It is impossible to know how long you will be living for and how long you may have left to make plans. Creating a Phoenix Will is an ideal way to go ahead and start planning and documenting your final wishes — it will give you and your family members a peace of mind and get the hard decisions out of the way. Making a plan via a Phoenix Will is a smart estate planning move and have some definite benefits, but can also have some cons. Check out the pros and cons of having a Phoenix Will.

Benefits of Having a Phoenix Will

Choose Who Gets Your Property in Your Phoenix Will

The main advantage of having a Phoenix Will is that you can have control over who gets your estate, or parts of your estate after your passing. If you do not have a Phoenix Will, your entire estate will be at jeopardy and the people you want to inherit your money or property could end up getting nothing at all! For example, if you are not legally married but do have a long term partner, they could be completely put out under the law in most cases. This could even include them losing the house you shared together if their name is not on the lease or title.

Name a Guardian for Your Kids with a Phoenix Will

Having a Phoenix Will is not just all about protecting your assets, you can also protect your dependents. Assign a guardian to your children and also set up a trust to hold funds for their living expenses.

Make a Trust within the Phoenix WIll

Within a Phoenix Will, you can make a trust that will hold your property after your passing and designate how it is distributed. This is a popular option for people with children and people who want to give money to a beneficiary who may be a frivolous spender.

Choose an Executor

An executor is the person who is in charge of ensuring that all of your requests will be carried out how you wish — you, the creator of the will, chooses who the executor is, and no on else.

Make Personal Plans

A Phoenix Will allows you to make plans such as funeral arrangements, organ donation, and even who gets your pet after you die.

A Will Can Be Amended or Revoked

Wills can be changed if you wish — which comes in handy should your circumstances or wishes change. Alternatively, you can ditch the entire plan and start over if you want.

Wills Aren’t as Expensive as You Think

Your last will is probably more affordable than you think — the more straightforward your will is, the cheaper it will be.

Cons of Having a Will

Could Be Challenged

A will can be challenged, but if you have followed all of the guidelines accordingly, it’s not likely to be changed. Additionally, it might need to go through probate court if your assets are over a certain amount.

Your Estate Will Become Public Knowledge

Once your will is filed for probate, it becomes public record and anyone can see the content of your plans.

Taxes Can be Tricky

Your will might not cover the taxes associated with inheriting an estate, but a professional can guide you on covering that area.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

Contact us today by clicking here!