I Need A Will...Or Do I?

Wilsonlf: Do I Need a Will?

The first thing most parents say when they call us is "I need a will!"  When we sit down with them to talk about their family's goals, what most families realize is that they don't really want a will---they want a family trust.  So, we thought we would explain why so you can make an educated decision for your family about what is best for you and, ultimately, for them.

What is the Difference Between a Will-based plan and a Trust-based plan?

A Will-based plan is an estate plan that does not include a Living Trust to hold title to your assets.  If you work with us and choose our Family Plan, which is a will-based plan, your legal documents will include a Will, Durable Power of Attorney, Health Care Proxy, Advance Directive, HIPAA Release, Homestead Declaration (if you own a home), and, if you have minor children, a Kids Protection Plan® organized in a custom, comprehensive Family Affairs Legal Manual. 

A Trust-based plan is an estate plan that does include a Living Trust to hold title to your assets during your lifetime and to provide for ease of transfer of those assets in the event of your incapacity or death.  If you work with us and choose our Trust Plan or Wealth Plan, your legal documents will include all of the documents included in the Family Plan PLUS one or more Living Trusts.

So, what’s the practical difference?

The difference between a Will-based plan and a Trust-based plan  is that without a Trust in place your family would have to go to Court to get access to your assets in the event of your incapacity or death.

Your Will indicates WHO you want to have access to those assets and how you want them distributed, but it does not keep your family out of the Court process.  Going through probate (or guardianship in the event of incapacity) is expensive, time-consuming, totally public and unnecessary.  And that’s what happens when you have only a Will in place and not a Trust.

When you have a Trust in place, there is a bit more work for you to do upfront because you need to make sure that all of your assets are owned in the Trust throughout your lifetime (or insurance assets are beneficiary designated to the Trust), but we help you with that or even do it for you.  However, the Trust also provides valuable estate tax planning provisions and asset protection to provide for and protect your family for generations.

And, with our regular review process or membership plan, we continue to make sure your assets are owned the right way throughout your lifetime, while also ensuring your plan stays up to date as your life changes, your assets change and even the law changes.

During your Family Plan Session, we will walk you through an assessment of whether a Will-Based Plan or Trust-Based Plan is right for you based on the specifics of your family circumstances, what you own now and where you are going in the future.  One thing you can be sure of is that we will help you make the right decisions every step of the way.  Call to schedule a Family Plan Session at (978) 296-4140 or email info@wilsonlf.com.

Wilson, lf is a family-focused boutique law firm specializing in estate planning located in Andover, Massachusetts and Washington, DC.  We help parents like you organize your affairs, in style, to protect your investments and provide for your loved ones.  We are so passionate about providing "a plan for every family" that we meet families throughout Massachusetts and DC in their homes or offices and have some evening and weekend appointments available every month for utmost convenience. www.wilsonlf.com

What Is The One Thing You Didn't Do To Prepare For the Birth Of Your Child?

As a soon-to-be new parent you probably read "What to Expect When You Are Expecting" cover to cover, right?  Along with baby name books, Parenting Magazine, nutrition books, "The Happiest Baby on the Block," and the list goes on.  Then you were probably busy taking prenatal yoga, birthing and breastfeeding classes.  You had the hospital bag packed before you took the hospital tour too?

• Decorated the nursery
• Secured the carseat in the car with some help from the local safety police class
• Hung all the baby clothes by size & color
• Had every diaper, cream, and lotion all ready on the changing table 

You did it all - or as much as you could while carrying around an extra 30 pounds and taking bathroom breaks every 20 minutes because there was a foot kicking your bladder.

However, for all the "prep" work parents do, very few do one of the MOST important things every parent needs when they have a child....put a Kids Protection Plan in place.

It is hard to think about you not being there for your child, but it is even harder for you to think about and your child to try and survive without you if you didn't have the foresight to plan.  At the very least, name trusted family and friends to act as your child's guardian in the event you are not able to do so even for a short period of time.

It may seem sad or too difficult, but a Kids Protection Plan will actually give you an immense feeling of peace and relief knowing your child will always be taken care of by someone you choose after careful consideration.  It is also really easy and you can get started right NOW from the comfort of your home.  

It is our mission to provide "a plan for every family" and here is a great way to get started for FREE.  Visit http://wilsonlf.kidsprotectionplan.com and name legal guardians with us walking you through the process virtually.  You will end up with legally binding documents nominating your chosen guardians.

If you need even more help and guidance, call (978) 296-4140 or email info@wilsonlf.com with questions or to schedule a Family Plan Session to design a complete estate plan.  If you are one of the first 2 families to book this week for the last week of August we will be able to waive the session fee!  You have nothing to lose and everything to gain.  Good luck and we would love to hear how your virtual Kids Protection Plan turns out!



Wilson, lf is a family-focused boutique law firm specializing in estate planning located in Andover, Massachusetts and Washington, DC.  We help parents like you organize your affairs, in style, to protect your investments and provide for your loved ones.  We are so passionate about providing "a plan for every family" that we meet families throughout Massachusetts and DC in their homes or offices and have some evening and weekend appointments available every month for utmost convenience. www.wilsonlf.com