Why would I even want a Will?
There is a trend to try and avoid probate at all costs. Yet probate need not be feared, and avoiding probate is not always advised. Here are three situations (here may be more) where you should at least consider probate.
- Cost. There are costs to probate, but those are incurred after your death. Although trusts are a great way to avoid probate, they come with an upfront cost that may be too much for you while living. Spending money now means it will not be there for you down the road. You may benefit from keeping your hard-earned money for your use while you are living. In addition, trust administration is not automatic or free. There will still be cost your trust bears after your death, although they are often less than the cost of probate.
- Medicaid. If you are married and your spouse is receiving Medicaid benefits, then probate is necessary to help protect the Medicaid benefits in case you die before your spouse. Probate in this scenario is worthwhile because it helps preserve your spouse’s Medicaid benefits.
- Family dynamics. Some families benefit from a referee. Going through probate allows the court to make sure things run smoothly and give your heirs easy access to the court to settle disputes. A trust, by design, is meant to be private. There is no oversight of the trustee by a third party.
As with all estate planning, there is no one-size-fits-all plan. Each person has particular goals and desires. Each family has its own unique relationships and history. If someone tells you that you “must have a trust” or “no one should go through probate,” you should get a second opinion. Contact our office today to schedule your initial consultation or to have your current plan reviewed. We look forward to meeting with you.
Notice To Current Clients
As of January 1, 2024, we changed our billing system. Please review any invoice you receive from us for accuracy during this time of transition and contact us if you notice any discrepancies. Thank you for your patience and understanding.
