You may create a will to ensure that your property goes to the people you want to inherit from you after your death. However, should you still consult an estate planning attorney for further assistance if you’ve already written a will? While wills can accomplish a broad range of estate planning goals, you and your family may have certain financial or personal circumstances that require other legal strategies.
What a Will Does and Doesn’t Do
A will serves several core functions, including:
- Naming an executor to administer a person’s estate after their death
- Directing the distribution of estate property to specific beneficiaries
- Nominating a guardian for the decedent’s minor children
However, wills cannot handle other common issues that estate planning seeks to address. For example, a will cannot pass assets outside probate; conversely, any property passed via a will must go through probate. Wills also cannot address what happens to a person or their property if they become incapacitated. A will cannot help a person if they need Medicaid assistance for long-term care. A will also plays no role in asset protection or financial/tax planning.
Situations Where a Will Might Fall Short
Common scenarios where a will alone might not provide a comprehensive estate planning strategy include:
- Individuals or families who want to avoid or minimize the delay and financial cost of probate
- Second or subsequent marriages and blended families where spouses wish to protect separate wealth for biological family members
- Small or family business owners who want to manage tax implications of selling upon retirement or to pass on ownership and management to successors
- Individuals and couples who anticipate needing home health services or nursing home care in advanced age
- Families who want to protect legacy wealth
Texas-Specific Considerations
In Texas, married couples must also consider how the state’s community property laws may affect the distribution of their property under a will. Depending on an individual’s financial concerns or estate planning objectives, they may need other legal tools or strategies to achieve their goals.
Texas law also provides unique estate planning tools not found in many other states, which may better serve the legal and financial objectives of certain individuals or families. For example, Texas recognizes Lady Bird deeds, which can pass real estate outside probate while allowing property owners to retain control of those real estate assets during their life.
Signs You Might Need to Talk to a Forney Estate Planning Lawyer
Some of the circumstances that might indicate that you or your family need an estate plan that has more than a will include:
- You and your family own substantial, complex assets, such as business interests, real estate holdings, or large securities portfolios
- You have a child with special needs or a loved one who requires or will require significant care
- You have remarried, and you or your new spouse have children from a prior relationship
- You worry about affording long-term care expenses as you get older
- You want to authorize specific people to handle your affairs if you become incapacitated
Even if you have a modest estate adequately handled by a will and no other estate planning concerns, you should still speak to an estate planning attorney if you have not reviewed your will in several years or after a major life event like marriage, divorce, or the birth or adoption of a child.
Contact Our Firm Today for Knowledgeable Advice and Support
Although a will provides the cornerstone of an estate plan, you may have additional needs or goals better served by other estate planning tools. Contact Guest & Gray today for a free consultation with an estate planning attorney to learn more about other strategies beyond a will that you might need to protect your wealth and achieve your estate planning objectives.
