Despite popular belief, in most cases, a will does not suffice to meet all of your estate planning needs. Yes, they are inexpensive and simple ways to identify your final wishes, but often, they do not suffice. Gathered are some vital estate planning needs that a will cannot tend to:
- If you have any property that is held in joint tenancy, your will is unable to help. Your passing would result in automatic ownership to the surviving co-owner. The only way your will would suffice is if both you and your co-owner passed at the same time.
- If you have any property that you have transferred to a living trust, your will is unable to help in leaving that property to your family.
- Your will cannot help you leave your life insurance proceeds to your beneficiary.
- If you have any money in a pension plan or any other type of retirement plan, your will is unable to guarantee that your beneficiary or account administrator will obtain ownership.
- Your will is also unable to guide you in leaving stocks or bonds to an identified beneficiary listed on the transfer-on-death form.
- If you have any money stored in a payable-on-death account, your will does not suffice.
- Typically, wills are not found immediately upon death. Therefore, chances are your funeral wishes will not be met if you only list them in your will.
- In order to guarantee that your beneficiaries and heirs will not be left with estate or inheritance taxes, you will want to leave your final wishes in a trust, rather than a will.
Contact Gaudy Law today and allow us to guide you in all of your legal endeavors. We are always available to help you with your probate and estate planning needs. We can help you get all of your financial affairs in order.