This is often what clients say when they are contemplating how to best take care of their families and their possessions after they pass away.
Following the client’s initial declaration I usually ask some follow up questions to determine what specifically the client needs. However, after a few questions, most clients exclaim that all they need is a simple will and that any other work will not be necessary.
Given the frequency with which this conversation occurs there appears to be a general misunderstanding as to what a will can and cannot accomplish.
A will can do several important things following one’s death:
· Direct how some of their possessions will be distributed;
· Direct who will care for their children; and
· Direct who will finalize their affairs.
There are, however, several things that a will cannot do:
· Direct how other possessions will be distributed;
o IRAs, jointly held property, and life insurance are a few examples of property that are not covered by a will;
· Hold property for those who are not yet ready for the responsibility;
o Trusts can be created to manage property for children, those with special needs, pets, etc.;
· Hold property in a way that minimizes estate taxes;
· Direct who is to make decisions regarding property while a client is still alive but unable to make their own decisions; or
o A Power of Attorney for Property can provide for surrogates to make decisions;
· Direct who is to make healthcare decisions for a client while the client is still alive but unable to make their own decisions;
o A Power of Attorney for Healthcare can accomplish this.
For these reasons a will is an important part of a comprehensive estate plan, but not necessarily the only part of an estate plan.
Contact the Wills, Estate, and trusts Lawyers in La Grange, Illinois at Larson & Greenberg Law Group, for a free consultation about your specific estate planning needs.
Published by Mike Darcy, Attorney at Law - Larson & Greenberg Law Group, LLC