For the Love of Your Family

What a Will Won’t Do

Asset Protection / Estate Planning / Estate Planning Mistakes / Family Financial Planning / Life Planning / Planning for Seniors / Planning for Your Pets / Will and Trusts

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.

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