Estate Planning Essentials: Why a Will Might Not Be Enough

When people think about estate planning, a will is often the first thing that comes to mind. But relying solely on a will might leave significant gaps in your financial plan, potentially putting your loved ones and your hard-earned assets at risk. Join Jeff as he breaks down the critical features of a will and why a will alone might not be enough to protect your assets and your family’s future.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(03:20) While a will directs the distribution of assets in your name alone, it does not control assets with joint owners or designated beneficiaries, like insurance policies or jointly held bank accounts.

(07:46) Most financial institutions won’t allow a testamentary trust (a trust established within a will) to be named as a beneficiary. This limits your ability to protect those assets after your death.

(09:26) Assets passed outright through a will can be exposed to risks like Medicaid repayment, creditor claims, financial mismanagement, and future spouses via death or divorce.

(11:11) Probate can be costly, with legal fees often ranging from 4-6% of the estate. While you can handle probate without a lawyer, the executor still bears significant personal liability to ensure everything is handled correctly.

(18:12) Relying on beneficiary designations to avoid probate can leave assets unprotected, potentially exposing them to creditors, lawsuits, and financial missteps.

(21:45) Unlike a will, a properly structured trust can help you avoid probate, reduce fees, and provide ongoing asset protection for your heirs.

(24:12) The absence of a will triggers the intestate succession process. State law will determine who receives the estate, or what is left of it. Most often, this is the closest living relative.

ABOUT BELLOMO & ASSOCIATES

Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.

LINKS AND RESOURCES MENTIONED

Bellomo & Associates workshops:https://bellomoassociates.com/workshops/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

For more information, call us at [phone].

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