Frequently Asked Questions

An estate plan is much more than just deciding who gets what after you’re gone. It’s a thoughtful, comprehensive plan that covers many important situations that could arise during your life, including incapacity or disability. It ensures that if you are unable to manage your own affairs, someone you trust will take care of paying your bills, managing your assets, and making medical decisions for you. It also determines who can communicate with your doctors and stay informed about your care.

For parents of minor children, an estate plan addresses guardianship—both for short-term emergencies, like who can care for your children overnight or for a brief period if you need help, and long-term guardianship, meaning who will raise them if you’re no longer able to.

Beyond these practical matters, an estate plan includes a legacy component. This is where you have the chance to leave behind more than just assets—letters, videos, photos, and personal messages that your family will cherish. These intangible gifts often mean the most and help your loved ones remember you in a deeply personal way.

A will and a trust are both important tools in estate planning, but they serve different purposes and work in different ways.

When they take effect:
A will only goes into effect after you pass away. It outlines who will receive your assets and names a personal representative (executor) to carry out your wishes. However, a will must go through probate—a court-supervised process that can be time-consuming, public, and costly.

A trust, on the other hand, takes effect as soon as it is created and funded. It allows your assets to be managed and distributed without going through probate, which can save time and maintain privacy. Trusts can also provide instructions for how your assets are handled if you become incapacitated.

What property they cover:
A will generally covers assets you own solely in your name. It does not apply to assets owned jointly or those with designated beneficiaries, like retirement accounts or life insurance policies.

A trust covers assets that you transfer into it. To work properly, assets must be retitled or assigned to the trust, which is why proper funding is essential. Otherwise, those assets may still be subject to probate or pass outside the trust.

Administration and privacy:
Because wills must be processed through probate, the details become part of the public record. Trusts avoid probate, so their contents and distributions remain private.

Cost considerations:
Wills tend to cost less to create upfront but may lead to higher costs later due to probate fees, court expenses, and delays. Trusts generally cost more to set up but can reduce or eliminate probate costs and speed up asset distribution.

DIY and online estate plans may seem like an easy and affordable solution, but they often provide a false sense of security. These generic templates typically don’t account for the complexities of individual circumstances or state-specific legal requirements, which can lead to serious problems down the road.

Common issues include missing important assets, incorrectly naming decision-makers or beneficiaries, and overlooking critical elements like healthcare directives or guardianship arrangements. Even small mistakes can result in your loved ones facing costly and time-consuming court proceedings, such as probate.

An effective estate plan is more than filling in blanks—it needs to be tailored to your family’s unique situation, your goals, and the specific laws where you live. Without proper customization and professional guidance, DIY plans can leave gaps that create confusion, conflict, and financial loss when your family needs support the most.

In short, while DIY plans may appear convenient, they rarely provide the thorough protection and peace of mind that a professionally crafted estate plan offers.

The truth is, there’s no perfect age to start an estate plan — the right time is as soon as you have people or assets you want to protect. Many people think estate planning is only for retirees or those with a lot of money, but that’s a common misconception.

You don’t need to be wealthy or own a home outright to benefit from an estate plan. Estate planning is about more than just money. It’s about making sure someone you trust can manage your affairs if you become unable to, and that your loved ones especially young children are cared for according to your wishes if something happens to you.

If you have kids, even very young ones, it’s especially important to have a plan in place. Life is unpredictable, and having clear instructions can prevent confusion, delays, and conflicts among your family later on.

Starting your estate plan early gives you peace of mind knowing your family is protected no matter what. It’s not about how much you have; it’s about making sure the people you love are looked after exactly the way you want.

 A thorough estate plan goes beyond just having documents signed. Here are three key steps to make sure your plan truly protects you and your loved ones:

1. Create a detailed asset inventory.
   List all your financial accounts, retirement plans, property, and other assets. Note who owns each, who the beneficiaries are, and important details like account numbers or access instructions. This helps prevent assets from being lost or ending up in unclaimed property, something that happens more often than you’d think.
    
2. Include a comprehensive plan for minor children.
   Naming a guardian in your will is just the start. Make sure you have documents that specify both short-term and long-term guardianship arrangements. This helps avoid delays or involvement from protective services in emergencies, ensuring your children are cared for by the people you trust.
    
3. Consider the legacy you leave beyond money.
   Your estate plan should include ways to share your values and wishes with your family. This might be letters, videos, or other messages that explain what you hope for your loved ones, not just financial inheritance. Without this guidance, money alone can sometimes create confusion or conflict.

At the Wellborn Law Firm, our approach to estate planning is personalized, understanding that each family's needs are unique. We don't prescribe generic solutions like merely suggesting a will, trust, or healthcare directives. Instead, we emphasize the importance of having a family attorney who comprehensively grasps your family dynamics and concerns.

It's crucial to have a family attorney who is aware of your assets, understands your family dynamics, and can handle issues in their office rather than resorting to lengthy and costly court processes.

Given the diversity of family needs, there's no one-size-fits-all solution. To determine the most suitable plan, we conduct Life & Legacy Planning Sessions. During these sessions, we gain clarity on your assets, evaluate your existing plans, understand your legacy goals, and address concerns like minor children at home. We then present various options based on a flat fee structure, aiming to make the process comfortable and transparent for you.

Choosing a guardian for your children is one of the most important and emotional decisions you’ll make as a parent. As a mother of two young ones, I know firsthand that it’s about much more than financial stability.

You’ll want to choose someone who shares your parenting style, values, and long-term vision for your children’s upbringing. Consider how they approach discipline, education, and even daily routines. It’s also important to have open conversations with potential guardians about topics like religion, school preferences, and activities to ensure they align with what matters most to you.

Ultimately, the right guardian is someone you trust to raise your children with the love, guidance, and principles you would provide if you were here.