fix this by having a Trust and other estate planning documents in place before you need them.
A Will Alone Will Not Prevent Probate
A Will is THE instrument of Probate. A Will alone requires probate to be validated then to administer your estate and wrap up your financial affairs. This means your family will feel trapped in a seeming endless loop of paperwork and court appearances, perhaps for years. They could even end up fighting with each other over seemingly trivial things.
You can change this by setting up a plan that is based on a Trust or adding other planning to your Will.