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.