I often hear from clients who do not fully understand the difference between a will and a trust. Sometimes they come to me wanting a trust, but that does not make sense in their situation. Other times, they insist on a will, but their case would really benefit more from a trust. Below are three things you cannot do with a will.

Three Things You Cannot Do with a Will

A Will Cannot Avoid Probate

The first thing a will cannot do is a will cannot avoid probate. If you use a will to leave property to your family members, friends, or charities, it will need to go through the probate court.

While this usually means a will is less expensive up-front, it can be more expensive in the long-run. In the state of Florida, most probate cases must have an attorney representing the personal representative.

A probate case can take anywhere from a couple of months to several years, depending on whether it is contested and what assets there are to distribute.

Depending on the assets you wish to leave to your heirs, a will may not be your best option.

A Will Cannot Leave Money to Pets

A will cannot bequeath any money to your beloved pets, either. Pets cannot own property so they cannot be an heir under your will. If you want to make sure your pet is taken care of, you can leave your pet to someone who has agreed to provide him or her with a good home. You can leave that trusted person money to help with pet-related expenses.

You can alternatively create a trust for your pet, but that is often not necessary. Especially if you have chosen someone you trust to care for your pet after your death.

A Will Cannot Put Conditions on Gifts

If you have children or other family members who you wish to leave something to, but want to add a condition, you cannot achieve that with a will. For example, sometimes parents wish to leave money to their children only if they attend college. While you can include a provision in your will asking for that to be done, it is often not enforceable. A will is meant to distribute assets at your death, not hold them until a certain condition is met. The exception to this, of course, is minor children. If you leave assets to minor children, the money can be kept in a Uniform Transfers to Minors Act account until they reach the age of majority.

Questions?

The above list is not exhaustive, but it highlights some of the common issues we run into with the limitations of a will. If you are in Florida and are interested in discussing whether a will is right for you, contact us today.