Many tools are available for the purpose of estate planning, and each of them have their pros and cons. It is important to work with an estate planning attorney to craft a comprehensive and aligned estate plan for your needs. Failure to do so could mean numerous mistakes either through your life or after you pass away.
A revocable or irrevocable trust may be beneficial in your estate planning process, and there are multiple reasons to consider using one. One of the primary reasons many people reach out to an estate planning lawyer to discuss a revocable living trust is to provide a greater privacy and to avoid the process of probate, which can be expensive, confusing and frustrating.
A trust, however, also gives you control. If you are concerned about your heirs being able to effectively manage a big inheritance, a trust can help determine the terms under which they are eligible to receive these assets and in what flow. It is one option to set up the release of specific milestones inside the trust based on a beneficiary’s age.
You can talk things over with your Pasadena estate planning lawyer to decide which elements of control you’d like to add to your estate plan. Your attorney can help you determine if a trust is appropriate, and if so, what kind to use.
Control also provides flexibility, such as allowing for distributions that match to the amount the beneficiary save each year. You have so many options available to you and working with an experienced lawyer will help you to craft the right trust for you. Let our California estate planning lawyers guide you through the process of discussing a trust and setting one up.