Skip to Content
Free Consultation 888-885-9001
Top

A Simple Will Is Not Enough

|

A Simple Will Is Not Enough

A basic last will and testament cannot accomplish every goal of estate planning; in fact, it often cannot even accomplish the most common goals.  This fact often surprises people who are going through the estate planning process for the first time.  In addition to a last will and testament, there are other important planning tools which are necessary to ensure your estate planning wishes are honored.

Beneficiary Designations
Do you have a pension plan, 401(k), life insurance, a bank account with a pay-on-death directive, or investments in transfer-on-death (TOD) form?

When you established each of these accounts, you designated at least one beneficiary of the account in the event of your death.  You cannot use your will to change or override the beneficiary designations of such accounts.  Instead, you must change them directly with the bank or company that holds the account.

Special Needs Trusts
Do you have a child or other beneficiary with special needs?

Leaving money directly to a beneficiary who has long-term special medical needs may threaten his or her ability to qualify for government benefits and may also create an unnecessary tax burden.  A simple vehicle called a special needs trust is a more effective way to care for an adult child with special needs after your death.

Conditional Giving with Living or Testamentary Trusts
Do you want to place conditions on some of your bequests?

If you want your children or other beneficiaries to receive an inheritance only if they meet or continually meet certain prerequisites, you must utilize a trust, either one established during your lifetime (living trust) or one created through instructions provided in a will (testamentary trust).

Estate Tax Planning
Do you expect your estate to owe estate taxes?

A basic will cannot help you lower the estate tax burden on your assets after death.  If you think your estate will be liable to pay taxes, you can take steps during your lifetime to minimize that burden on your beneficiaries.  Certain trusts operate to minimize estate taxes, and you may choose to make some gifts during your lifetime for tax-related reasons.  

Joint Tenancy with Right of Survivorship
Do you own a house with someone “in joint tenancy”?

“Joint tenancy” is the most common form of house ownership with a spouse.  This form of ownership is also known as “joint tenancy with right of survivorship,” “tenancy in the entirety,” or “community property with right of survivorship.”  When you die, your ownership share in the house passes directly to your spouse (or the other co-owner).  A provision in your will bequeathing your ownership share to a third party will not have any effect.

Pet Trusts
Do you want to leave money to your pets or companion animals?

Pets are generally considered property, and you cannot use your will to leave property (money) to other property (pets).  Instead, you can use your will to name a caretaker for your animals and to leave a sum of money to that person for the animals’ care. 

Categories: 

Opinions That Matter Most

Read What Our Former Clients Have to Say
    "I would highly recommend him."
    I have met with Mr Burton several times and always found him to be professional and personable
    - Bonnie T.
    "Highly recommended for estate planning"
    We were heard and guided to do the best for our families needs
    - Fred S.
    "Friendly and personable service."
    J S Burton, PLC has helped with my estate planning. All aspects of my trust are clearly defined in an easy-to-understand folder. They coordinated with my financial planner seamlessly. The staff is friendly and personable. I highly endorse J S Burton.
    - Elizabeth M.
    "Thorough, responsive, and knowledgeable. I highly recommend this firm!"
    Thorough, responsive, and knowledgeable. I highly recommend this firm!
    - Krystin R.
    "Truly impressive and caring."
    J S Burton, PLC has been our family's trusted estate planner for over 20 years. Their professionalism, knowledge, and dedication are unmatched. They guide us through complex decisions with ease and clarity, always with a personal approach.
    - Ryan D.
    "Highly skilled and compassionate."
    J S Burton, PLC is an excellent estate planning firm—highly skilled, knowledgeable, and experienced. They listened with great kindness, compassion, and courtesy. All questions were answered, and a perfect estate plan was created. Very happy!
    - Kathy R.
    "Excellent service"
    The service was excellent!
    - Susan B.
    "Competent, professional service"
    Competent, professional service.
    - Fred S.

Schedule a Free Consultation

Learn About Your Legal Options
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy