When considering estate planning, most people initially think of creating a Last Will and Testament. This is understandable since a Will often serves as the foundation of an estate plan, even for the most intricate plans. Conversely, a Will may be the entirety of an estate plan when more complex tools aren’t necessary. How do you know if a simple Will is enough for you? To help you decide, the attorneys at Unsworth LaPlante, PLLC discuss how to know if you need more than a simple Last Will and Testament.
What Can a Last Will and Testament Do?
A basic Last Will and Testament is a legal document that allows the Testator (the person creating the Will) to make gifts of his/her estate assets upon their death. These gifts can be general, such as leaving half of your estate to a beneficiary, or specific, like bequeathing your art collection to a favored niece. In addition to making gifts, a simple Will lets parents of a minor child nominate a Guardian if one is ever needed and appoint an Executor to oversee the probate of the Testatorâs estate after death. While a Will is often the chosen tool for distributing estate assets after death, it isn’t the only option. A trust can also achieve the same goal. Deciding which one is best for you requires you to consider numerous factors.
What Are Some Drawbacks to Relying on a Simple Will?
Though a simple Will can distribute your estate assets after your death, it has several drawbacks that you should consider when creating or updating your estate plan, such as:
- Lack of Control: Once an asset is transferred to a beneficiary via a Will, the beneficiary can use the asset as they wish, without restrictions.
- Difficulty in Modification: Changing a Will often requires executing a new one, which can be cumbersome if you need to make frequent updates.
- Incapacity Coverage: A Will only takes effect after the Testator’s death and cannot address asset management or decision-making if you become incapacitated.
- Public Record: A Will must go through probate, making its terms a matter of public record.
When Might a Trust Be a Better Option?
A trust is a legal arrangement where property is held by one party for the benefit of another. Created by a Settlor (also referred to as a Grantor or Trustor) who transfers property to a Trustee, the Trustee manages the property for the trust’s beneficiaries. A trust can serve as an alternative to a Last Will and Testament for distributing your estate assets. Many find the benefits of using a trust make it a more advantageous primary estate planning document. Common benefits of trusts include:
- Continued Control: The terms of a trust allow you to specify exactly how and when your assets are used. Appointing a Trustee ensures that your wishes are followed, providing control over asset use even after your death.
- Ease of Amendment: Minor changes to a trust can be made with a simple amendment, avoiding the need to create a new document and making it easier to update your estate plan as circumstances change.
- Incapacity Coverage: A revocable living trust allows you to designate a successor Trustee who can manage your assets if you become incapacitated, ensuring that your affairs are handled according to your wishes.
- Probate Bypass: Assets held in a trust bypass the probate process, allowing for the immediate distribution to beneficiaries. This also keeps your estate distribution private, as it does not become a matter of public record.
Considering these points can help you decide whether a simple Last Will and Testament is enough for you or if incorporating a trust into your estate plan better meets your needs.
Do You Need Help Deciding If You Need More than a Simple Last Will and Testament?
For more information, please attend one of our upcoming FREE webinars. If you would like assistance deciding whether you need more than a simple Will, contact an experienced estate planning attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.
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