Disadvantages of Having a Will

-Property passing by way of your will must go through probate. Probate in some states can be both expensive and time-consuming.  

-Wills are public documents.  It is a requirement that your will be filed with the court when you die. You may feel that it is important that your financial affairs not be available for public inspection.  There are actually Internet sites that display the wills of famous people (try www.welchgroup.com and click on “Cool Links”).  If you find yourself wanting to visit this Internet site, then you know exactly why some people want their financial affairs kept private.  Remember, the onlookers may be more than curious.  Some have ill intentions in mind.

-A will that is properly written and signed in one state will likely be valid in all states.  However, how your will is interpreted can vary widely from state to state, possibly resulting in your wishes not being carried out to your satisfaction.  You should focus on this situation if your job causes you to move periodically from one state to another of if you own property in more than one state.  Say, for example, that you wrote a will while you lived in Georgia, but you have since moved to Louisiana and have not written a new will.  You die while living in Louisiana.  Will Georgia law or Louisiana law prevail?  The result in such a situation could be a major disaster for your loved ones.

-Your will cannot provide for your care in the event that you become incapacitated or incompetent.  This issue must be addressed through documents other that your will, such as a power of attorney or a revocable living trust.  Your will may not control all your property.  We have often seen instances in which people are confident that their affairs are in good order based on their wills, but then they discover that much of their property will pass outside of their will because of joint tenancy titles and beneficiary designations.

-Wills can be contested.  It’s not surprising that money can bring out the worst in people.  This is particularly the case when someone dies and disgruntled heirs or others feel they had a right to some portion of the assets of the deceased.  Often it doesn’t matter whether there are valid grounds for the contest or not.  Many times the rightful heirs would rather settle than risk an expensive and lengthy court battle.