It’s that time of year again, Valentine’s Day is just around the corner and many of us are thinking about our sweethearts. Often when I am thinking of what to write for my blog I try to make it relevant to what is going on the world, the calendar, etc. Estate planning and Valentine’s Day don’t really go hand in hand…death and taxes versus love, flowers, candy. I wouldn’t call that a match made in heaven. But what it did bring to mind is the term “sweetheart” will.
Estate planning seems to be one of those areas of law with lots of vocabulary and layman’s terms. A “sweetheart” will is one of those terms we are asked about a lot. Basically what it means is when spouses leave everything to each other upon the death of the first spouse.. For example, if I die first all of my estate goes to my husband and should he die first all of his estate would go to me. Sounds like a good plan, right? Not necessarily. Leaving everything to your spouse doesn’t plan for your children and grandchildren, or protect your portion of your estate should your spouse remarry. Also a living trust may have advantages in reducing your estate taxes versus just having a will.
Before you fall in love with the idea of a “sweetheart” will make sure you talk to a qualified estate planning attorney about your goals and choose the best estate planning strategy for your situation. Our office offers a complimentary, no-obligation consultation with one of our attorneys to discuss your personal family situation. If you would like to schedule this appointment just send me an email, call our office at (650) 463-1550 or visit our website www.falkandcornell.com and click on “Free Consultation”.
