Can You Create a Will and Nothing Else?

A Last Will and Testament is an essential estate planning tool – but is it all you need? Can you get away with this single document – and nothing else? This is a relatively common question among those who want to keep estate planning in Palm Beach County affordable. Others may be attracted to the “one and done” nature of a Will, including those who do not have much free time for estate planning. Ultimately, the viability of this one-sided approach depends entirely on your unique situation.

A Will Is a Positive First Step for a Younger Individual 

As many estate planning lawyers never get tired of saying, it is never too early to write a Will. Younger individuals should consider creating Wills as soon as they have substantial assets, and this document alone can save your family considerable stress. For example, you might have spent a few years working after graduating from college. Your savings might not seem like much, but you can still create a Will in order to help your family know and understand your wishes, should you pass away.

It may be even more important to consider a Will after a major life event, such as after marriage or the birth of children. You might also consider writing a Will after purchasing your first home, especially as the value of your property could skyrocket within a few short years.

The bottom line is that even with just a Will and no other estate planning documents, you can ensure relatively seamless transfers to your beneficiaries and minimize court fees. You can also choose who you’d like to inherit your assets, as the court will make this decision for you if you die intestate (without a Will).

Younger individuals may also be less likely to become incapacitated, which means that the creation of powers of attorney and living wills is less urgent, although still important. These estate planning tools allow you to appoint the individuals you choose so you can maintain some degree of control over medical and financial decisions if you suffer an incapacitating injury, such as a coma. However, such measures become increasingly important as elderly people face end-of-life care and potential dementia.

Trusts Allow You to Achieve More Complex Estate Planning Goals 

If you have a little more time and resources to spend on your estate plan, you might want to consider adding a trust to your Will. Trusts can achieve more complex goals, such as providing a gradual amount of financial support to your loved ones. This might be necessary if you’re concerned about your spouse’s ability to manage money, for example.

 Discuss Your Estate Planning Goals 

If you’d like to determine whether a Will alone is good enough for your estate plan, consider speaking with an experienced estate planning attorney in Palm Beach County. These legal professionals can assess your unique situation and determine whether you might benefit from additional estate planning tools. Consider scheduling your first consultation with Kitroser Lewis & Mighdoll today.

Sources: 

flsenate.gov/Laws/Statutes/2011/736.0502

help.flcourts.gov/Other-Resources/Probate