If you’ve worked hard and saved wisely, whether you’re wealthy or a person of modest means, you have an estate, and you’ve probably already been thinking about estate planning. Of course, the right estate planning strategy will depend on your personal circumstances. For some Californians, a living trust will provide practical, advantageous benefits. For others, there’s no benefit at all, and a will can satisfy all of your estate planning needs. To learn more and obtain sound estate planning advice, schedule a consultation promptly with an experienced.
Simply defined, a will is a signed and witnessed document that expresses your will – your wishes regarding what happens to your property and assets after your death. Your will is revocable, and as long as you are alive, it’s amendable. In your will, you may also appoint a guardian for your minor children. A living trust, on the other hand, provides for the management of your assets and properties while you are still alive as well as after your death. When properly drafted and funded, a living trust sees to it that your assets and properties are properly managed if you become incapacitated. Upon your death, a living trust allows your estate to avoid the probate process. However, a living trust is more expensive to create than a will because it must be actively managed and it must be funded.
So what is best? Living trusts and wills accomplish many of the same aims. A trust lets you achieve more, but it will cost more. Let an experienced Orange County estate planning attorney explain more about your estate planning options and help you to determine if a will or a living trust is best for you. It’s never too early to learn about estate planning or to begin the process, especially if you have loved ones who count on you. Don’t wait. Make the call and arrange to consult with an experienced Orange County estate planning lawyer as soon as possible.
