You may have seen an ad for a do-it-yourself estate planning service featuring a father telling his son that when he dies, he wants him to have Grandpa’s car. The ad suggests that having a Will ensures this happens. While this is partially true, it’s only part of the story. In most cases, you also need a Trust.
Why? A Will alone does not avoid Probate Court. If you own a home or have assets above a certain threshold, your estate will go through probate—even if you have a Will. Do-it-yourself services often don’t mention this, leaving many families unprepared.
A Will only addresses what happens after you die. It does nothing to help if you become incapacitated due to dementia, a stroke, or another disability. Depending on your assets, you may need a Power of Attorney for Finances and a Power of Attorney for Health Care. In many cases, a Trust is the best option for managing your money and ensuring your care while you are still alive.
If you want guidance from an experienced attorney who will ensure you have the right plan in place, give me a call.
