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their assets are uncomplicated and their family situation is typical. But, they don’t want surprises.
(TOD) designation, or a beneficiary designation as on a life insurance policy or retirement account, these arrangements take priority over the This may be a husband and wife will. Disputes occur when beneficiary with responsible adult children, a designations are different young couple with mithan will provisions. nor children or a single For a young couple with person. They want the will minor children, if their to distribute their assets to retirement accounts and their family. Some attorlife insurance beneficiary neys prepare a “Simple designations are primaWill”, leaving the impresry-spouse, contingent-chilsion they have taken care dren, and there is no surviving of things. Computer based will forms spouse, or a divorce has occurred, can provide similar false security. It then the will does not apply to the can be like getting a prescription for children’s shares. It does not matter bad medicine. that the will may have provisions to A will is not an efficient way to protect the funds for the children’s distribute your estate. It requires education and long-term well-being. court approval and processing in An experienced estate attorney accord with probate procedures. This will review all assets, their titles and is slow and expensive. The process beneficiary designations. Surprisingtakes a minimum of 6 months in ly, this review frequently shows the Kansas and 12 months in Missouri. “Simple Will” has no use. Typical attorney fees for a $200,000 Preparing a “Simple Will” withestate are $7,000 to $10,000, out understanding a client’s unique or more. needs, and confirming asset titles A will only applies to assets that and beneficiary designations, proare in the deceased person’s name, vides false security and often results and that have no beneficiary desigin more expense, delay and family nations. disputes, down the road. ~ Most married couples hold bank accounts and real estate jointly. Editor’s Note: This article was submitted by James P. Berger, J.D. an attorney with Upon the first spouse’s death, the assets go to the survivor, not through Berger Estate & Elder Law, P.A. and may be reached at 913-491-6332 or by email the will. If the assets have a payable at jim@berger-lawfirm.com. See our ad on page 31. on death (POD) or transfer on death Indicates website link on seniorsbluebook.com
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Don’t Be Fooled By A Sometimes people will say they “Simple Will” want a “Simple Will”. They assume
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