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 we 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.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.