It’s never too late for estate planning
At what age are you too old or too young to think about estate planning? As far as creating a comprehensive estate plan, there’s really no ideal age to begin the process. Many financial advisors actually recommend beginning the process when you become a legal adult, and plan on updating it every three to five years.
You should have a will and, in most states, you can make one when you’re of legal age, which is 18 years old, and are of sound mind. A will is one of the most commonly-used estate planning vehicles for the protection of assets in order to pass them on to your heirs and beneficiaries – children, grandchildren, friends, or charitable organizations.
For many, creating a living trust as part of their estate plan provides protection for their assets while they’re still living and ensures that those assets are distributed as per their wishes without having to go through probate after their death.
Instead of deciding which option is better, many people choose to include both a will and a living trust in a comprehensive estate plan.
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The protection you want
Opting for a living trust in addition to a will means that you’ll receive the benefits of both types of estate planning tools. A trust provides for the management and distribution of your assets during your life and after your death. Additionally, it provides asset protection because the assets held in the trust don’t have to go through the expense of the probate process.
One of the main benefits of a living trust is disability planning. When creating a living trust, you choose a successor trustee to take over the management of the trust’s assets should you become disabled or incapacitated. This helps to avoid any interference by the court and keeps you in control.
On the other hand, a will allows you to name guardians for minor children, specify your funeral wishes, and choose an executor for your estate, among other things.
While many people create a living trust as part of their estate plan, there are more complex trusts to consider, including special needs, veteran’s, and irrevocable trusts. Therefore, it’s important to consult with an experienced estate planning attorney to help you determine which types of documents you need to create a well-rounded estate plan.
The attorney you need
At the Law Office of David W. Foley, California Living Trust, we have over 20 years of experience in the field of estate planning law. Our attorneys specialize in creating high quality and affordable living trusts and wills as part of a comprehensive estate plan.
And we make the process fast and easy. Call, email or visit our office. Once you have filled out the required intake form, we’ll contact you to discuss types of trusts, which option is best for you, and what you can and what you can’t put in a living trust.