Over the years, your wants and needs for the future of your assets might change. Our dedicated attorneys could help you ensure that your desires are met while also protecting your wishes for the future.
If you are thinking about planning your estate, it is crucial to consult with legal counsel. A minor error in trust documents could upend your estate. An Irvine trust & estates lawyer could help you create a plan for your property and ensure that you follow the proper legal requirements.
What are Trusts and Estates?
Estates and trusts are important tools for planning for the future. Although some people may believe that estate planning is meant for the wealthy, the reality is that implementing trusts and an estate plan could benefit anyone.
Trusts are beneficial in a variety of situations. Often, people rely on trusts to protect valuable assets and avoid probate. Trusts are also frequently used for preventing tax liability. For instance, some types of trusts allow a trust creator to live off the proceeds of a trust despite no longer owning the assets. This approach provides an avenue for avoiding steep tax bills while still enjoying the benefits of valuable items.
Every trust must have someone to manage it. With living trusts, for example, the trust creator is often responsible for administering the arrangement during their life. Other trusts could be independently managed. Whether an individual wants to secure their assets for family members after their passing or plan for future medical treatment, an Irvine resident could benefit from the guidance of a trust and estates attorney.
How Could a Trust and Estates Attorney Help?
There is much more to the estate planning process than setting up a living trust. In fact, an Irvine trust & estates attorney could implement an array of planning tools and strategies to ensure that someone creates the strongest possible arrangement.
If a person wants to create a trust, they must also create a last will and testament. Most estate plans involve a will, even those that rely heavily on trusts. A will could have provisions that instruct family members and representatives on how to divide an estate.
Another important aspect of an estate involves what happens when a person is still alive but is no longer able to care for themselves. For example, an estate plan might be useful if a person suffers a debilitating injury or no longer has the mental capacity to make their own healthcare decisions.
A legal representative could draft a living will that provides doctors with guidance on how to care for an incapacitated subject. A person may also have the option of creating a power of attorney which appoints a third party to make important healthcare decisions on a debilitated person’s behalf. A skilled attorney in Irvine could help an individual identify how these options might fit into a trust or estate plan.
Contact an Irvine Trust & Estates Attorney Today
Do not delay the process of estate planning. The sooner you consider your options, create a will, and develop a trust, the better. Let an Irvine trust and estates lawyer provide you with insight into your legal options. Call for a confidential consultation today.