Sacramento Trust Lawyer
If you have drafted a legally enforceable will, you should pat yourself on the back. You’re already “ahead of the curve” when it comes to the ways in which Americans approach—or fail to approach—estate planning. However, it is important to understand that wills are not “one size fits all” documents, nor do they address all of an individual’s estate planning concerns. As a result, it is important to speak with an experienced Sacramento trust lawyer at Yee Law Group about constructing a comprehensive estate plan. In doing so, you’ll better ensure that your will accomplishes everything it can and that additional estate planning tools—like trusts, power of attorney documents, and living wills—serve their critically important purposes within your broader estate planning approach as well.
Sacramento Trust Lawyer
Even if you have not yet constructed a will, you can “catch up” in terms of bare bones estate planning by constructing a specific kind of trust. Some trusts function much like a will does—in that they allow an individual to pass on their assets upon the event of their death. The benefit of choosing this kind of trust over constructing a will is that, in doing so, you may allow your loved ones to bypass a lengthy probate process and may minimize your tax liability.
Exploring Different Kinds of Trusts
There are two primary kinds of trusts: revocable and irrevocable. Revocable trusts may be modified and “canceled” at the wish of the trust creator. Irrevocable trusts cannot be modified or canceled under most circumstances. Within these two broad categories of trusts, there are several varieties of each. Trusts may be structured to provide for a child’s educational expenses or to pass along certain assets subject to conditions. For example, a grandparent could leave a sum of money to a grandchild that will only be extended once the grandchild reaches a certain age.
Trusts may be set up to provide for the needs of disabled individuals, pets, charitable organizations, and a host of other beneficiaries. Trusts may be structured so that they come into effect during a creator’s lifetime or upon their death. Our firm can explore any and all trust types that may be applicable to your needs, goals, and estate planning priorities.
Legal Assistance Is Available
If you have not yet explored the variety of estate planning tools available to you, connect with the experienced California legal team at Yee Law Group to learn more. Creating a will can be an excellent way to ensure that your loved ones understand your wishes in the event of your death. However, wills cannot accomplish many important aims, including the minimization of tax liability, expression of end-of-life medical care concerns, and the transfer of assets during an individual’s lifetime. By exploring different kinds of trusts and a host of other estate planning tools available to you, you’ll place yourself in the best position to make your end-of-life care and the transfer of your assets upon your death as low-stress and as reflective of your wishes as is possible. Our team looks forward to speaking with you.