WILLS & TRUSTS
Ensure your estate will be executed according to your wishes
Wills & Trusts in California
Help from a Riverside Estate Planning Lawyer
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.
What Is a Will?
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.
What Is a Trust?
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.
- Revocable Trust: Also referred to as a living trust, as revocable trust allows you to maintain control and ownership of the property. As long as you are mentally competent, you may change the terms of the trust at any time.
- Irrevocable Trust: An irrevocable trust relinquishes control and ownership, and once the terms have been established, you cannot change them.
- Testamentary Trusts: A testamentary trust is established via a will.
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.
Contact Our Estate Planning Firm at (951) 432-5351
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.
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