Helping People Understand Wills And Trusts
Almost everybody has heard of wills and trusts, but unless you have an estate plan of your own you may not understand what they are or the differences between them.
At The Cohen Law Office, P.C., we take pride in explaining the estate planning process to our clients and answering all of their questions. Here is an overview of wills and trusts, the foundations of most estate plans:
The Important Differences Between The Two
Trusts: The cornerstone of most estate plans is a trust. Trusts help our clients transfer their assets at death while reducing the costs normally associated with the probate process. A trust acts as a companion instrument to your will. You can continue to enjoy the use of any large assets you place in the trust such as your home, investments or bank accounts. The trustee maintains the assets until you pass away, at which point they are transferred to the beneficiaries you selected or continue to be managed by the trustee.
For parents of children with special needs, the special needs trust may be an excellent option. A special needs trust allows your child to qualify for government assistance while still enjoying the benefit of the assets in the trust so that he or she will always be provided for.
Wills: A will is a legal document that you use to instruct the executor of your estate how you distribute your possessions after your death. While the terms of your will are largely up to you, the will must be drafted and executed according to California law, or it will not be honored when the time comes. After someone passes away, their will would go through a process called “probate” to transfer their assets. However, probate is often time-consuming and expensive.
Get Started On Your Estate Plan Today
Many people procrastinate on making a will or trust. Some wait until it’s too late. Don’t put your family through the added stress of having to guess what your final wishes may be. Creating an estate plan can be a simple process that saves your loved ones both time and money.
By speaking to one of our lawyers, you will get the benefit of our commitment to providing honest, accurate estate planning advice. For a consultation with an attorney, please call our San Mateo office at 650-517-6133 or fill out our online intake form.