A will is a legally binding directive stating who will receive your property upon your death and is an important part of a comprehensive estate plan. If you die without one ( intestate ), the state will distribute your assets and property via state law and quite possibly at odds with your wishes. Having a will allows you to appoint a legal representative or executor to carry out your bequests and name a guardian for your children. There is no doubting the importance of having a will, however there are some limitations you should be aware of.
Although a will can be the primary mechanism to transfer property on death, it does not cover all property situations. Some classes of property you are unable to distribute through a will are:
A will does not allow you to avoid probate . By necessity, a will must go through the probate process in order to allow beneficiaries to inherit property. It can take months to get through probate, and it involves expenses like an attorney, executor, and court fees. Also, your will and everything associated with it (property you own, who your beneficiaries are, etc.) becomes part of the public record that anyone can access.
Keep funeral instructions outside of your will . The reality is your funeral may have already taken place before someone finds and reads your will, which can take days, even weeks. If your funeral or memorial service is important to you, the best way to help your family is to pre-plan, making arrangements with a funeral home. You can leave written instructions with the family as to your plans.
Your pets cannot inherit through your will . An animal is legally unable to inherit money or property from you. If you want your pets to be cared for after you die, leave money to a person willing to take care of your animals. The person you select can inherit your pets since a pet is considered property. You can also set up a pet trust or a pet protection agreement, either of which provides for your pet’s care.
Provisions for a child on government benefits are best in a trust . It is best to create a special needs trust to provide for a child with special needs or a child who is receiving government benefits. The trust can hold money for your child’s care without affecting those benefits.
There are ways to circumvent the limitations of a will by creating trusts, setting up pay-on-death accounts, and ensuring a beneficiary is named on all accounts that permit them. Your will is an important component of a comprehensive estate plan, but it can’t do everything.
We would be happy to discuss the pros and cons of having a will and other options available to you as part of your overall estate plan – Contact us today.
Still have questions?
Centrally Located in Brighton
near Cobbs Hill:
1399 Monroe Avenue,
Rochester, NY 14618
Map & Directions
Subscribe now and get our FREE Guide, "The Top Eight Mistakes People Make with Medicaid Qualification"
Rochester Elder Law
All Rights Reserved
Legal Disclaimer: We have organized and prepared this website to provide general information about our firm. Content is subject to change without notice. The material presented here is not legal advice and is not to be acted on as such. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Viewing this web site or contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. This site may contain attorney advertising. However, prior results do not guarantee a similar outcome.