The Hidden Pitfalls of Relying Solely on a Will for Your Estate Planning

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Greetings, dear readers! Welcome back to the Estate Armor blog, where we're dedicated to safeguarding your legacy and securing your family's future. Today, I, Attorney Arma Fitzgerald, am here to shed light on an often overlooked topic: the downsides of relying solely on a will for your estate planning. While Wills have their merits, it's crucial to understand their limitations and consider more comprehensive strategies. Let's dive in!

The Pitfalls of a Will: Unveiling the Truth

  1. Public Probate Court Process: Picture this: your loved ones dealing with your affairs in a public courtroom, open for all to see, and have access to your beneficiaries' contact info, including your minor children. That happens when your estate goes through probate, a process mandated by a Will. Privacy? Lost. Delays? Common, up to 2 years. Costs? 2–7% of the total value of assets (total value = adding up the value of all assets including house, cars, bank accounts, and more), which means using a very conservative 2%, the cost of probate for a family with total assets of $300,000 equals $6000. But there's a better way.
  2.  Ignoring Incapacity: Life can throw curveballs, like unexpected illnesses or accidents causing incapacity. A Will only comes into play after your passing, leaving you and your assets vulnerable during incapacity. Protect yourself with comprehensive plans that encompass both life and after.
  3.  Crossing State Lines, Crossing Boundaries: If you've crossed state lines, your Will might not be as effective as you think. Laws vary, and it can complicate matters for your loved ones. Don't let legal nuances overshadow your legacy.
  4.  Young Beneficiaries, Big Responsibilities: Imagine an 18-year-old inheriting significant assets. Without proper guidance, this can lead to financial chaos. Ensure their future by structuring inheritances wisely.
  5.  Limited Property Control: Contrary to popular belief, Wills don't cover all assets. Properties held jointly, certain investments, and proceeds from life insurance policies often escape their grasp. Don't leave loose ends!
  6.  Short-Term Direction: Wills offer posthumous guidance, but what about when you're alive? And what about your surviving spouse, children, and grandchildren? Secure their well-being now and later.

A Real-Life Example: Jane Do's Journey to Clarity (Disclaimer: the name of the real client is redacted and replaced with an imaginary name for the purpose of privacy)

Let me share the story of Jane, a widow with three children. Jane's heart was in the right place when she created her will. She wanted to ensure her children would inherit her assets without any hassle. Unfortunately, life had other plans. When Jane unexpectedly fell seriously ill, she realized that her will didn't account for incapacity. Her family faced a daunting situation of managing her affairs without proper legal authority. This was a wake-up call for Jane, and she knew she needed more than just a will. Thankfully, Jane recovered from her injury and came to Estate Armor seeking guidance. Together, we crafted a comprehensive estate plan that not only protected her assets during her lifetime but also provided clear instructions for her family in case of incapacity or her death. Jane's relieved face spoke volumes when she realized she had made the right choice.

Your Path Forward: Crafting a Comprehensive Legacy

Dear readers, while wills have their place, they're not a one-size-fits-all solution. At Estate Armor, we're here to guide you towards comprehensive estate planning strategies that ensure your family's well-being, both now and in the future. Don't leave your legacy to chance. Contact us today for a consultation and let's build a robust shield around your estate. Together, we'll create a legacy that truly lasts.*

Don't Delay, Show some care, Protect your Legacy with Estate Armor!

Yours in safeguarding legacies,

Arma Fitzgerald, Esq.

Ready to Secure Your Legacy? Book a Peace of Mind Planning Session with Estate Armor to see which option meets your needs and concerns the best!

If you're unsure which option is best for you, don't worry; you don't have to navigate this complex decision alone. Our experienced team at Estate Armor is here to help you understand your options and craft a customized estate plan that fits your needs.

Take the first step towards securing your loved ones' future! Book your PMPS with Estate Armor today. Let's work together to ensure that your assets are protected, your wishes are honored, and your legacy lives on. Don't wait - because when it comes to your family's well-being, there's no time like the present.

Remember, estate planning isn't just about the documents; it's about taking care of the ones you love. Let's embark on this journey together. Contact us at 1 (888) 882-6742 and let Estate Armor be your trusted partner in safeguarding your legacy.

* Don't forget to mention this blog and get a $450 off of your PMPS Session.