“I have a Will. Is that good enough?”
During the informational seminars and lessons I give, I often hear this question. The simple answer is No. Of course in some situations a Will is all that is needed, but there are many unique situations to each family.
The Basics
- Will
- Living (Revocable) Trust
- Power of Attorney (POA)
- Advance Healthcare Directive
- Shari’ah Compliance
- Other Trusts
As you can see, a Will is a small part of a complete Estate Plan. Many of the documents overlap and repeat some information, but each document has a major purpose, each of which are different. A Will may be enough for a single person with no children and assets less than $100,000. A Will alone cannot protect real estate, inheritance, business interests, retirement accounts, healthcare decisions, or charitable donations.
Simplified
- Will – Names an executor and provides instructions on burial instructions and final wishes.
- Living Trust – Holds real and private property as a separate entity to avoid probate when you pass. It provides strict instructions to the executor on which people will inherit and how the property is to be treated.
- Power of Attorney – Names a person who can act as your representative in most (if not all) matters if you are not able to represent yourself. It includes representation in: banking, investments, property purchases/sales, and much more.
- Advance Healthcare Directive – Instructs doctors and a chosen representative on decisions regarding prolonged life, organ donation, and other medical decisions when you cannot make decisions yourself.
- Special Trusts can include a Waqf or Charitable Trust which gives a chosen amount or asset to a nonprofit of charity of your choosing. You can limit the scope of how your assets are used or spent and provide to a specific purpose.
If you are married, have a family, own more than $100,000 in assets, have health issues, or have religious practices you want protected, a Will is not enough. Our office has helped families pick up scattered peaces of an unplanned estate. The process can be costly and time consuming leaving your family to deal with the courts, collectors, and legal compliance. Ensure your generational wealth and security and complete an estate plan to meet your needs and wishes.