I want my instructions to be easy to understand
Protecting your young family's future is probably your main reason for creating a will. You want to make sure that they are cared for in your absence and that they won't have to worry about fighting over the assets you leave behind. And yet, that could be the end result if you make your will too complex. If your goal is asset protection and easing the transition for your young family when you're gone, you either need to consider other options, like family trusts, for example, or you need to simplify your will. Here are a few reasons to do so.
If my will is complex it will cost a lot to prepare and administer
The more complex your will is, the more it's going to cost to create it, not to mention make changes down the road. If it looks like creating a last will and testament is going to result in a hugely complex document that costs you an arm and a leg, it's time to consider an alternative like a family home trust that is designed to provide the protections you seek for less overall cost.
There will be a greater risk of interpretation
Wills have to go through the probate process. In most cases, your assets will be discharged as you intended in your will. But if you make this document more complex than it needs to be, you run the risk that people will seek to interpret the language and contest your final wishes. This could leave your loved ones in a terrible position, especially if you owe money to creditors at the time of your death.
A complex will still doesn't control all of my property
No matter how complex your will is, it can't include everything you own. For example, jointly owned property will fully revert to other owners at the time of your death, even if you want to leave your portion to someone else in your will. If you want to protect your family home for your children, just in case your spouse remarries following your death, you'll need a trust in place to ensure that their claim is not lost in your absence.
My will may not hold up in a foreign country
If you hold property in different countries, the will you create in one might not be valid or recognized in others, potentially putting your intended beneficiaries at risk of loss. In this case, a trust or other legal options might work better for you.
A complex will in Probate takes time to administer
Whether you're trying to protect your main asset or other valuables by listing them in your will, you should know that the probate process can be lengthy. And it is only made longer by having a complex will to sift through. If you want to ensure that your loved ones are bequeathed your property in a timely manner, keep your will simple or consider a trust structure instead.
So why not learn more and register with TrustUs today.
Its in your hands.