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.
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 (919) 256-3643 to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I?ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.
Claudia Bingham, your neighborhood Personal Family Lawyer
(919) 256-3643
http://www.binghamlawpllc.com
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Claudia Bingham graduated from City University of New York, the only law school in the nation that primarily focuses on training lawyers to enter public interest law. After graduation, Claudia served as a law clerk at a small general practice law firm in North Carolina where she primarily worked on small business law and trusts and estate planning. Claudia was admitted to the North Carolina Bar in 2010 and was admitted to the U.S. District Court, Eastern District of North Carolina in 2010. She comes from a long line of entrepreneurs and in July 2010 with the help of her father, also a long time business owner, she opened her own law practice with the goal of holding true to the motto of her law school: Law in the Service of Human Needs. With strong core values of access to justice for all and a sense of community as a backdrop, Claudia has provided pro bono assistance for the North Carolina Legal Aid?s Justice for All Project, Wake County Guardian Ad Litem and Able to Serve, a non-profit organization in Wake County. Claudia believes that the best estate planning process is one that melds her legal expertise with her clients? willingness to share their personal beliefs and dreams. She is devoted to assisting small family owned and operated businesses in the Triangle and because she comes from a long line of business owners, truly understands the demands that many small family owned operations face on a daily basis. She prides herself on being a counseling-oriented attorney who creates customized estate plans designed to meet the specific goals of her clients and her ability to truly listen to her clients and to translate their vision into estate plans that meet their desires and expectations. She appreciates the unique composition of each family and knows firsthand that thoughtful, creative customized planning can maximize both financial security and harmony therein. She loves working with small businesses to provide the legal protection needed to grow without liability. Claudia is fluent in Spanish and resides in Garner, NC with her dog, Darcy.Source: http://binghamlaw.wordpress.com/2012/12/18/legal-brief-what-a-will-wont-do/
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