What Your “Will” Really Does

Well, we are fast approaching Fall and our weather says its SUMMER! Spoke to my parents and they said it was actually cooler in Palm Desert then it was in Orange County. Can you believe that! On another note, I have met so many wonderful and successful women business owners in the past couple of weeks at various networking groups that I want to acknowledge them as a whole. It as has been such a blast to see so many women with young families, older families and successful careers all networking and seeing how we can all work together! So I know some of you have heard me say it before, if you have a Will that doesn’t do you much good! So here goes: You finally got around to making a will, so now you can rest easy. You went online, found the forms, filled them out and you’re done. If anything happens to you, your loved ones are taken care of.One less thing to worry about, right? I hate to cause you more sleepless nights, but just having a will is not the “be all and end all” of planning your estate. Let’s clear up a few misconceptions about what your will actually does and doesn’t do: Hope to hear from you soon, or see you at one of my upcoming Kids Protection Workshops. If you pass this along to someone who RSVP’s for the workshop YOU and the person who attends will receive a Free Starbucks card why not have coffee on me! Upcoming Workshops include: Oct. 7th Fullerton YMCA 6:30PM Oct. 21st Rossmoor Preschool 5PM If you would like for me to speak at your group, give me a call and we will set it up. Its totally Educational, well, 99.9% there is a 1% “sales pitch” to the Workshop.. but its light. Take care,

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This is What A Sound Will Actually Does

Your will distributes property that you own at the time of your death. You can divide up your property any way you choose as long as your state doesn’t prevent you from disinheriting a spouse or children. If you intend to do either of those things, you need to talk to a lawyer and make sure it’s even legal. If you have property that would legally pass outside your estate (things like joint property, life insurance, or retirement plans), you will does not provide for how those assets are distributed unless you’ve made them payable to your estate. Additional estate planning documents are required in order to do that. Needless to say, there are various types of wills and they can be incredibly simple or terribly complex. A very simple will is called exactly that – a simple will. A will that establishes trusts is usually called a testamentary trust will. If your will leaves assets to a trust created during your lifetime, it is called a pour-over will. If you have either a testamentary trust will or a pour-over will, it should provide for property management and protection from creditors for your heirs and minimize their tax obligations on whatever property they inherit. Aside from creating trusts and distributing property, you can also designate a guardian for your minor children. If your will is properly written and you’ve set up the right kind of trust and chosen the right trustee to handle your minor child’s estate, the need for court supervision will be limited or even eliminated. The same could hold true if you name an executor. Check with me to ensure that you’re taking full advantage of the laws in California and that these designations are made in accordance with those laws. What Your Will Does Not Do If you have any nonprobate property, such as real estate that would pass to a surviving owner, or an IRA or insurance policy payable to a named beneficiary, your will does not determine how those assets are passed on. These types of assets are governed by contract law. Just because you list them in your will does not ensure that they will be handled as you’ve requested. Always make sure that your beneficiary designations are up to date and in line with your intentions. Other types of nonprobate property you will want to account for are any jointly owned property, trusts, annuities, and retirement benefits and life insurance, to name a few. Makes filling out a form online and thinking you can sleep better at night a little less appealing, doesn’t it? A simple piece of paper will not necessarily ensure that everyone gets what you want them to have and that Uncle Sam doesn’t take more of what you’ve worked for than your loved ones receive. If you would like an expert opinion on exactly how effective your current will is, or advice on actually drafting a will, call us to schedule your Family Wealth Planning Session today. We can help ensure you take the right steps to take care of your loved ones if something happens to you. Also, as part of our estate planning process, we will interview you about your specific wishes and what you want your family to know. We provide you with a copy of the interview so you can pass on the information you want your family to remember. We understand that it’s not just about the paper you leave behind, but the voice you leave behind. Our Family Wealth Planning Session is normally $750, but this month I’ve made space for the next two people who mention this article to have a complete planning session with me at no charge. Call today and mention this article.