A will is one of the foundational documents in any estate plan, but it’s important to understand both its powers and its limitations. At Kinney Law Office, we believe that everyone deserves an estate plan that works the way they want, when their family needs it. Here’s a closer look at what a will can and cannot do for you in the context of estate planning.
What a Will Does:
1. Distributes Assets: A will allows you to specify how your assets, such as money, property, and personal belongings, should be distributed after your death. You can name beneficiaries and determine exactly what each person will receive.
2. Names a Guardian for Minor Children: If you have minor children, a will enables you to designate a guardian to care for them in the event of your passing. This is one of the most critical functions of a will for parents.
3. Appoints an Executor: A will allows you to appoint an executor, also known as a personal representative, who will be responsible for carrying out the instructions in your will. The executor manages the estate, pays debts, and ensures that your assets are distributed according to your wishes.
4. Addresses Specific Bequests: You can use a will to make specific bequests, such as leaving a particular piece of jewelry to a niece or a sum of money to a favorite charity.
5. Expresses Funeral and Burial Wishes: Although not legally binding, a will is often used to express your preferences regarding funeral arrangements and the disposition of your remains.
What a Will Does Not Do:
1. Avoid Probate: While a will is essential for outlining your wishes, it does not avoid the probate process. Probate is a court-supervised procedure that validates your will and oversees the distribution of your estate. This process can be time-consuming and costly, and it becomes part of the public record.
2. Manage Assets During Incapacity: A will only takes effect after your death. It does not provide any authority to manage your assets or make decisions on your behalf if you become incapacitated. For this, you would need a durable power of attorney or a living trust.
3. Cover Non-Probate Assets: Certain assets, such as life insurance policies, retirement accounts, and property held in joint tenancy, pass directly to the named beneficiaries and are not governed by your will. These assets bypass probate and are transferred according to the beneficiary designations you’ve set up.
4. Provide Detailed Instructions for Ongoing Management of Assets: If you want to establish ongoing management of your assets after your death, such as setting up a trust for minor children or protecting assets for a beneficiary with special needs, a will alone is not sufficient. A trust would be necessary to accomplish these goals.
5. Protect Privacy: Because wills are subject to probate, the details of your will and the assets distributed can become public record. If privacy is a concern, a living trust may be a better option as it can help keep your estate details confidential.
Conclusion
A will is a powerful tool in estate planning, but it’s important to understand its limitations and how it fits into your broader estate plan. At Kinney Law Office, we’re committed to helping you create an estate plan that works the way you want, when your family needs it. We can help you determine whether a will, trust, or a combination of both is the best way to ensure that your wishes are honored and your loved ones are provided for.
If you’re ready to start planning, or if you have questions about how a will fits into your estate plan, contact us today. And as part of our mission to make estate planning accessible to everyone, we’re offering to help you set up a will for free through our resource from FreeWill.com — a gift from us to help you protect your future.
