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Do You Have an "I Love You Will?"

, • POSTED ON: April 26, 2019

How do you know if your will falls short? Many Wills do little more than having no plan at all—we call these “I Love You Wills”. In fact, these Wills name a person to be in charge of the estate, sometimes they waive bond, and that is really all they do. WILLS GO THROUGH PROBATE. This fact shocks people everyday who are grieving the loss of a loved one and do not realize they have no power to act even though they are named in a Will. The Will has to be probated (administered through the court system) before anyone is appointed to act on behalf of the estate – no paying bills, paying beneficiaries, selling assets, paying funeral home, etc.  

Further, most Wills leave the entire estate unprotected. The surviving spouse may lose the inheritance to creditors (in a car accident), to a new spouse (remarriage), or to Uncle Sam due to poor planning. Then, the assets just “dump” to the children and are not protected from divorce, creditors, partition suits, unexpected illnesses and death, and taxes. Children lose inheritances to ex-spouses or greedy in-laws. They have disputes with their siblings over jointly inherited assets or personal property that tear the family apart. “I Love You Wills” often leave our loved ones in a state of chaos, confusion, and unprotected from every-day life events. 

Make sure you understand WHAT your will actually does and the ramifications of that language at your death. Do you know the process your loved ones will go through? If you already have a Will and want to learn more about the process your loved ones will go through, come see us. We give a no cost second opinion so you understand the planning you have in place and the risks you are taking. All wills are not created equal. Make sure your Will fits your family and accomplishes your goals. It’s about more than saving taxes and passing money down. It’s about the impact your planning leaves on your family.

Schedule a free consultation with Harris Law & Co. today.

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This is not what you do every day. It is what we do. Let us help provide the resources you need to make an informed decision.

 

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