We frequently have clients tell us that they don’t understand why they need to fill out our estate analysis checklist and have a meeting with us when all they need is a simple will. In fact, when we survey our estate planning clients, one of the main reasons why they do not proceed with estate planning and a will is because they don’t feel like they have enough money to worry about and because they want to keep their financial and personal matters private.
According to author and financial advisor, Dave Ramsey, “A simple will is just a basic will that lets you outline how you want your stuff given away after your death, choose a person to make sure your will is carried out, and even name a guardian for your kids. That’s it.” Simple, right? On the contrary, says the probate court.
Yes, one can obtain the document that non-lawyers may refer to as a simple will, but many times the insufficient simple will is as worthless as the paper it is written on. A simple will is likely lacking important legal terminology that the probate court requires in order to really achieve a person’s goals for distributing his or her estate upon his or her death. An abbreviated version of a comprehensive will, or a simple will, could often cause more problems than if there were no will at all when a person died.
In our 35 years of practice, we have seen the above scenario all too often…a handwritten will that was witnessed by family members, a will that was only notarized but not witnessed, a will that gives money to a minor, or a will that does not waive bond are all examples of “simple wills“ that created a disaster in the probate court. Not to mention, the attorney fees incurred in the probate court to clean up the mess caused by a poorly written will are always more costly than the fees paid to get the will done correctly by an estate planning attorney to begin with. Have you ever heard the saying, “Penny wise, but pound foolish?” That statement definitely applies in this situation!
So the short and long answer to our initial question is an emphatic “No.” Nine times out of ten, a simple will does not accomplish all of the goals for which the will was originally intended.
We must also mention that a will is not the only tool that a person needs in their toolbox in order to properly plan for death. That is why our firm does only comprehensive estate planning. We do not just prepare wills without examining whether a person is protected in all of the other areas that could affect the person’s assets when the person dies or becomes disabled. “Selling” a person a will, but not looking at all of the other aspects of thorough planning would be like selling a person a car without tires. A will is just one small piece of the pie when it comes to making sure that your assets, children, and family are protected, and provided for, upon your death or disability. Yes, any licensed lawyer can do a will, but do you really want a “Jack of all trades and master of none,” when it comes to protecting your hard-earned money and cherished family relationships?
Choosing a law firm with certified estate planning specialists is always the best plan. Estate planning lawyers have years of experience in knowing what kind of language the probate courts, banks, and title companies like to see in documents in order for things to go smoothly after a person dies.
One of the first things our clients say after signing their estate planning documents is that they are so relieved that their estate planning is finished. As the credit card commercial goes, “Peace of mind is priceless,” so please don’t put a price tag on planning for the inevitable.