Why You Still Need a Will

The Will has long been the basic tool used in estate planning. However, there are some situations in which having a Will would not seem necessary. A Will only controls assets that are part of your estate. There are many types of assets which are not part of your estate and therefore would not pass under your Will. For example, life insurance, annuities, retirement benefits, etc., are usually payable to a named beneficiary. Therefore they are not part of your estate and are not controlled by your Will. Also, property such as real estate which is owned jointly with rights of survivorship automatically passes to the surviving owner by law.

In many cases it is the client’s wish to have all his or her assets jointly owned in order to avoid probate and the need for a Will. While this is possible, and in many cases desirable, there are many reasons why a Will is still a good idea.

For instance, even the best probate avoidance plan can have holes in it; assets may be missed or forgotten, or new assets might not be titled jointly. Even if all assets are owned jointly, there is the chance of both owners dying together. Any of these unforeseen situations can result in the property becoming part of the estate, and thus, being subject to probate. If assets become part of the estate and there is no Will in place, then the property will pass based on the state laws of intestacy. This can lead to many undesirable results for clients, particularly clients with minor children.

While every client’s situation is different, there is almost always a need for a Will - even if only to be used as backup in a probate avoidance plan. It is important for you to speak with your attorney to discuss your estate plan and why you may need a Will or a Will update.




Birmingham Estate Planning Attorney Richard Burton provides legal services in Estates, Wills & Trusts, Probate Administration, Guardianship and Conservatorship, Asset Protection Planning, Business Succession Planning, Federal & State Tax Planning, Charitable Giving & Private Foundations. Contact Richard at www.attorneyrichardburton.com or call (205) 789-9894.