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Wills vs. Will Substitutes: What You Don’t Know Could Hurt Your Estate

Let’s be honest—talking about wills and estate planning doesn’t exactly scream fabulous cocktail conversation. But when you realize how much it can impact your legacy, your family’s future, and your hard-earned assets, it suddenly becomes one of the most empowering topics you’ll ever explore. And trust us—there’s nothing more glamorous than being prepared, protected, and powerful.


So, let’s break down a not-so-little secret in the estate planning world: a will alone won’t always get the job done. And if you’ve been assuming that having one neatly typed document labeled “Last Will and Testament” is your golden ticket to asset protection—well, darling, it’s time for a reality check (oops, we said darling anyway… couldn’t help it!).





What a Will Actually Does

A will is a legal document that outlines who gets what when you pass away. It can designate guardians for your children, name an executor to carry out your wishes, and specify how your assets should be distributed. Sounds straightforward, right? But here’s the plot twist:


  • Wills must go through probate—that’s a court-supervised process that can be costly, time-consuming, and very public.

  • Wills only control assets that are solely in your name with no designated beneficiary or joint owner.

  • A will doesn’t protect you from taxes, creditors, or family disputes that can arise during the probate process.


Now you’re probably wondering: “Is there a way to make this simpler, smoother, and more private?” Enter stage left… will substitutes.


Meet the Glam Squad: Will Substitutes That Work Behind the Scenes

Will substitutes are the under-the-radar, high-impact tools that help your assets pass directly to your loved ones—without the drama of probate court.


Let’s break down a few of your VIPs:

Beneficiary Designations

These are the red carpet of estate planning. You can name beneficiaries directly on life insurance policies, retirement accounts (like IRAs and 401(k)s), and even some bank accounts. When you pass away, the assets go straight to your chosen person—no court, no delay.


Payable-on-Death (POD) Accounts

Think of these as your bank account’s built-in exit strategy. You can set up your checking or savings account to be payable on death to a specific person. They don’t have access to your account while you’re alive, but when you pass, it goes straight to them—fast, clean, and probate-free.


Transfer-on-Death (TOD) Designations

Similar to PODs, but often used for investment accounts and real estate in some states. You maintain control during your lifetime, and when you pass, the asset transfers immediately to the named beneficiary. It’s the sleek, stylish way to avoid paperwork pileups.


Joint Ownership with Rights of Survivorship

When you co-own property or bank accounts with someone and designate it joint ownership with rights of survivorship, it means the surviving owner automatically inherits your share. No will required. Just keep in mind—this isn’t always ideal if you want to control how things are divided, especially in blended families or business partnerships.


Will vs. Will Substitutes: Why You Need Both

Here’s the golden rule: a will is important, but it’s not everything. Will substitutes help streamline your estate, avoid probate delays, and ensure your assets move smoothly into the hands of the people you love.


A well-rounded estate plan includes:

  • A Will

  • Properly titled assets

  • Up-to-date beneficiary designations

  • Possibly a revocable living trust (for the full luxury-level asset protection package)

  • Legal support to keep it all aligned


Final Word: Estate Planning is Self-Care, Legacy Style

Whether you’re building generational wealth, protecting your first property, or just want to make sure your family doesn’t have to navigate a legal maze—estate planning is the ultimate power move. And knowing the difference between a will and will substitutes? That’s how you elevate from basic to brilliant.


Want help making sure your assets are protected from probate pitfalls? That’s where we come in.


At GLAM Properties, we partner with LegalShield to connect you with affordable legal protection and estate planning guidance—because legacy protection should be luxe, not complicated.




We are not attorneys licensed to practice law in the State of Missouri and we may not give legal advice or accept fees for legal advice.

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