A Will Is a Key Component of Any Estate Plan, but It’s Not Enough

A will can help you accomplish a number of important estate planning goals. For example, it allows you to direct how property that is subject to your will should be distributed after your death.

At The Lansky Law Firm, we help individuals and families understand the importance of creating a comprehensive estate plan that addresses both their wishes for the future and the decisions that may need to be made during their lifetime.

If you die without a valid will, property that would otherwise pass under a will is generally distributed according to your state's intestate succession laws. Those laws determine which relatives inherit and in what proportions, regardless of whether that result matches what you would have chosen.

It is also important to remember that not every asset passes through a will. Property held jointly with rights of survivorship, retirement accounts, life insurance policies, payable-on-death accounts, and other assets with valid beneficiary designations generally pass according to their ownership or beneficiary arrangements rather than the terms of a will.

A will can also play an important role if you have minor children. Parents can use a will to nominate the person or people they would want to serve as guardian if a guardian becomes necessary. Although the court ultimately determines who will be appointed based on applicable law and the circumstances at the time, documenting your wishes can provide important guidance.

In short, a will addresses several important issues that arise after death. However, a comprehensive estate plan should also consider what happens during your lifetime if you become unable to manage your own affairs.

A financial power of attorney allows you to authorize someone you trust to handle specified financial and legal matters on your behalf. The scope and requirements of a power of attorney vary by state, but without appropriate planning, court involvement may become necessary if you can no longer manage your affairs yourself.

Health care planning is also important. Depending on state law, documents such as a health care proxy, health care power of attorney, living will, or other advance directive can allow you to name someone to make health care decisions if you cannot make them yourself and can document your wishes regarding medical treatment.

Without these documents, decisions about your finances or medical care may have to be made under state law or through a court proceeding, and the person authorized to act may not be the person you would have chosen.

A will remains an important part of many estate plans, but it is only one piece of the planning process. A well-coordinated estate plan may also include powers of attorney, health care directives, beneficiary designations, trusts, and other planning tools based on your family, assets, and goals.

Having a will is an important step in preparing for your family's future, but a complete estate plan often requires additional documents and careful coordination. At The Lansky Law Firm, we help families understand how wills, trusts, powers of attorney, and health care directives can work together to reflect their wishes.

Whether you already have a will or are just beginning the estate planning process, our team can help you evaluate your needs and identify additional planning tools that may be appropriate.

Contact The Lansky Law Firm today to register for an upcoming workshop or schedule your initial planning meeting and begin creating a plan that protects both your wishes and your family's future.

Call (901) 767-7006 or visit www.lanskylawfirm.com to get started.

The Lansky Law Firm 6800 Poplar Avenue, Suite 225 Memphis, TN 38138