Is A Simple Will or Form Trust Enough?
One of the most common questions we hear is:
“I have a trust I wrote myself. Why isn’t that enough?” Or, “Why not just use an online will service like Everplans or WillMaker?”
They are inexpensive. They are quick. And they do produce something that sounds like an estate plan. The problem is that these documents, by themselves, do not guarantee your plan will work the way you intend it to.
Estate planning is not simply about having a will, or even a basic trust. It is about what happens:
to your assets
to your family
when you are no longer able to manage things yourself
Most of the issues we deal with are not from people who did nothing, but from people who have some documents and think they are protected when they are not.
They are from people who thought they had taken care of everything, but had missed crucial details in how their plan was set up and how it would function in practice.
For many people, filling out an online form does not produce a plan that works the way they expect.
Having experienced legal counsel is what ensures your plan is properly set up, coordinated, and able to work the way you intend it to.
How Wills and Trusts Work
Some people understandably do not know the difference between a will and a trust. They are often used interchangeably, but they are not the same.
What a Will Does
A will is a document that says who should receive your assets and who should be responsible for handling your estate.
Some people assume a will alone will help their family avoid having to go to court. However, if all you have is a will, your estate will still go through a court process before anything can be distributed.
What a Trust Does
A trust is not just a document. It is a way of holding your assets so they can be managed by a person you choose, according to the terms you set.
Instead of the court being in control, a trustee is responsible for handling your estate directly. But for that to work, your assets have to be transferred into the trust, called “funding”. This can be a complicated process involving properly naming accounts, titles, and ownership with the plan.
When that is not done correctly, the trust may exist on paper, but it does not function in practice. This is where having experienced legal counsel managing the process is important.
The Practical Difference
With just a will, your family typically goes through a court process to carry out the plan.
With a trust, the person you choose is able to carry it out directly, often avoiding court involvement entirely.
How They Work Together
Most complete estate plans use both a will and a trust.
The trust is designed to hold and manage your assets and allow them to be handled without going through the court process.
The will serves a supporting role. It covers anything that is not already in the trust and directs how those assets should be handled, called a “pour-over” will.
Together, they are meant to work as a system. The effectiveness of that system depends on how everything is set up and whether the assets are properly aligned with the plan.
Additionally, a comprehensive estate plan includes advance healthcare directives for medical issues, power of attorney for finances, and releases identifying who can receive information and act on your behalf.
Some assets, like insurance annuities, are not administrated by either probate or trust proceedings, and are simply titled in the name of the person(s) you wish to inherit. In these cases, we work with you to ensure the institution managing the account will distribute the funds correctly and to whom you wish.
Without these supplemental documents, your loved ones may not be able to help you, access critical information, make decisions when you are ill or incapacitated, or receive what you truly wish for them to receive when you pass away.
These are complex systems. Navigating them with experienced legal counsel helps ensure the plan works as intended and can prevent unnecessary delays, costs, and complications for your family.
Our Process
We approach estate planning as a coordinated system, not a set of individual documents. Sometimes, a simple transfer or trust is appropriate. Other times, someone’s assets or wishes require more complex trusts. Each step is designed to ensure what is created is properly structured, aligned with your assets, and set up to work the way that makes you confident and protected.
Initial Evaluation
We meet with you to review your assets, family situation, and any existing documents, and to understand your priorities and concerns. Sometimes, we just need to update or amend an already existing trust. Other times, we start from scratch to build your ideal legacy.
Plan Design
We work with you to collect and review your assets’ current titling, assess how your assets are currently structured, and prepare the appropriate documents. This stage involves follow-up questions and coordination to ensure the plan reflects your situation and wishes accurately.
Implementation
We complete the documentary paperwork, which generally includes the trust, certification of trust, advance healthcare directives and HIPAA release, durable powers of attorney, and pour-over will. We then guide the transfer and alignment of assets, including updating titles, accounts, and beneficiary designations to match the plan, so everything is properly set up and coordinated.
Frequently Asked Questions
How do I know if my current plan is set up correctly?
