A will may be the first thing that people think about when it comes to their estate planning. However, wills have some disadvantages. A will is a public court document that is used in a probate proceeding when a person died with their assets in their name. The probate process determines whether the will is valid and may be expensive and lengthy. Family members may also seek a larger share of the estate by engaging in a will contest, challenging its validity or allocation of assets.
If you are the adult child of elderly parents, you may be thinking about helping your parents with their long-term planning. Estate planning is not a topic just for the wealthy; everyone can benefit from advance planning about how to manage their assets after they pass away.