There are many mistaken beliefs about what a will does for you. While they are an important part of an estate plan, wills have three major limitations.
A will doesn’t avoid probate
This sometimes comes as a shock to people – a will has to go through probate
, meaning your heirs will have to wait months before the court approves the distribution of your estate, not to mention the extra expense and headache of going to court.
A will doesn’t cover you if you are incapacitated
A will only takes effect when you die. A will is can’t help you if you are in the hospital, and need someone to make important medical decisions, and financial decisions. If you become permanently incapacitated, a conservatorship
may even be required without the right legal documents.
A will won’t protect your estate against creditors
In probate the opposite is true: creditors are actually protected – you are required to find and notify any of your creditors so they can submit claims against the estate. Also, any creditors of your heirs can also submit claims against what they expect to receive.
All of the above problems have simple solutions contained in a complete estate plan. Are you prepared?
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Erik is the founder of Estate Plan Pros, a leading estate planning practice in Elk Grove. Erik’s practice focuses on Estate Planning Law. In Estate Planning, Erik works with clients to make the process simple, so clients can focus on more important things. He is a local authority for specialized estate planning instruments, like Special Needs Trust, Irrevocable Trusts, or other focused documents. Erik has litigated, negotiated, and mediated the gamut of family law cases. With this unique perspective as a family law and estate attorney he can often spot issues otherwise overlooked. Prior to graduating he worked as a legislative analyst for a non-profit organization, and volunteered as a youth counselor. Erik currently participates in local politics and is an active member of his local church. Erik is very happily married and has two young sons. Together, his family loves to get outdoors and enjoy the varied activities the Sacramento region has to offer.