Wills & Trusts
The Pitfalls of a Will
- Wills alone require probate (proving) - generates attorney fees and extreme delays are possible before your loved ones can receive their inheritance.
- Wills are fully public. They are open to inspection by anyone who wants to know about your will and affairs.
- Wills offer no planning or direction for you or your family in the event of your disability.
- Wills create the requirement of the signature of even unhappy relatives on a release.
- Wills most often don't control the disbursement of their maker's life insurance proceeds, retirement benefits, or jointly-owned property.
- Wills often don't capture the hopes, fears, dreams, values and ambitions of their makers.
- Wills may not be effectivewhen their makers move to or own property in another state.
The Pitfalls of a Trust
- Although adding a living trust appears to be better than a stand alone will, assets do not avoid probate unless placed in and "funded" through the trust or trusts.
- Most living trusts alone are legal forms that do not contain instructions for loved ones.