What Is Wrong With Only Having a Will?

What Is Wrong With Only Having a Will?  Why Should I Get a Living Trust?

By Attorney Paul Hanks of Ironclad Living Trusts in California

Many people in the exploratory stages of estate planning are tempted to obtain a Will. For very basic estates a Will alone may be sufficient.  However in California, the ownership of a home is a very valuable asset and by no means basic. This Blog presents the many failings of a Will in California.

Would you like to have your home pass through probate even if that Will is not challenged? If that is your wish, choose a Will over a Revocable Living Trust.

For married couples, if you are the first spouse to die, do you want your surviving husband or wife to be in sole control of estate planning with no input at all from you? If so, then save the cost of a living trust.

Do you have no interest in protecting your estate from Medi-Cal estate recovery? If you have no concerns about Medi-Cal estate recovery, then opt for a Will over a California Revocable Living Trust.

If you are married, would you like to risk your estate upon the death of your spouse to the filing of a spousal petition in the Superior Court? If so, then a Will is for you.

Do you have no worries whatsoever about financial scams and opportunistic individuals seeking to take advantage of you as an elder? If you have no concerns about elder financial abuse then you would select a Will over a Living Trust.

Have you considered the California Transfer on Death Deed only to later learn of its multiple failings and downsides? If you want to risk your estate, then the California TOD deed awaits you.

Are you aware that, without the proper estate documents in place, the onset of a severe and disabling accident could place your wealth in great jeopardy? Sudden accidents causing crippling injuries are not uncommon. Long term illness afflicts many elders. A Will by itself fails to allow for protective estate management during periods of incapacity, whereas a Trust is very empowering of your designated trustee to insulate the estate to as great a degree possible.    

As presented by this Blog, the limitations of a Will are extensive. It is best to be very well informed about the critical differences between a revocable living trust and a will.