Frequently Asked Questions
Yes! A will says who gets what, but estate planning covers what if you're incapacitated or disabled, who's in charge of your assets and your medical decisions and if you're a parent to minor children, who's caring for them during that time, and then ultimately who would be raising them if something were to happen. You definitely need more than a will.
There are a number of benefits based on your situation. At a minimum, if you leave a will and no trust, your family's probably gonna have to go through the probate court in most cases. If you utilize a trust instead and everything is done properly, then your family can avoid the probate court, the associated fees, AND things can be much more immediate as well as kept private. With a will, your personal decisions become a public record.
An estate plan is a comprehensive plan that covers beyond just who gets what. Who gets what is only one piece. Estate planning covers incapacity and disability. Who will pay your bills? Who do you want to make medical decisions for you, and talk to your doctors to find out how you're doing? An estate plan also covers guardianship. You decide who will care for your minor child if you're unable to, and will raise them, if necessary.
As soon as you have a life change, your DIY documents are insufficient. The real value of estate planning is having the advice and counsel of an experienced attorney crafting comprehensive documents based on your unique situation. Any other way is just generic paper sitting in a drawer, unlikely to provide protection and peace of mind when you really need it.