Did you know that a will, aka Last Will and Testament is actually a terrible way to dispose of your estate? That’s right. You read correctly. A will is just not that great of a tool for arranging for the orderly disposition of your estate.
For some reason we have come to accept that everyone should have a will and that a will is a good way to make sure whatever property you own at the time of death gets where you want it to go. Books, movies and common wisdom make a big deal of “the reading of the will. I’m going to leave you out of my will” has become a common threat used to keep potential heirs in line. This mindset has become so ingrained and accepted that it overshadows the reality that a will, by itself is a very poor way to plan your estate. One could argue I suppose that a will is better than nothing (but even that could be debatable), but in reality, either people don’t really need a will at all, or, if their estate is a little more complicated, they need something a little more detailed than a will.
In the next post, I’ll discuss the problems with wills. And these are not trivial little issues. They go to the expense of a procedure as well as the lack of privacy that results. After that, I’ll explain why in most instances a will is not even necessary, finally I’ll outline some alternatives for you. consider the downsides of wills. Next, we’ll look at situations where they are not necessary at all. Finally, we’ll show you better ways to accomplish what you want.