Wills and trusts lawyers in Newport Beach handle so much more than just the creation of legal documents. One of the most important parts of the job is educating and guiding clients through their options, which often depend on the client’s unique financial and family needs. To that end, today’s article is a basic introduction to wills and trusts.
Estate planning lawyers use all kinds of strategies to help protect their clients’ assets and to find ways to provide for future generations. Sometimes this is about planning for your own retirement, and other times it might include purchasing a life insurance plan, or some other proactive means of preparation. Newport Beach wills and trusts lawyers are responsible for helping to utilize wills and trusts to allow heirs to benefit from an estate as much as possible.
Trusts are a great tool for protecting an estate because they provide tax benefits, privacy, and the ability to avoid drawn-out and potentially expensive probate proceedings. A wills and trusts lawyer can help you create the trust, which actually becomes its own legal entity that “owns” any assets you transfer to it. There are a whole lot of trust options available, so it’s best to really go through the options with a wills and trust lawyer in Newport Beach in order to determine what makes the most sense for you and your family.
A will, on the other hand, can provide different types of protection. This is the place where you will want to name guardians for minor children or those with disabilities and to express your wishes for what should happen to your property after you pass away. Even if you have a will, your estate will still need to go through the probate process, which usually starts by establishing that the will itself is valid.
The best way to move forward will likely be to work with a wills and trusts lawyer to develop both a will and one or more trusts. In fact, the will itself can even be used to establish a trust upon your death. Yes, that is a lot of choices, but a Newport Beach wills and trusts lawyer will be able to simplify the entire process for you and offer expert advice on strategizing for the future.
As an aside, wills and trusts are not the only important things you will want to discuss with your lawyer. Your estate plan should also include documents such as powers of attorney, medical directives, and so on. Again, a good Newport Beach wills and trusts lawyer is a great resource for getting things underway.