Advisors should understand why most Americans do not have even the most basic estate plan in place. Advisors should also pay attention to the validity of wills for those people who do have a will or are engaged in the estate planning process. Read more to learn about how will contests are surprisingly common, and nontraditional wills such as handwritten and oral wills, as well as do-it-yourself wills prepared without an attorney, may be less likely to meet legal requirements.

One of the most common reasons clients think they do not need a will is that they do not have enough assets. High-net-worth clients tend to be more proactive about estate planning. However, misconceptions about wills abound, which is a big reason many Americans do not have a will. Read more about the misunderstandings of what a will can and cannot do and why it may also be holding a client back from creating—and making the most of—this basic yet crucial estate planning document.

Is a Will Right for Your Clients?

Every client, regardless of the size of their estate or their age, can benefit from a will that gives legal effect to their inheritance plan. Even if they have a trust to manage asset distributions, a trust cannot address every estate planning consideration. Read more to understand that wills have limitations as well, but they belong in a comprehensive estate plan.

This information is for educational purposes only and cannot be considered legal advice, nor does the receipt of this newsletter create an attorney-client relationship.