When individuals plan to administer their estate, they should take into account all aspects of their estate. All of their prized possessions and assets should be addressed so that when they pass their loved ones know what to do with their assets. These individuals have the ability to use different options to plan for estate administration. They can write in their will who will be named as the beneficiaries and the executor. They may even have a power of attorney mentioned if they are sick or may need someone to make decisions for them as they decline in health. Trusts are another option that individuals may wish to use to pass their assets to beneficiaries.
How does a will plan for my estate?
During their lifetime, people should draft a will to include a list of all their assets and their wishes regarding these assets. They may wish to pass these assets on to a relative or any loved one that will benefit from it after they are gone. In a will, they can name what asset they wish for a person to receive. This individual will become known as a beneficiary since they are benefitting from that estate.
Also in a will, individuals can name an executor. This individual has many responsibilities regarding estate administration. After the individual dies, the executor must take on the tasks that were left behind. This can include paying off debts or any remaining taxes. The executor also has the job of gathering and distributing all the assets that are named in the will to be given to beneficiaries. Executors must carry out their required responsibilities or they can be replaced.
Is a trust different?
A trust is another method that individuals can use to pass their assets during estate administration. However, through a trust, individuals are able to avoid the probate process. Due to this, trusts pass quicker to beneficiaries. Since a will has to be brought to probate by the executor, it requires more time. A trust can be acquired quicker. Trusts also may have benefits to them. Each individual type of trust can have differing benefits. Many trusts provide tax benefits that come along with it.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.