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 may not 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.

If you’d like to learn more about wills, living wills, advance health care directives, Power of Attorney for Health Care designations or any other aspects of estate planning, call our office today at 530.581.5455.

To your health, wealth and happiness,

-Jill 

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This article is a service of Jill Gregory Law, 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 Life and Legacy 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 at 949-514-8842 or 530-581-5455, or click here to schedule a Get Acquainted Call. Mention this article to find out how to get this $750 session at no charge.