Most people feel strongly about how their loved ones are cared for after they pass away. The estate planning process allows you to make your final wishes known and ensure they are carried out.
When considering your future, a Covina trusts and estates lawyer could help. Making these decisions can provide you with peace of mind going forward. Before you act on your own, it could benefit you to speak with a dedicated estate planning attorney.
What Are Wills and Trusts?
Wills and trusts are the two most common tools estate planning attorneys use. They serve various purposes, with the general goal of establishing a person’s final wishes and carrying them out after their passing.
A last will and testament is the foundation of most estate plans. This document allows a person to decide who will receive their property. Beneficiaries might be gifted money or become the owners of specific pieces of property.
Trusts are legal entities that can become the formal owner of an asset or thing of value. People often place their property in a trust so that when they pass away, it will not have to go through the probate process. A trust is also useful for providing resources for young children or special groups that could benefit from it for years to come.
These documents frequently work together. Someone who puts all their property into a trust likely has a will to direct how it is spent. A trusts and estates lawyer in Covina could ensure anything not explicitly mentioned in the trust documentation is still excluded from probate.
Why Avoid Probate?
Probate is the court system that oversees the distribution of a person’s property after they pass away. A deceased person’s estate usually goes through this process regardless of whether they have a will in place. However, a Covina trusts and estates attorney could help avoid probate entirely.
This is an important benefit that most people who create an estate plan hope to take advantage of. Probate can be a costly, drawn-out process. By carving a path that makes this process unnecessary, the person creating the plan can ensure their beneficiaries will not have to wait to receive their inheritance.
How Can an Attorney Help?
Developing an estate plan can be complex. An attorney relies on a variety of tools to create a strategy for a person’s property, assets, debts, and trusts. Their primary duty is assisting a person with determining how their valuables should be distributed after they pass away. Some of the ways a Covina trusts and estates attorney could help include:
- Appoint trustees
- Answering questions
- Setting up bank accounts
- Drafting legal documentation
- Appearing in court when disputes arise
- Developing a comprehensive approach for an estate
The support of experienced legal counsel is vital during this important process.
Speak With a Trusts and Estates Lawyer in Covina Today
While there is a common misconception that estate planning is something to be done late in life, the reality is that it is in your best interest to consider the future now. The certainty that your loved ones will be cared for can provide you with peace of mind. Contact a Covina trusts and estates lawyer as soon as possible to discuss your options.
