You Made a Will. Here’s What It Can’t Do.

You did it.

Perhaps Make-A-Will Month finally pushed it to the forefront of your priorities. Maybe you’ve been planning to accomplish this for years, and this was the month it finally came to fruition. Regardless, you took the time to sit down, sign the necessary documents, and leave with something that many families often overlook.

That’s significant. We truly mean it.

However, here’s what we advise every client who approaches us after creating a will elsewhere: many families mistakenly believe the task is complete. They sign the papers, tuck them away, and assume they’re all set. Then, when something occurs, they discover just how much the will failed to address.

If you’ve created a will, here’s your checklist for what to do next.

First, Grasp What You Actually Signed

A will is a legal document that instructs a court on how you want your assets distributed after your passing. That’s its primary function. It does not prevent your family from entering the court system. In most states, assets that are distributed through a will must undergo probate, a public procedure that can last for months, incur thousands in fees, and freeze your assets during the process.

Additionally, a will only governs what is explicitly included in it, not what you verbally communicated. If you informed someone that you intended to leave them your car, but it’s not documented in the will, that individual might challenge the will in court. Will contests are more prevalent than many people realize, and even those that don’t succeed can lead to additional costs, delays, and family disputes during an already challenging time.

Moreover, a will does not govern assets that have their own designated beneficiaries: your retirement accounts, life insurance policies, and bank accounts with transfer-on-death designations. Those assets bypass your will entirely, based on the name listed on the form you completed, sometimes years ago.

Lastly, a will is ineffective if you are incapacitated rather than deceased. If you experience an accident and are unable to make decisions for yourself, your will does not come into play. Your family may lack the legal authority to manage your finances or make medical choices without first going to court.

The key takeaway: A will alone isn’t a complete strategy. Let’s explore what it truly means to build the rest of your plan.

Step 1: Your Beneficiary Designations Might Already Be Taking Precedence Over Your Will

Many individuals are unaware of this when they finalize their will: there exists a distinct set of documents that already dictate who inherits a large portion of their assets. These documents are your beneficiary designation forms, which function independently of your will.

Here’s the crucial point. If there’s a disagreement between your will and a beneficiary designation, the designation prevails. Every single time. A judge cannot override it, nor can your will. The individual listed on that form is the one who receives the funds.

What we frequently encounter: an ex-spouse still listed on a retirement account, a deceased parent, or a child named directly as a beneficiary, which means that the funds will be under court-supervised guardianship until they reach 18, regardless of your will’s instructions on management.

Every retirement account, life insurance policy, and bank account with a transfer-on-death designation must be examined. Each should have a primary beneficiary and a contingent that accurately reflects your current family situation, not just how it was when you started your first job.

The key takeaway: Your will does not dictate your beneficiary designations. Your beneficiary designations govern themselves. Reviewing each form is one of the initial steps we take with every family during a Life & Legacy Planning Session, as it is a common area where a seemingly solid plan can break down.

Step 2: Determine If Your Trust Is Actually Funded

If you have a trust that accompanies your will, there’s one crucial question you need to ask: are my assets truly in the trust?

A trust only governs what it contains. When you sign a trust document, you create a legal framework. However, transferring your assets into that framework, known as funding the trust, is a distinct step that many families overlook. If your home, bank accounts, and investment accounts remain in your name instead of your trust’s name, they will still go through probate, no matter what the trust states.

From our experience, unfunded trusts are among the most frequent estate planning mistakes we see. Families invest in a trust, believe their estate is safeguarded, and then find their loved ones facing probate court because the assets were never transferred. The trust document may be neatly filed away, but the assets are left out.

If you’re unsure whether your trust is funded, don’t hesitate to ask. If it isn’t, making it a priority to fund it is essential.

In summary: A trust that you signed but never funded provides no more protection than having no trust at all. Funding is not an automatic process; it requires intentional action, often with assistance.

Step 3: A Will Doesn’t Address Incapacity

A will comes into effect upon your death. However, during your lifetime, especially if you become unable to make decisions, you need additional legal documents.

At the very least, a comprehensive plan should include a durable power of attorney, which allows a trusted individual to handle your finances if you become incapacitated; a healthcare directive, also known as a living will or advance directive, which informs medical professionals of your wishes if you cannot communicate; and a healthcare proxy or medical power of attorney, which designates someone to make medical choices for you.

We also ensure that clients have a HIPAA authorization, which permits the individuals you choose to access information from your healthcare providers. Without this, your spouse might not receive essential updates about your health from a hospital.

If you have only created a will, you have a plan for after your death, but not for what occurs if you become incapacitated. For many families, the likelihood of incapacity is greater and can be more disruptive for those left to handle everything.

In summary: A will is just one part of a complete plan. The documents addressing incapacity are just as crucial and often overlooked.

Step 4: Understand Who Will Review This With You Moving Forward

Your life is about to transform. Your plan should evolve alongside it.

In our Life & Legacy Planning partnerships, we revisit the plan every few years. We double-check beneficiary designations, ensure the trust is funded with any new accounts or properties, verify that the guardian you selected for your children still aligns with your family’s current situation, confirm that the agents listed in your incapacity documents are still the right choices, and make sure the overall plan accurately reflects your present circumstances.

This is crucial because the issues that most affect families often stem not from poor initial planning, but from effective planning that hasn’t been updated. Life changes such as a divorce, the arrival of a new child, relocating to another state, significant asset changes, or the passing of a named beneficiary can all quietly create gaps in a plan that seemed complete at the time of signing.

We maintain a connection with your family over time. The relationship itself is the plan.

In summary: A plan that you regularly review is one that will serve your family when needed. A plan that you simply sign and store away is one that is destined to fail.

Why the Platform You Used Isn’t Enough

If you created your will using an online service or through an attorney who simply provided you with documents and moved on, we truly commend you for taking that step. It’s definitely better than having no will at all.

However, the platform did not verify your beneficiary designations. It didn’t inquire if your trust is properly funded. It didn’t prepare your healthcare directive or power of attorney. It didn’t consider what would happen if you become incapacitated instead of passing away, or whether the guardian you selected is still the right choice given the changes in your life. Plus, it won’t be available to reassess your plan as your life continues to change.

Moreover, it didn’t clarify who should be named in those documents or what responsibilities you are actually assigning to them. An AI can provide a definition of a successor trustee, but a lawyer can explain the implications when little Johnny turns 21 and requests $500,000 to purchase a Lamborghini. That’s the essence of the role, and the individuals you choose for it are incredibly important. We’ve encountered clients who appointed elderly parents as successor trustees for toddlers, parents who won’t be around to manage anything for the next thirty years. The same goes for healthcare agents. We’ve seen that role assigned to the wrong person, leading to outcomes that families struggle to recover from. A platform can generate the document, but a lawyer helps you understand who should be included and what responsibilities you are entrusting them with.

During a Life & Legacy Planning Session with a client, we examine the entire picture: what assets you possess, who you wish to protect, what potential scenarios your family might encounter, and which documents and structures effectively address those situations. The aim is not just to have a folder filled with signed papers; it’s to create a plan that operates as you intended when your family needs it the most.

In summary: Online tools can produce a document, but they cannot provide the thoughtful planning that ensures a strategy works for your unique family.

Life & Legacy Planning Sessions: Steps to Take Before August Concludes

If you created a will this month, you’ve accomplished something significant. Now, it’s time to move forward.

We provide a Life & Legacy Planning Session where we assess what you currently have arranged and identify what may still be lacking. After this session, most families feel more financially organized than ever, gaining a clear understanding of their current situation and the next steps to take.

Book a free 15-minute discovery call with us, and let’s explore your current status.

Schedule a complimentary 15-minute consultation to learn more.

This article is a service of Kristen Wong of Seasons Estate Planning, APC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.