Three Misconceptions Regarding Wills, wills are like many other legal documents: most people have an idea of what they are, but do not fully understand them until they go through the process of getting one themselves. With all of the do-it-yourself forms out there nowadays, more and more people are creating their wills without getting any legal counsel, and are falling victim to some common misconceptions regarding wills. This post will introduce you to three common misconceptions regarding wills.
MISCONCEPTION: A WILL AVOIDS PROBATE.
A will communicates your desires as they relate to the distribution of your property. Whether or not your estate will need to be probated will be dictated largely by state law and the value of your estate. Just because you have a will does not mean your estate will avoid the probate process.
MISCONCEPTION: A REVOCABLE TRUST ELIMINATES THE NEED FOR A WILL.
A will is still needed to transfer any assets into the trust that were not formally transferred before death. The revocable trust is one part of the process—an important part—but it only governs the property that has been transferred into it.
MISCONCEPTION: A WILL TAKES EFFECT UPON INCAPACITY.
A will takes effect upon death, not incapacity. If you are looking for a legal document that will allow someone to handle your affairs while you are alive, in the event of incapacity, you are looking for a power of attorney.
For all of your estate planning and probate needs, contact Drizin Law Firm today! 702-798-4955