Posted in Triplett & Carothers on May 2, 2025

A will has no legal power until it is admitted to probate and a personal representative is appointed by the court. But courts don’t act on their own after your death; someone must file the necessary paperwork. This is a built-in delay that can slow down the process significantly. Further, probate is a public process; the contents of your will can be available to anyone who asks. Probate is also expensive and time-consuming. In some cases, probate can take months or even a year, and court costs and legal fees can reduce an estate’s value by 3% to 8%.

A will lacks flexibility. Once signed and witnessed, it becomes a fixed document. Updating it requires a formal amendment called a codicil or an entirely new will. That rigidity can be a problem if your family, finances or priorities change over time.

Wills apply only to assets that don’t automatically transfer to someone else. Retirement accounts, life insurance policies and jointly owned property bypass your will and go to the beneficiaries or co-owners listed on those accounts. Your will can’t override those designations, so it’s important to review them regularly and make sure they still reflect your intent.

A will also doesn’t help if you’re incapacitated. For that, you will need a health care proxy and a durable power of attorney; these are documents that allow someone you trust to make medical and financial decisions on your behalf if you’re unable to do so.

Expand your planning tools

Instead of relying solely on a will, it might be worth engaging in more comprehensive estate planning. This can begin with a health care proxy and durable power of attorney, as mentioned above, then expand to include trusts. Trusts are a way to ease your loved ones’ decision-making burdens and to help certain assets avoid probate altogether.

Trusts offer more flexibility and more protection than wills. You can transfer assets such as investments, property and personal belongings into a trust that is managed by a trustee. The trust allows you to outline how and when your assets should be distributed. You can also include specific conditions, such as age milestones, timed payouts, or provisions for a family member with special needs.

Unlike a will, a trust can help reduce estate taxes, shield assets from lawsuits or creditors and extend financial protection across generations. While a will can name guardians for minor children, it usually lacks the detail and safeguards of a trust, which can provide instructions for how funds are to be used and clarify expectations for your children’s upbringing.

Writing a will is an important step, but it’s just the beginning. To fully protect your loved ones, consider working with an experienced estate planner to create a comprehensive plan. A thoughtful, flexible strategy will help you transfer wealth, preserve your values and reduce uncertainty for the people you care about most.

Reach out to Roz Carothers and her team at Triplett & Carothers to learn more.

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