Jacksonville Estate Planning Attorney Lists Things a Will Cannot Do
If you’re like most people, you may believe that your estate planning duties are done once you make a will. Wrong. There are several important things a will can do for you, like distribute family heirlooms, but there are just as many – if not more – important things it cannot do:
Avoid probate – if you leave property to someone through your will, it will not be passed on to them except through probate court proceedings, which can take a year or more.
Reduce estate taxes – a will won’t help you reduce estate taxes; you will need to set up some kind of a trust to do that.
Provide care – if you wish to provide for someone with long-term care needs, a will cannot do this for you.
Distribute some types of property – a will cannot allow you to distribute property that you co-own with someone else or have transferred to a living trust, the proceeds of a life insurance policy, stocks or bonds held in transfer-on-death form, money in a payable-on-death account, or money in a pension plan, IRA, 401(k) or other investment account.
Provide for pets – pets cannot own property, so to provide for them properly after your death, you will need to designate a caretaker for your pet and leave appropriate pet care funds for them.
To learn more about the proper uses of wills and trusts, consult a Florida estate and tax planning attorney.
