Does a Will still work in 2023?
The oldest known Last Will dates back to the times of the ancient Egyptians, to the year 1797 BC, and was written on parchment/papyrus paper. It was written by Ankr-ren, and left everything to his brother, Uah. Last Wills have been used ever since, for two millenia, to leave property to loved ones. But do they still work in 2023?
The answer to this depends on your situation, but for most people using a Will to provide for your inheritance is the least effective way of doing so. Why is that? Wills are very limited in their flexibility and require the beneficiaries to go through the probate process if anything is disposed of by the Will. The probate process can be long, expensive, and usually requires the hiring of an attorney to navigate it.
Today, using a Living Trust as a Will substitute is the preferred method of planning for the future and your inheritance. A Living Trust avoids probate, allows the Trustee to begin distributing assets nearly right after the passing of the grantor, and provides the flexibility to protect the beneficiaries in more ways than an outright distribution. Additionally, an advanced Trust can also make accommodations for tax avoidance, nursing home care, and asset protection.
Instead of staying stuck in the past with Ankr-ren, consider using a Living Trust in 2023 as the preferred mechanism for distributing property to your loved ones.