The concept of estate planning can be intimidating at first glance. Financial planning and thinking ahead to your preferences for end-of-life care, property distribution after you have passed away and contemplating how to protect your family when your life is coming to a close are not pleasant tasks. However, estate planning is a critically important process and must be approached with urgency and care. After all, none of us knows exactly how much time we will be given or when our estate plans will become pressing business. As a result, it is vital to ensure that you have a solid, complete and legally enforceable estate plan in place at all times during your adult years.
Working with a Yee Law Group, PC Folsom estate lawyer can help to ensure that you are taking advantage of every estate planning tool that could benefit you and your family uniquely. Estate planning involves more than creating a simple will. Although it is important to draft a legally enforceable will, it is also important to consider medically-related estate planning tools and those that will best serve your financial situation. Of all the tools that may help you protect the value of your investments, property and other assets, establishing a trust or multiple trusts may be the most advantageous. But because creating a trust is complex and there are many types of trusts to choose from, it is generally a good idea to seek the guidance of an established Folsom estate lawyer before committing to a specific trust-related strategy.
Establishing a Trust: The Basics
At their most basic, trusts serve to manage and distribute property. Living trusts allow the trust creator to benefit financially from the trust during his or her lifetime before the affected property passes to designated beneficiaries after the trust creator’s death. Some living trusts function for the benefit of beneficiaries during the course of the trust creator’s lifetime; the trust creator may attach conditions to the use of the trust’s assets. For example, if a grandparent wants to provide a grandchild with means to obtain a college education, he or she could create a trust with the express purpose that the funds protected by the trust only be used for tuition, books, room and board. This is only one kind of living trust that may be used for a family’s financial advantage during a trust creator’s lifetime. An estate lawyer in Folsom, California can help you to find the best living trust “fit” for your family.
By contrast, testamentary trusts manage and distribute property after the trust creator has passed away. Conditions may be placed on the management and use of assets governed by these kinds of trusts as well. If you are primarily concerned with what will happen to your property after you pass away, consider speaking with a Folsom estate lawyer about establishing a testamentary trust.
Estate Planning Assistance Is Available
If you are interested in exploring trusts specifically or estate planning tools more generally, please consider scheduling a consultation with an experienced estate planning attorney. Lawyers experienced in this area of law understand the kinds of estate planning resources that best fit the unique needs of individuals and families. Whether you could benefit from creating a living trust, a testamentary trust, one that is revocable or one that is irrevocable, an experienced estate planning attorney can help. In addition, it is important to remember that scheduling a consultation does not commit you to creating any kind of estate plan whatsoever. Discussing your options with a Folsom estate lawyer simply helps to ensure that your decisions are informed as you seek to determine the most advantageous way forward.