Do I Need a Will If I Have An Estate Plan?

You may have a robust estate plan in place. Your assets are designated for transfer, and your retirement accounts are all earmarked for different beneficiaries.

But what about a Will or trust? Do you need one if you already have an estate plan? The answer is “yes,” and here are some valid reasons why:

Preventing Family Conflicts

Even if all other estate issues are covered, you want a Will or trust. Dividing up possessions, such as family heirlooms, in advance can avoid a lot of strife and misunderstanding among surviving loved ones. It may sound absurd, but some siblings and other family members have had horrible, lasting disagreements over treasured possessions left behind.

Any personal items that may have sentimental value should have a destination. It’s wise to make such designations formal by having them listed in your Will, which doesn’t take a long time. Also, you may not need to go into great detail, but you should create a Will or trust to clarify your intentions regarding who receives what.

Helping Your Parents

If one of your parents is alive and you name them as a life insurance beneficiary, you may think you are doing them a favor. However, the resulting payout may disqualify them from receiving government benefits. Instead of a lump-sum payment, set up a series of payments to allow your parent to continue to receive federal benefits.

Caring For Your Pets

Naming a responsible party to care for your pets could prevent them from going to a shelter. Leaving care instructions and naming a caregiver will ensure your pets are cared for.

Peace of Mind with a Cincinnati Estate Plan Attorney

Estate planning is a complex process, and you could overlook some issues if you handle it yourself or rely on an online do-it-yourself Will or trust. Instead, trust your family’s future to a qualified attorney with Donnellon, Donnellon & Miller. Our team of estate plan experts will ensure you leave no stone unturned when protecting what’s yours.