As this blog has discussed previously, many Fresno residents will at some point consider creating a living trust as they start to think about financial and estate planning. Although not for everyone, there are many good reasons a person might set up a revocable living trust as a means of passing down their legacy to loved ones and others, perhaps the most attractive reason being that it can keep an estate out of a lengthy probate process.
Many people in the Fresno are may swear by trusts as the best estate planning tool that a Californian can use with respect to estate planning. It is true that setting up and maintaining a trust carries with it several important advantages. However, as with just about any legal procedure, a trust is not necessarily right for everyone and should not be seen as a one-size-fits-all approach to estate planning.
Many residents of Fresno and the surrounding areas have probably heard about how living trusts can help a family "avoid probate" and are thus almost always a good deal for any family, no matter how much they have in assets.
Many people in Fresno County have probably heard of trusts, and some may even themselves have created a trust or intend to do so as part of their estate planning strategy.
In previous blog posts, we have discussed the importance of regularly reviewing and updating your estate plan to reflect any changes in your wishes, family or financial situation. This ensures your plan is updated and reflective of current circumstances.
If you plan to leave parts of your estate to loved ones in the form of a trust, you may very well have an interest in maintaining control over the distribution of those assets. After all, setting up a trust is one way to control the administration and privacy of your estate by avoiding probate.
Trusts can be essential tools in any estate plan. They can help people minimize taxes, avoid probate, secure funds for specific people and shield assets from unwanted parties. Considering how beneficial they can be, it is not surprising that people all across California have trusts as part of their estate plan.
Estate planning can be an uncomfortable topic for people. However, when the time comes to administer an estate, a little planning can be of considerable relief to the people affected by a person's loss by providing clarity and direction to loved ones.
Nobody would likely claim that estate planning is fun. However, as much as you may dislike thinking about your own eventual passing, you probably know that estate planning is for the good of your loved ones, so you are starting to consider it anyway. But with such a vast array of options available to you, where do you start?
When people think of estate plans, they often think only of wills. Of course, wills can be a critical element in any estate plan, but they are not the only tool available.