Why a Will Isn’t Enough: 5 Estate Planning Lessons That Could Save Your Family Thousands
Even with the right documents in place, families can still find themselves caught in the legal and financial chaos of probate. We recently worked with a client whose father had done everything “right.” He had a will, he had trusted professionals — but when he passed away, the family still faced nearly $50,000 in probate fees. The culprit? Improperly titled assets.
This scenario is far more common than most people realize. Having a will — even one drafted by an attorney — is not a guarantee that your family will avoid court, delays, or expensive fees. That’s because a will is just one part of your overall estate plan. And if the rest of the plan isn’t aligned, things can go sideways fast.
In this video, I share five key lessons that every adult — especially those with children or business interests — should understand about estate planning:
1. A Will Is Only a Backup Plan
Your will may never even be used if other elements of your estate (like joint ownership or beneficiary designations) override it. It’s a foundational tool, but not the final say.
2. Joint Ownership Can Backfire
While it’s often used to simplify asset transfers, joint ownership can lead to unintended tax consequences, inheritance disputes, or assets landing in the wrong hands.
3. Your Attorney and Financial Advisor Must Be Aligned
Estate planning isn’t done in a vacuum. If your legal and financial plans aren’t in sync, you could end up with mismatched beneficiaries, missed opportunities, or duplicated efforts.
4. Cutting Corners Usually Costs More
Online forms and DIY documents can look tempting, but they rarely address the unique nuances of your family, your assets, or your long-term goals. One wrong move can cost far more than a consultation ever would.
5. Probate Isn’t Always the Enemy
While avoiding probate is a popular goal, there are cases where it makes sense — especially with proper planning. The key is knowing when it’s appropriate and how to keep the process smooth and affordable if it’s necessary.
Bonus: 4 Crucial Questions to Ask About Your Plan
At the end of the video, I also share four essential questions to help you evaluate whether your current plan is complete — or if you’ve got hidden gaps that could leave your family exposed.
