Is Your Will Enough?
Is Your Will Sufficient for Your Estate Planning Needs? Key Considerations
While having a will is a crucial step in estate planning, it's essential to understand that it may not address all your needs. Here are real-life examples illustrating why a will alone may fall short:
Wills in a Blended Family: Sam and Pat's Story
The Importance of Updating an Estate Plan: Mary and Jim's Story
Protecting Family Property: Chris and Jamie's Story
Excluding Legal Heirs: Sally's Story
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Online Will Pitfall: Jack's Story
- Goal: Jack, a single man, wanted to leave his home equally to his three children, with special care for one who had special needs.
- Issue: Jack used an online will service, which did not account for the delay in selling the home during probate and did not address the special needs planning.
- Solution: Jack needed personalized advice from an estate planning attorney to ensure proper asset distribution, including creating a special needs trust.
Durable Power of Attorney Limitation: Jane's Story
- Goal: Jane aimed to grant her child access to assets and bank accounts in case of incapacity or death.
- Issue: Jane's power of attorney became ineffective upon her death, leaving her child unable to access her assets.
- Solution: To ensure immediate asset transfer, Jane should have established a trust. Alternatively, a joint bank account could have been set up for interim expenses.
How Our Estate Planning Lawyers Can Help
These real-life stories highlight why estate planning extends beyond a will. The good news is that these are easy problems to fix. We are ready to help. We can provide a comprehensive plan customized to your unique needs and goals, ensuring your legacy is protected and your wishes honored. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.