Trust Attorney Roseville, CA
While many Americans have drafted a simple will at some point during their lives, few have a fully developed—and current—estate plan in place at any given time. Because the subject of estate planning is so rarely explored in American culture, many adults are understandably unaware that they need anything more than a simple will in place.
In truth, there are a myriad of estate planning tools available to American adults and each of them serves a different purpose. Speaking with a reputable Roseville, CA trust attorney at the Yee Law Group, PC will help you to clarify whether you’re currently taking advantage of all of the estate planning tools that you’ll need to ensure that your wishes are properly honored in the event of your incapacitation or death. Additionally, during a risk-free consultation session, you can also learn about estate planning tools that can be utilized during your lifetime to achieve certain gifting needs and/or minimization of your tax liability.
Trust Attorney – Roseville, CA
If you don’t yet know much about estate planning, you may be wondering why you need to draft more than a simple will to fulfill your estate planning needs. This is a legitimate concern. Not so long ago, most Americans drafted a will, updated it a few times over the course of their lives and called the estate planning process a day. However, the complexities of modern finance combined with the evolution of state and federal laws has made it such that a simple will alone simply doesn’t meet the estate planning needs of virtually anyone, anymore.
To have a complete estate plan in place—even a basic one—you’ll generally need a will or living trust, an advance healthcare directive, power of attorney designations, digital estate planning references, and (if applicable) guardians named for your minor children. Depending on your unique financial needs, your situation may require additional estate planning tools as well.
An Introduction to Trusts – What They Do and What They Don’t Do
A living trust—which can pass certain assets to your loved ones during your lifetime and can serve as a will after your death that will allow your loved ones to avoid probate—is primarily used as an alternative for a will. This document will not detail your wishes for medical care at the end of your life, nor will it grant the power of attorney authority to someone you trust so that your affairs can be managed according to your wishes in the event of incapacitation. A living trust can accomplish much, but not everything that someone needs in a basic estate plan.
Other kinds of trusts, including charitable trusts, educational trusts and special needs trusts, can accomplish various financial and practical aims while you’re living or after you’re gone. These resources can serve as great tools to pass along assets subject to conditions and can minimize your tax liability.
Legal Assistance Is Available
To learn more about trusts and other estate planning tools, schedule a risk-free consultation with the experienced California team at Yee Law Group, PC today. We look forward to speaking with you.