Planning for the future is not easy, especially when it comes to making legal and financial choices that will impact a person or his or her loved ones down the road. Estate planning is a smart way to maintain control over what happens to a person’s property after his or her passing and ensure that things go where they are intended. While drafting a will is the first and most basic step in this process, it may also be beneficial to consider the benefits of establishing a trust as well.
A trust is a way for a California adult to set aside and protect certain assets after his or her death. This can allow someone to pass assets during his or her lifetime or after death, as well as allow beneficiaries to avoid the probate process. A trust can pass property to a specific person, but it can also be used for things such as charitable giving or the long-term care of a loved one with disabilities.
There are two main types of trusts, revocable and irrevocable. The right type depends on a person’s goals and the type of property in the trust. A trust can be a beneficial addition to many estate plans, allowing someone to have more specific control over what ultimately happens to his or her assets.
Estate planning requires a person to think long-term and plan for what will happen after his or her death. This can be a complex process, which is why it can be useful to discuss things with an experienced California attorney before making any important decisions. With the right guidance, a person can make choices that will be beneficial for his or her future.