Wills and trusts work to secure one’s legacy and provide for the beneficiaries of an estate. It is important to consider one’s options when preparing for the future of an estate. Wills and trusts are testamentary documents that allow the testator to declare his or her wishes. While creating a will is the foundation, a trust is a way to more specifically address certain assets or wishes. A trust can be a powerful tool to help beneficiaries keep more of an estate. They are flexible, varied, and often complex. For the most part, trusts come with great benefits. For one, a trust allows the testator to put conditions on how and when assets are to be distributed after he or she dies. Another benefit is the reduction of estate and gift taxes otherwise subject to the estate when over the exempt amount. Trusts allow for the distribution of assets to heirs in an efficient manner, without the cost, delay, or publicity of probate court. In addition, trusts protect one’s assets from creditors and lawsuits. Finally, it allows the testator to name a successor trustee in case of death or incapacity. Each trust comes with their own benefits and disadvantages compared with the others. Just some of the many types of trusts include marital trusts, testamentary trusts, asset protection trusts, bypass trusts, irrevocable life insurance trusts, charitable remainder trusts, charitable leads trusts, special needs trusts and generation-skipping trusts. With so many options, it is important to discuss this matter with an experienced attorney.
Working with an experienced estate planning attorney like 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 for a consultation today.