Did you Know? Using a will for your estate planning might be a bad idea
If all you own is a house, car, and bank accounts, using a will might be a bad idea. Here are several reasons why.
First, wills almost always have to go through the court system to be effective. In other words, one must hire a lawyer to get it filed and navigated through the court system. The rules are simply too voluminous and meticulous for most people to do this themselves. The attorney’s fee can take a good chunk of the estate away before a final distribution—especially for smaller estates. Sometimes the process of finding the right lawyer can be frustrating and time-consuming.
Second, someone usually must be willing to help the attorney by serving as executor or executrix. It is not uncommon for those who have been appointed as executor to be unable to do this due to death or old age, which can delay the process of probating the will. Further, many who actually are appointed as executors are busy, so having them sign papers, check the home, and do the inventory and accounting can be a headache.
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