Keys To The Best Decisions For Your Estate Planning
A recent report reads that 51% of those surveyed have created a living trust, 43% believed that having a will replaced the need to have a trust, and 31% said they were procrastinating doing any kind of estate planning. Which category do you fall under? Do you even know the difference between a will and a trust? Of course, no decision should be made without consulting an expert in estate planning, elder care, and family law, but this article should help clear up the confusion that currently surrounds estate planning wills and trusts.
Wills in Estate Planning
A will is a legal document. After you die, a will coordinates the distribution of your assets and can appoint guardians for minor children. A will can be beneficial because it allows you to communicate your wishes clearly and precisely and when there is no will, the distribution of your assets is left up to the state. A will helps you control where your assets go and is a very beneficial part of your estate plan. A will generally includes an executor, who carries out the delineations of a will, beneficiaries, those who will inherit your assets, instructions, for the how and when beneficiaries should receive your assets, and guardians, for any minor children. For the best estate planning, it is recommended to work closely with a lawyer that specializes in elder care and estate planning wills and trusts for the best possible outcome given your situation.
Trusts in Estate Planning
A trust is an arrangement that allows a third party (called a “trustee”) to hold assets on behalf of a beneficiary or beneficiaries. A trust can be beneficial in estate planning because it usually avoids probate, the legal process of settling an estate, so beneficiaries many receive assets more quickly than if they were transferred using a will. There are also ways that trusts can reduce taxes, the details of which can be delineated by a competent estate planning wills and trusts lawyer. There are different kinds of trusts that have different benefits, but the main differences between wills and trusts is that trusts offer more control of your wealth, protection of your legacy, and probate savings.
Which is Best for Me in My Estate Planning?
With so many benefits to both wills and trusts, how can you decide what is the best plan for you? The answer really comes down to the details of your personal situation. Many factors such as age, wealth, and marital status come into play. The best course of action to take would be to consult a law firm that specializes in estate planning wills and trusts and can pay attention to your specific needs and situation. It’s important to remember that Estate Planning is one of the few areas in life that you will no longer be available when it is needed to make sure your wishes are being carried out. That means it is essential you obtain professional advice when it comes to planning for your family and loved ones. At Lydell & Lydell, we want to provide you with individualized, dependable and experienced care.
Don’t hesitate to contact us or call us at 916-996-1966 if you have any more questions about estate planning wills and trusts or if you are ready to move forward with your estate planning.