Customer Reviews

Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love

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Most people probably believe that a will is sufficient to avoid major inheritance and probate problems. Budish asserts the contrary, offering an example in which a mother willed assets to her daughter, and these ended up being split with the daughter's husband upon their divorce. Budish estimates that his approach (SAFE Trust) would cost about $3,000 and prevent such problems. HOWEVER, the reader later learns that this is only true for assets that remain in the trust and have not yet been spent, and thus is left to wonder what value a SAFE Trust has for those planning to use the money.

Budish states that wills are filed with the local probate court and anyone can challenge the will. The executor must make a list of everything owned at death and every expenditure must be approved by the court (eg. insurance, taxes, utilities) - something that won't happen for free. Budish cites a 1990 AARP study that found probate of estates less than $100,000 took at least a year, and fees can deplete assets by up to 10%, even in uncomplicated cases.

This book will give you some new thoughts on the old Will...now you can
leave the money to your children and it will go to them, and will not
be subject to any other legal action. A Safe Will...about time we had
something like this.

My estate is relatively small; and I am single with two amicable daughters. Consequently I have been content with a well crafted Will.

I found this book an interesting read as the author described some of the avoidable snarls created by unexpected events, e.g. accidental death of a daughter, divorce, in-law rivalries, law suits, etc.

While the book seems weighted toward an expensive legal set of documents, it is in fact balanced. I do not feel steamrolled into a panic move. The author appears to give a balanced view for small, medium, and large estate planning.

I'm glad I read it through. I plan to read it again before making any expensive changes.

I advise anyone to read it all, don't stop midstream.

I am not quite finished reading this book, however, I am a bit disappointed in the focus of the beginning chapters on the 'extended/blended' family situations. I have been married to the same guy for almost 50 years and there are none of those side stories to deal with. I realize a lot of modern society does have these problems, but I don't want to hear about them. The portions of the subject I do want to absorb I need to re-read. It is a complicated matter.