Having a will and an estate plan created is one of the most loving things a couple can do for each other and all the people and causes in your life, says a recent article, “I Love You, But Your ‘I Love You Will’ Needs to Go” from Kiplinger. However, if what you and your loved one have in mind is an “I love you will,” you need to know that this isn’t always the best option. Sometimes, the unintended consequences can send a very different message.
I Love You Wills refer to reciprocal last wills created by spouses where each leaves the entire estate to the other spouse outright. The remaining assets pass to their mutual children upon the surviving spouse's death.
These types of wills are usually created for couples making their first wills, those with simple estates and those who want to have a will, any will, in place before a significant life event, like getting married, having their first child or going on a long trip. Others opt for I Love You Wills because they want to avoid thinking or talking about death and creating a will and would rather have the simplest plan.
However, an I Love You Will can be an “I don’t care so much” will in some circumstances.
While having a simple will is better than no will, having a comprehensive estate plan addressing inheritance and incapacity issues is the best plan for the future. Book a call with Vick Law, P.C, an experienced estate planning attorney located in Greenwood, to create your estate plan to protect you, your spouse and your family.
Reference: Kiplinger (May 2, 2023) “I Love You, But Your ‘I Love You Will’ Needs to Go”