Wills and Trusts in El Dorado County, California
Most people are familiar with the importance of writing a will to indicate your final wishes and name your beneficiaries. But did you know that creating a trust may actually be a better option for your financial and family situation? The earlier you begin planning for your future and for the future of your loved ones, the better.
Call Clara Yang, Attorney at Law, to gain a better understanding of wills, trusts and other estate planning tools.
The Differences Between Wills and Trusts
A will gives the most basic instructions for what to do following your death, including naming beneficiaries, appointing guardians for minors and choosing an executor. But not all of your assets are affected by your will. Life insurance, retirement plans and other documents with named beneficiaries may remain outside the dictates of your will.
A living trust allows you to designate your beneficiaries and the precise manner and timing in which your assets will be distributed after your death or incapacitation, while allowing you to maintain total control over your assets while you are still living. A trust will generally take precedence over any direction provided in a will and usually allows your loved ones to avoid probate. Trust administration is also private, unlike probate, so that the details of your trust assets and the distribution of your estate remain private.
Choosing a Will or a Trust
There are many choices to make in estate planning, and not everyone will require all of the available tools. Everyone should have a will, but not everyone will benefit from a trust. In order to make these important personal decisions, you can rely on Clara Yang to guide you through the decision-making process. Call her office today to schedule your estate planning consultation.
Losing a loved one is never easy. A solid estate plan will make the time of loss easier for your family. Clara Yang’s insight and experience will help you decide on the best options for your estate plan.