Serving Your Loved Ones
While creating an estate plan can seem challenging and cumbersome, but it can be a tremendous gift to your family and other loved ones. If you leave without an adequate estate plan in place, your assets will be transferred according to California statutes rather than according to your wishes. Further, when your estate goes through probate, the process can be much more lengthy and contentious than it would be if you have valid estate planning instruments in place. By communicating your estate planning wishes clearly through wills and trusts, you will save your family stress, time and money.
We can help you. At the Law Offices of William M. Nassar & Associates Inc, we help clients create effective, comprehensive estate plans that will transfer their assets effectively and give their families peace of mind. With more than 30 years of legal experience, we know how to create plans that will avoid unnecessary expense or liability, and will stand up in court.
Creating Your Will
The will is the centerpiece of any effective estate plan. It generally directs the distribution of your assets and names an executor. A good will makes the information about your assets and your intentions for distribution public knowledge, so the estate can move through probate smoothly.
Incorporating Trusts Into Your Estate Plan
Using trusts can help avoid certain transfer costs and it can allow you to retain greater control over the manner of transfer. For example, you could create a trust to a descendant for a limited purpose like college expenses or buying a new home. You could also create a trust that does not pay out until an event happens or a milestone is reached, like graduation or getting married.
A revocable trust can provide greater control in the short term, but could result in greater fees in probate.
An irrevocable trust provides significant fee-avoiding features, making it a more financially efficient option that a revocable trust. The potential downfall in an irrevocable trust is the limitations on revoking or changing the terms of the trust once it is put into place.
There are numerous options and tools available when it comes to trusts. The best thing to do is talk with our experienced attorney who will explain your options in detail and give you solid counsel as to your best choices.