What a Will Won’t Do
There are a number of essential things a last will and testament can do for you, such as distribute family heirlooms and name a guardian for minor children, but there are some equally important things a will won’t do:
Diminish estate taxes – a will won’t help you decrease your estate taxes, but a Personal Family Lawyer® can advise you on what kind of trust instruments can accomplish this for you.
Provide long-term care – if you want to provide for someone with special needs or a person with long-term care needs, you will need to establish a trust or invest in a life insurance policy.
Distribute some types of property – to distribute assets from a retirement or investment account or the proceeds of a life insurance policy, you must execute the proper beneficiary designation forms, which supersede instructions in a will. If you own property jointly with someone else, your will won’t allow you to distribute that property.
Provide for pets – since pets cannot legally own property, you will either need to establish a pet trust or designate a caretaker and provide funds for the care of your pet after you are gone.
This article is a service of 20West Legal, LLC, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.