While having a will is a crucial part of estate planning, relying solely on a will without a trust can lead to complications and potential "horror stories" for your loved ones after you're gone.
Here's why a will alone can create problems and some examples of where things can go wrong:
1. Probate:
- Time and Expense: A will must go through probate, a court-supervised process to validate the will and distribute assets.
- Probate can be a lengthy process (potentially taking many months or even years) and can be costly, reducing the inheritance available for your beneficiaries.
- Public Record: Wills and probate proceedings become public records, potentially exposing your family's private matters.
2. Lack of Privacy:
- Public Disclosure: Since a will becomes a public record during probate, anyone can access it and see details about your assets and how they're distributed.
