When Your Will Does Not Work

Two issues ago, I wrote about how your Will may not work the way you wrote it. It prompted some questions as to whether you need a Will or not. The simple answer is yes everyone needs a Will. If you have an asset that does not have a beneficiary then your Will controls who would inherit that asset. There are many instances where people think they have beneficiaries named on everything and there may be a couple you forgot about.

Now is the time to review all of your assets and review how they are titled and whether you named a beneficiary or not. I’ve been recommending for years that people do this. A few years ago I decided to follow my own advice and found out that I had some assets with no beneficiaries listed. When I researched this issue, I found out that the beneficiary information was lost by the company.

The next question that was raised was should I have a Trust instead of a Will? My answer is maybe. That is why you need to review your estate plan and determine what is in your best interests. There is a little more work in drafting a Trust which includes drafting the documents and possibly funding the Trust now. That means transferring your assets into the Trust and then the Trust controls your assets during your lifetime.

I would suggest that you make an appointment with an attorney who concentrates in this area. You don’t want an attorney who specializes in personal injury cases writing your Will or Trust.

Remember a good estate plan includes a Will, maybe a Trust, a Living Will and Durable Powers of Attorneys for health and finances.

Questions, comments or ideas about future articles contact me at jurban.gcu@gcuusa.com

Atty. John J. Urban