The “10 Most Gruesome Estate Planning Mistakes” series. Mistake #2: Having an “I Love You” Will

An “I love you” Will is one in which all the decedent’s assets have been left to the spouse. On paper, it might seem to be a caring, thoughtful gesture, but the reality is quite different. A Will simply passes the complex issues and problems associated with transferring and protecting wealth onto the spouse or other loved ones.

A Will Does Not Avoid Probate

There are a num­ber of prob­lems with hav­ing an “I Love You Will.” The main prob­lem is that it does not avoid pro­bate. It guar­an­tees pro­bate. Let me repeat that. Hav­ing a will does not avoid pro­bate, it guar­an­tees pro­bate in most cir­cum­stances. Probate court proceedings (during which a deceased person’s assets are transferred to the people who inherit them) can be long, costly, and confusing. It’s no wonder so many people take steps to spare their families the hassle.

It may be pos­si­ble for the first spouse to pass away, to have their estate avoid pro­bate. Def­i­nitely, with the sec­ond spouse, when he or she passes away, that will and that estate will have to be pro­bated.

A Will is simply an instruction letter to the probate court on how you want your assets to be passed on to the next generation. Having a valid Will is a step-up from dying intestate (dying without a valid will), because at least with a will you control who gets your property, unlike dying intestate (state law controls distribution).

Nevertheless, there are more efficient methods to pass your property to your beneficiaries at your death rather then using a Will.

Get Educated

To learn more, join us for one of our FREE LifeCare Planning Workshops. Our estate planning experts will have upcoming workshops in Ann Arbor, Bloomfield Hills, Brighton, Dearborn, Lansing, Livonia, Novi, and Trenton. We promise that time will fly, you’ll learn a lot, and have a little bit of fun. To sign up for a LifeCare Planning Workshop click here.

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