Legacy Planning Law Group knows that the best way to help our clients is to understand their estate planning needs and help them build that plan. If you’re interested in learning more about wills and trusts and our estate planning services as part of our unique Family Estate and Legacy Program, please book your free 15-minute phone call with us today!
Of all the estate planning tools available, wills are the one that most people are aware of. While they are aware that wills exist, most people either don’t have one in place or don’t really know what a will can do for them. The following are some of the key benefits of having a will:
To put it simply, every adult should have a will in place. In some cases, this is the only estate planning you will need to do. For others, it will be one piece of an overall estate plan. In either case, it is something you should have completed as soon as possible and then updated as often as needed to remain accurate.
Trusts are similar to wills, but offer additional benefits. They generally make the process of transferring assets to heirs much easier for everyone involved. To start with, the assets in a trust are immediately transferred to your beneficiaries after your death. This means there is no need to go through probate court, which can save your loved ones money in court costs and attorney’s fees. This also speeds the process up quite significantly.
Trusts are also a much more private document. While wills are going to end up being public record, trusts like revocable living trusts can be executed with only the knowledge of you and your attorney. You can tell your beneficiaries if you want to, but you don’t have to.
Another benefit of a trust is that you can set them up to take effect should you become disabled. You can identify a successor trustee to step in and manage your affairs without needing a court-mandated guardianship to be appointed.
Finally, and perhaps most significantly, living trusts are more difficult to challenge than wills. This can help to prevent disgruntled heirs from attacking your estate plan after you’re gone. Once your living trust is completed, you and your loved ones can have greater peace of mind knowing that your estate will be properly managed and distributed by someone you have personally selected and trust.
If you are committed to solving your planning needs and want to work with our skilled and experienced team, the first step to get started is booking your 15 minute phone call.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.