Sowerby & Moustakis Law > Private: About > I Love You Will > The ‘I Love You’ Will: Be careful, it could lead to a broken heart!

The ‘I Love You’ Will: Be careful, it could lead to a broken heart!

An ‘I love you will’ is a phrase used in estate planning to describe a Will where each spouse gives their assets to each other upon death, and then to their children.

A shortsighted affair –

  • It is simple and straightforward to set up
  • You can appoint a Guardian for Minor Children
  • You can make it clear to the court what your intentions are

The potential for heartbreak –

  • The Will still has to go through Probate and a Judge is ultimately responsible for deciding how assets get distributed
  • There is no language dealing with what happens to your assets if you are incapacitated but not deceased
  • No estate tax savings
  • No protections for disabled children or beneficiaries
  • No protections for spendthrift children or those who suffer from substance abuse
  • The Will becomes public record

Ensuring long-lasting love with a Revocable Living Trust

  • Deals with assets outside of Probate and can provide a flexible way for distributing assets
  • Provides asset protection and planning for beneficiaries
  • Better suited to deal with blended families and/or second marriages
  • Pets can be included in a revocable living trust

Sure, an “I love you Will” is simple and straightforward. But the aftermath and unintended heartbreak may not be.

About the Author

Peter Moustakis
Peter Moustakis is the Managing Member of Sowerby & Moustakis, PLLC with locations in Massachusetts and New Hampshire. Peter has received an award related to estate planning, contributed to 2 family law publications and authored the book “Estate Planning and the Modern Family: Old School Meets New School. He is a former President, Vice-President, Secretary Treasurer and Education Coordinator of Business Networking International Commerce Connection in Wayland, MA. He is also the former vice chair of the animal law committee at the Massachusetts Bar Association and served on the New Hampshire Bar Association Ethics Committee. Peter believes that community service is important and has served on the Amherst town Ways and Means Committee for 4 years and was chair of the committee for 2 years.