Our attorneys often hear “I just need a Will” but if a Will is your only legal plan and nothing else, you and your family might not be fully protected. For example, a house we live in protects us from the weather, but for a house to protect you, it needs a foundation, roof, and walls at a minimum. Without one of those components, the house could flood (no roof), wash away (no foundation), or completely collapse (no walls).

Disclaimer: The information provided is intended for informational purposes only and should not be construed as legal advice.

Why a Will Alone Is Not Enough

A Will is just one component of an estate plan because it only controls what happens AFTER you die. When it comes to your legal “house,” in order to be fully protected you need, at the very least, not just a Will but also two other components: a financial Power of Attorney and an Advanced Healthcare Directive (a.k.a. “Living Will”) which are documents that govern what happens BEFORE you die when you are unable to make your own decisions, such as being in a coma or having advanced dementia. These three documents are the foundation, roof, and walls of a basic estate plan.

How Attorneys Customize Your Estate Plan

Just like with building a house, there is not a “one size fits all” Will, Power of Attorney, or Living Will; all of the documents we prepare at LSS Law, LLC are individually tailored to the client. The house you build will be based upon what you need for the environment that you are building in and what you want it to look like; you might NEED a wind-resistant house if you live in tornado alley, but you might WANT that house to be covered with stone masonry instead of aluminum siding. Our priorities as Estate Planning Attorneys is to help you assess your legal environment and provide you with all of your options to determine what type of estate plan is best for your goals, family, and budget. Advanced Estate Plans include a few more components, such as Trusts or business agreements, which would be akin to a sump pump and backup generator providing additional protection for a house in a flood zone.

The key takeaway here is that a Will is not enough. If you are ready to build your “legal home” with a customized estate plan, you can request a consultation here.

FAQs

1. Is a Will enough for a complete estate plan?
No, a Will alone is not enough. It only controls what happens after your death and does not address decisions if you become incapacitated.

2. What documents are included in a basic estate plan?
A basic estate plan typically includes a Will, a Financial Power of Attorney, and an Advanced Healthcare Directive (Living Will).

3. What does a Financial Power of Attorney do?
A Financial Power of Attorney allows someone you trust to manage your finances if you are unable to do so yourself.

4. What is an Advanced Healthcare Directive?
An Advanced Healthcare Directive, or Living Will, outlines your medical preferences and appoints someone to make healthcare decisions on your behalf if you cannot.

5. Why is planning for incapacity important?
Without proper documents, your family may need to go to court to make decisions for you, which can be time-consuming, costly, and stressful.

6. When do a Will, Power of Attorney, and Living Will take effect?
A Will takes effect after death, while a Power of Attorney and Living Will take effect during your lifetime if you become incapacitated.

7. Are estate planning documents one-size-fits-all?
No, estate planning documents should be customized based on your personal circumstances, goals, family dynamics, and financial situation.

8. What are advanced estate planning tools?
Advanced estate plans may include Trusts, business agreements, and other legal tools that provide additional protection and control.

9. Do I need an estate plan if I don’t have many assets?
Yes, estate planning is not just about assets. It also ensures your financial and healthcare decisions are handled properly if you cannot make them yourself.

10. How often should I update my estate plan?
You should review your estate plan every 3-5 years or after major life events such as marriage, divorce, having children, or significant financial changes.