Choosing the Right Documents for Your Own Estate Plan
There are multiple types of wills and varying kinds of trusts, and the purposes of each document can have different effects on the future. California law allows residents to use a living trust, a will, or both, in their estate plans. To make sure you have the best plan in place for you and your family, you’ll need the guidance of an estate planning attorney who can answer your questions and address your concerns and goals along the way.
The Difference Between Wills and Trusts
Types of Wills in California
By establishing a will, you can achieve many objectives, but the main intention is to choose how your wealth and assets should be distributed after your passing. In California, there are a few different types of wills that our state recognizes:
- Living Wills - Also known as Health Care Directives, these documents specifically outline your preferred choices for your health care options in the event you become unable to communicate them yourself.
- Holographic Wills - A holographic will is a legibly handwritten last will and testament with clearly stated intentions of the decedent.
- Statutory Wills - This is a templated will provided by the state that can be filled in with your wishes prior to your passing, but leaves no flexibility for change or amendment.
- Drafted Wills - This is the most versatile option, as your attorney can create a truly tailored plan that is able to adapt to your life’s changing circumstances.
Types of Trusts in California
By establishing a trust (instead of stating your end-of-life wishes as you do with a will) you can legally protect your assets from estate tax issues and probate court, as well as provide for your loved ones and meet other important legal and financial objectives. There’s a wide variety of trust options available in California. Some of the most common choices include:
- Revocable Trusts - This type of trust is the most flexible, as it can be changed or terminated at any time without the permission of the beneficiary.
- Irrevocable Trusts - Once created, this arrangement cannot be changed or terminated without the permission of the beneficiary.
- Special Needs Trusts - If you have children or other dependent loved ones with a disability, this type of trust can set up financial support throughout their life upon your passing.
- Charitable Trusts - There are two types of this particular kind of trust that can give back to your favorite charity: one that gives to them for a specific period of time or one that allows them to receive the assets at the end of the trust’s term. If this is an option you wish to explore, work with an attorney to better understand the details.
Whether you need help with drafting a will, creating a trust, or both, in the Granite Bay area, reach out to my firm for the guidance you need to move forward with confidence.
Work with Katz Business Law to Create a Plan for Your Future
I have guided many families in Granite Bay, California, and the surrounding areas through the processes of exploring their options, establishing their goals, and aligning them with the best solutions to meet their needs. By taking a collaborative approach to your planning process, I strive to provide peace of mind that your wishes will be understood clearly and taken care of accordingly. Not only can I help you create a solid estate plan, but I can also ensure that your documents are prepared properly and adjusted as needed through life’s changes.