Wills

A Will is your simple instructions to tell the court who will get the assets you own after you die and who will ensure it gets done (your Executor). Without a Will, your assets will go to the people, which may not agree with what you would want. More importantly, if you do not have a Will, the state will dictate who is in control of your assets and the distribution process. Most people do “Sweetheart Wills”; everything to my wife or everything to my husband. A properly drawn Will should have “stand by” provisions for underage or disabled beneficiaries. Many people do not want underage beneficiaries to be receiving large sums of money on their 18th birthday which occurs in most simple Wills. Additionally, today many people are receiving some form of state or federal benefits to help pay for a disability they may have. Naming them as beneficiary in your Will could instantaneously disqualify them from those state and federal benefits they are receiving. A properly drawn Will should have a stand by Special Needs Trust so you can still leave your bequest to a disabled beneficiary without worrying about it disqualifying them from their state or federal aid. And lastly, for those who choose to pursue it, a Will can incorporate a trust at your death to set up protection of the assets for your family members you leave behind which would provide them use of the assets without making the assets available to their spouses in divorce, lawsuits, creditors, or nursing homes. Unfortunately, since the trust is in the will it will still need to go through probate to be created and will not be automatically created upon your death. Contact us to discover the different types of Wills and which is best for you.

Many people consider joint accounts, beneficiary-designated accounts, or payable-on-death accounts to avoid the need of a Will. While this does bypass the need for a Will and provides the named individual will receive your assets immediately after your death, there is no protection or guidance in the event the individual is not able to receive it or if you become incapacitated. For example, if you own something joint with a spouse and she is disabled at the time of your death, all your assets will go to her and then be available to pay for her costs in a nursing home. In addition, if you own assets joint with your children, they can be lost to your children creditors. If your child ends up in bankruptcy or divorce, oftentimes your assets may end up in the hands of a former spouse or bankruptcy court. Having joint accounts or beneficiary-designated accounts can be very dangerous. In limited circumstances, they do work but we recommend a comprehensive review of your accounts to determine the risks to your family and determine the best way to own your assets.