The I Love You Will

By Peter Moustakis, Esq.; Commentary by Cheryl J. Alpert

In honor of Valentine's Day, and as a Certified Probate Real Estate Specialist, I think Peter made some excellent points. Read on.

An ‘I love you will’ is a phrase used in estate planning to describe a Will where each spouse gives their assets to each other upon death, and then to their children.

A shortsighted affair –

·?????It is simple and straightforward to set up

·?????You can appoint a Guardian for Minor Children

·?????You can make it clear to the court what your intentions are

?The potential for heartbreak –

·?????The Will still has to go through Probate and a Judge is ultimately responsible for deciding how assets get distributed

·?????There is no language dealing with what happens to your assets if you are incapacitated but not deceased

·?????No estate tax savings

·?????No protections for disabled children or beneficiaries

·?????No protections for spendthrift children or those who suffer from substance abuse

?The Will becomes public record.

?Ensuring long-lasting love with a Revocable Living Trust

·?????Deals with assets outside of Probate and can provide a flexible distributing of assets

·?????Provides asset protection and planning for beneficiaries

·?????Better suited to deal with blended families and/or second marriages

·?????Pets can be included in a revocable living trust

Sure, an “I love you Will” is simple and straightforward. But the aftermath and unintended heartbreak may not be.

If you are an Heir, Executor/Executrix, Conservator, or POA in need of a realtor who can be of help, please reach out to me!