Simple Wills
Although most individuals believe that a simple will is sufficient, this is usually not the case. In most situations, an attorney who concentrates in estate planning will recommend a pour over will accompanied by a trust. Simple wills that leave outright distributions often have unintended consequences.
Spouses
A surviving spouse who is not accustomed to dealing with finances may become overwhelmed with the responsibility of making monetary decisions and quickly exhaust the remainder of the estate. The surviving spouse may also remarry or have children from prior relationships. Therefore, the surviving spouse could leave the assets to a new spouse or his or her biological children from future or prior relationships. This situation can be addressed with the use of a Q-TIP Trust.
Minor Children
Where children have the potential for being beneficiaries of the estate, an outright distribution through a simple will is not usually advised. When money is left to a minor child (anyone under the age of eighteen) through a simple will, a guardian will be appointed to receive and manage the funds on the child’s behalf. Guardianship for the estate of a minor child is a court supervised procedure that involves periodic accountings. This process can be very expensive and time consuming.
No Privacy
The assets that are left by a will are also accessible by the public. Therefore, anyone can find out what property you owned and who has inherited it. Unscrupulous individuals often use this information to take advantage of beneficiaries. A living trust can be used to keep your information private.
