People think if they have a Last Will and Testament, everything will be taken care of, and their family will avoid probate. Your Last Will and Testament is important—AND it’s RARELY the whole story.
Here’s how I explain it to clients in plain English (with a sprinkle of humor):
A will is like leaving written instructions for a trip. It gives the court a map about where and with whom to stop to deliver your “stuff” and who’s in charge of handing it out. Here’s the catch:
- A will does not avoid probate — I’ve had more than one probate client because their loved one left a Will leaving their home to their children and the deceased thought this was sufficient. Sadly, in order to get ownership transferred to those children, the Court now needs to be involved to officially appoint the person named in the Will to represent the estate and do the necessary paperwork. The Will was effectively the family’s entrance ticket to the probate process.
Probate is public, can take months (sometimes more than a year), and in Florida, it often involves legal fees that chip away at your estate. Important things to consider include these:
- JUST a Will doesn’t protect you if you become incapacitated.
Your Will only comes into play AFTER you’ve passed. If you’re alive but unable to make decisions, financial or health decisions, the Will just sits there “gathering dust” until you’ve passed. - Durable Power of Attorney
This is important so someone can handle finances and help with incapacity planning if you can’t. - Health Care Directives
This is important so someone can make medical decisions for you) - Possibly a Living Trust
This can avoid probate, keep things private, and give more control over how and when assets are distributed.
I’ve come to believe that if a prospect is healthy at the moment and has proper beneficiary designations and ONLY a couple of documents were to be done, it would be the Durable Power of Attorney for financial help and the Health Care Directives.
Something I ask prospective clients to consider vis a vis fees – My estate planning is done in packages including Last Wills, Durable Power of Attorneys, Health Care Directives, Pre-Need Guardian designation and Final Disposition wishes. To do an a la carte selection even of the Durable Power of Attorney and Health Care Directives costs approximately 75% of what a full package costs. 😊
