Wills and Trusts Attorney in Sacramento
Securing a bright future for your loved ones is a noble goal. Make that goal a reality by utilizing our will and trust services. Documents outlining your final wishes save your loved ones from making painful decisions at the end of your life. With clearly outlined expectations, your family can execute your wishes and approach the grieving process in the best way possible. Contact an experienced Sacramento wills and trusts lawyer for help with setting up a future for your loved ones.
What Is a Will?
One of the most common types of legal documents is a will. As the most basic estate planning document, a will determines who will get possession of your assets and who will care for your minor children, if you have any, among other things. Many people wonder if they need a will because it is a common misconception that you only need a will if you are wealthy. No matter your tax bracket, you and your family will benefit from having a clearly illustrated plan for your final wishes.
What Can a Will Do?
A will allows you to make provisions for your property and family members. For example, you can set conditions for who inherits your home or other assets like bank accounts, retirement accounts, and investments. If you don’t have a will, your assets will be divided among your family in accordance with the laws of the state of California. In general, the law will divide your assets equally among your heirs, but they can’t guarantee who gets what. For example, you may want your daughter to get your wedding ring after your death, but your son may feel that his wife should have it. With a clearly documented set of wishes, you can avoid awkward scenarios like these.
Provisions for Minor Children
If you have minor children, you should have a will. If you don’t, a probate court will set up an arrangement to decide who manages their money. At age 18, they’ll each get their share, whether they’re ready to take on that kind of financial responsibility or not. With a will, you can stipulate what age is appropriate for your children to get their inheritance – more importantly, you can choose a guardian for them.
- Wills and trusts accomplish essentially the same thing, but wills become a matter of public record after your death. If you value privacy, a living trust will remain private after your death.
- In some cases, wills must go through probate before assets can be divided amongst heirs. Trusts don’t have to go through trusts litigation and probate court.
How Trusts Work
Every living trust is comprised of three elements:
- A settlor is the person who makes the account (if you’re the one asking for a living trust, you would be the settlor).
- The trustee is the person in charge of the trust (i.e., an attorney).
- The beneficiary is the person who receives the benefits of your trust.
A trust serves as a legal arrangement between these three parties. After your death, the trustee manages your assets and dispenses them to the beneficiary according to the terms you laid out in the trust.
Enlisting the Help of an Experienced Law Firm
Both wills and trusts have their advantages, but a Sacramento trust and estate attorney can help you decide what kind of estate document is best for you. If you’re ready to take the first step in securing your loved ones’ future, contact Boyd Law today. After a free initial consultation, we can advise you in your estate planning needs and help you make the best choices for your family.