When somebody dies, the family may turn to a will to make decisions for this individual. Unfortunately, a will is not necessarily enough. The truth is that planning one's estate requires more than a will.
These are just a few of the reasons why you should consult with an estate planning professional rather than trying to do everything through a will.
1. Wills Mean Your Case Enters Probate
Many people want to leave the courts out of their estate as much as possible. Probate can be a difficult process, and it can slow things down. If you want to avoid a lengthy probate process, your best bet may be to consult with an estate planning attorney.
2. Wills Can Slow Down Payout Processes
If you only have a will, it could mean that the loved ones you want to leave money to may have to wait longer. They may have to wait for probate to see any cash, which also means that the things they need to pay for, like funeral expenses, may come out of their own pocket.
Ultimately, this means that an estate plan benefits your loved ones, including spouses and children who would need to pay out of pocket for expenses related to your passing. Additionally, you may have a minor child or dependent you need to protect. Estate planning can take care of this.
3. Will May Increase Taxes
The money distributed through a will is likely to undergo a series of taxes that reduce the value of your property. When you submit your property through the estate planning process, you can find the most efficient ways to pass on your property without having them taxed. You can instead develop trusts or pass items along as gifts to make the process simpler and more valuable for your loved ones.
4. Wills Can Be Incomplete or Misconstrued
Estate planning calls for careful consideration and specificity for each of the items listed. You may find yourself in a position where you write a will that is not as specific as an estate plan would be, which can complicate matters.
5. Consult with an Estate Planning Attorney
Many people do not realize how helpful an attorney can be when you are planning your estate. If you are unsure about estate planning, consult with a professional immediately. You can discuss your wishes for the future and ensure that you develop the right plan for your family.