A comprehensive estate plan likely includes more than one component in California, and our Pasadena estate planning attorneys can help you create a customized plan based with all your needs in mind. A will is the cornerstone of most estate plans, but it may not be enough to accomplish all your goals. In these situations, using other tools such as a trust or a durable health care power of attorney can help round out your holistic estate plan.
You may want to ask questions about which assets should go in a trust versus a will, since these can accomplish similar and not identical estate planning purposes. There are three major purposes for three major advantages for placing assets in a trust instead of a will.Â
First of all, a trust allows a greater layer of privacy due to your ability to bypass the public probate process. Second, you can add more details and have more control and customization over the distributions for assets placed inside a trust. Finally, when working with a Pasadena estate planning attorney, your trust can go into effect during your lifetime, which means you have greater flexibility and eligibility to make gifts as you wish from the trust. A will, however, only becomes effective to distribute your assets after you pass away, and due to the complexities associated with probate, it may take some time for your assets to be distributed to your intended beneficiaries.
For more information about the different types of trusts available and how to customize your estate plan for your individual needs, set up a time to work with our CA estate planning attorneys.Â
