As a Torrance estate planning lawyer, I often meet with families who believe they’re fully protected because they have a will. While having a will is certainly better than no plan at all, relying solely on this document might leave unexpected gaps in your estate plan that could impact your loved ones.
Let’s explore three significant drawbacks of will-only planning that many people don’t realize until it’s too late.
The Privacy Problem
When your estate goes through probate, your will becomes a public record. This means anyone can access information about your assets, debts, and who inherited what. In today’s digital age, this level of transparency might expose your loved ones to unwanted attention or even potential scams. More comprehensive planning tools, like trusts, can help maintain your family’s privacy during an already emotional time.
The Probate Puzzle
Many people don’t realize that having a will doesn’t avoid probate – it simply guides the process. Your family still needs to navigate the court system, which can take months or even years in some cases. During this time, your assets remain in limbo, potentially creating financial stress for your loved ones who need immediate access to resources to handle final expenses or ongoing bills.
The Care Gap
A will only takes effect after you pass away – it offers no protection if you become incapacitated. Without additional planning tools like powers of attorney or healthcare directives, your family might need to pursue costly guardianship proceedings to manage your affairs or make medical decisions on your behalf. This can create unnecessary stress and expense during an already challenging time.
The good news? These drawbacks are entirely avoidable with proper planning. Your estate plan should be as unique as your family, taking into account your specific circumstances, goals, and concerns.
Don’t let your family discover these limitations the hard way. Our experienced team can help you create a comprehensive estate plan that protects your loved ones and honors your wishes, both during your lifetime and beyond. Contact us at 310-782-6322 to schedule a consultation and discover how we can help you build a more robust plan for your family’s future.