Are you preparing yourself to ensure your loved ones are cared for when you are no longer there to care for them? It is very important, starting off with developing a comprehensive estate plan that fits your financial situation. If you are already familiar with wills and how to distribute property according to your wishes, consider making yourself familiar with trusts too. These legal instruments protect your property from probate, taxes, or the public.
A will allows you to establish your wishes for your estate after you have passed. Goals that a will can accomplish include naming beneficiaries, naming guardians for your children, deciding funeral plans, and choosing executors.
A trust is designed to hold and invest property for the benefit of another. Trusts may be established during your lifetime or after your death. Some trusts allow you to remain in complete control of your property, while others limit your control.
We should be able to help you understand the differences between the various types of trusts available to you, make you aware of the tax consequences of each, and assist you in selecting the best option for you to maximize your estate goals.
If you own property, if your marital status has changed, if you have children, or if you wish to leave an inheritance to a friend or relative, it is vital to seek the advice of an estate planning attorney at Holstrom, Block & Parke, APLC.
If you wish to have one of our attorneys contact you, simply fill out our online contact form, or call us directly at our Riverside office: (951) 432-5351.