Why a Will Alone Isn’t Enough: Understanding the Difference Between a Will and an Estate Plan

I Am A Beneficiary of a Will: Do I Automatically Get the Deceased Person’s Property When They Pass Away?

I have heard this question several times lately. The answer is NO. If there is a will and a person passes, the will has to be probated.

So what is probate? It is a court process to prove a will is valid and name an Executor to handle estate property. Generally, the Executor gets an order from the probate court and documents called Letters Testamentary. The Executor then gets a tax ID number and opens an estate account. The Executor then has a time period to determine what is in the estate, what the estate might owe creditors, and then distributes the estate property to heirs per the will.

Here at Debranski & Associates, LLC, we have represented parties in dozens of probate cases.

Can I Avoid the Probate Process?

One way to avoid probate is to form a Revocable Living Trust AND fund the trust, that is, put all of your property into the trust. As long as all of a deceased person’s property of every kind is in the trust or has some sort of beneficiary provision, the Trustee simply distributes the property per the terms of the trust.

Debranski & Associates has created dozens of estate plans including Revocable Living Trusts for our clients.

What is an Estate Plan?

Generally, an estate plan consists of documents that take care of your property when you pass on, a document that gives someone the power to make health care decisions for you, and a document that gives someone the power to handle your finances if you are unable to. A basic estate plan in Georgia generally includes a will, an advance directive, and a durable power of attorney.

As previously discussed, an estate plan might include a trust as well.

What Is a Will?

A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It allows you to:

Name executors and beneficiaries for your property and assets
Appoint guardians for minor children
Specify final arrangements, such as funeral wishes

While a will is an essential tool, it has limitations:

Probate requirement: Wills must go through probate, which is a court process that can be time-consuming, expensive, and public.
Limited control over certain assets: Jointly owned property, life insurance policies, and retirement accounts often bypass the will entirely.
No coverage for incapacity: A will only takes effect after death and does not address situations where you become unable to make decisions for yourself.

What Is an Estate Plan?

An estate plan is a comprehensive strategy that addresses both your life and your legacy. While a will is often part of an estate plan, a full plan includes additional tools to manage your assets, protect your family, and ensure your wishes are carried out.

Key components of an estate plan include:

Will: Directs the distribution of assets and appoints guardians for minor children
Trusts: Helps manage assets, avoid probate, and provide protections for beneficiaries
Durable Powers of Attorney: Appoints someone to make financial decisions if you are incapacitated
Healthcare Directives: Specifies medical care preferences if you cannot make decisions yourself
Beneficiary Designations: Ensures life insurance, retirement accounts, and other assets go to your intended recipients. These assets transfer outside the estate. Transfer on Death Deeds and owning property as joint tenants with rights of survivorship will also avoid transfer through your estate.

By combining these tools, an estate plan provides peace of mind and protection that a will alone cannot.

Why Both a Will and an Estate Plan Are Important

Relying solely on a will can leave gaps in your planning. Consider these scenarios:

Minor Children: A will can name guardians, but a trust can provide ongoing financial management for your children.
Complex Assets: Multiple properties, business interests, or blended families may require trusts and other strategies to avoid disputes or minimize taxes.
Incapacity Planning: Powers of attorney and healthcare directives protect your decisions if you cannot communicate them yourself.
Avoiding Probate: Trusts and other estate planning strategies can help your beneficiaries avoid lengthy and expensive probate processes.

Common Misconceptions About Wills

Many clients believe a simple will is enough to protect their family. Common misconceptions we’ve heard over the years include:

“I don’t need a trust unless I’m wealthy.” Trusts can benefit families of all financial sizes by managing and protecting assets.
“My will covers everything.” Certain accounts, property arrangements, and incapacity situations may not be addressed by a will alone.
“Estate planning is a one-time event.” Life changes, financial updates, and changes in laws require regular updates to your plan.

Taking Action: Creating a Comprehensive Estate Plan

Estate planning is an ongoing process. To ensure your estate plan meets your needs:

Review your will and overall plan regularly
Update documents after major life events, such as marriage, divorce, the birth of children, or significant financial changes
Work with an experienced estate planning attorney to address your unique circumstances and goals

Consult a Trusted Estate Planning Attorney for Help

A will is an essential first step in protecting your family and assets, but it does not replace a full estate plan. A comprehensive estate plan addresses both life and death scenarios, helping you protect your loved ones, manage your assets efficiently, and preserve your legacy.

If you’re unsure whether your will is part of a complete estate plan or want to ensure your family is protected, contact our legal office today. Together, we can create a strategy that safeguards your wishes, simplifies decision-making for your loved ones, and provides peace of mind for the future.