Two Reasons Why a Will Doesn’t Do Enough

will

 

Many people confuse a will and estate planning. A will is one component of an estate plan. It might be all that you need, but there’s a good chance you need to work with a Plymouth, MI estate planning attorney to determine the full extent of your own estate plan. A will is definitely the basis of an estate plan, but there are two main reasons why a will doesn’t cover all your needs in an estate plan.

 

The first is that a will does not entirely avoid probate at your death. In fact, a Michigan will is intended for probate court and you can think of it like a set of instructions for the judge and executor. The will, then, becomes a matter of public record. Some people may wish to use a trust to add more privacy to their estate plan in lieu of or in addition to a will.

 

The second reason that a will falls short in a comprehensive estate plan is that it only provides for what happens after you pass away. While this is important and can make things easier for your loved ones, it doesn’t answer the question of what happens to you or your affairs if you become incapacitated due to illness or injury. These are equally important concerns that could also put pressure on your family without proper planning, including naming someone to handle your affairs or ensure your medical wishes are followed if you are unable to speak for yourself at any point.

 

Incapacity planning is a key part of protecting your future. If you’re not sure where to start, a lawyer can help you walk through your wishes and what documents can help you.

 

Ready to discuss creating a will and whether or not you need other estate planning tools? Call now to speak with a Plymouth, MI estate planning lawyer.

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