Remarriage can bring new opportunities, but it can also create estate planning challenges. If your current plan was created before your second marriage, it may no longer protect your spouse, children, or other loved ones the way you intended.
Do you have a will?
If you do, you’ve already taken an important first step. But many Florida families are surprised to learn that having a will doesn’t mean they’ll avoid probate.
That’s one of the biggest misunderstandings we see.
A will tells the probate court what you want to happen to your property after you pass away. It does not keep your loved ones out of probate.
So how do you know if a simple will is still enough? Here are five signs a will may not be enough.
1. You Want to Keep Your Family Out of Probate
This is the biggest reason many people move beyond a simple will.
A will does not avoid probate. Instead, it gives the probate court instructions about how your estate should be handled.
Probate is the court process used to settle your estate after you pass away. In our experience, many probate cases take 8 to 15 months, and the costs can add up to thousands of dollars, depending on the estate.
Once people understand how probate works, many decide they want to explore planning options that may help simplify things for their family.
2. Your Estate Has Become More Complicated
When you first created your will, life may have been much simpler.
Today you might own:
- A home
- Investment accounts
- Rental property
- A business
- Significant savings
As your assets grow, your estate plan should grow with them. A simple will may no longer meet all of your goals.
3. You Want a Plan for Incapacity, Not Just Death
A will only takes effect after you pass away.
But what happens if you’re still living and can’t make financial or medical decisions for yourself?
That’s where other estate planning documents become important. Depending on your situation, your plan may include a Durable Power of Attorney, a Designation of Health Care Surrogate, a Living Will, or a revocable living trust.
Planning for incapacity can help your loved ones understand who should make decisions if you’re unable to do so.
4. Your Family Situation Isn’t Simple
Every family is different.
You may have:
- A blended family
- Children from different relationships
- A loved one with special needs
- Adult children with different financial situations
- Someone you worry may struggle with managing an inheritance
These situations often require more than a simple will. A trust may provide additional flexibility and allow you to decide how and when assets are distributed.
5. It’s Been Years Since You Looked at Your Estate Plan
Many people sign a will and never think about it again. But life changes.
You may have retired, welcomed grandchildren, bought property, sold a business, or experienced changes in your health.
Your estate plan should reflect your life today—not the life you had ten or twenty years ago.
A regular review can help make sure your documents still match your goals.
The Right Estate Plan Depends on Your Goals
There isn’t one estate plan that’s right for everyone.
Some families do well with a simple will. Others benefit from adding a properly funded revocable living trust and other planning documents.
The right approach depends on your family, your assets, and what you want to accomplish.
At Legacy Planning Law Group, attorney Bill O’Leary and the entire Legacy Team at work with families to create estate plans that fit their unique circumstances—not a one-size-fits-all solution.
Key Takeaways
- A will does not avoid probate.
- Probate can take months and may involve high costs, depending on the estate.
- Planning for incapacity is just as important as planning for what happens after death.
- As your family and assets change, your estate plan should change too.
- A review with a wills and trusts attorney in Jacksonville, FL, can help you determine whether your current plan still meets your goals.
Is Your Will Still Enough?
If you’re not sure whether your current estate plan still fits your life, now is a good time to review it. A conversation today may help you identify opportunities to better protect your family and simplify things for the people you love.
Legacy Planning Law Group helps individuals and families throughout Northeast Florida understand their options and create estate plans tailored to their goals. Book a call today to learn more.
References: The News-Enterprise (November 18, 2019) “Examining Three Common Mistakes of Estate Planning“
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