Wills and Trusts Attorney in Orange County
Drafting wills and trusts is never an uplifting topic to think about for most people, but it is a responsible step to begin contemplating what will happen to your estate upon your death or incapacitation. An experienced estate planning attorney in Orange County will be able to accurately answer any questions you may have regarding drafting your will or setting up a living trust to provide for your family in the future.
Drafting Your Will
Having a will on file allows you to dictate how you want to dispose of your estate in the event of your death or incapacitation. Without a will, a court will determine what happens to your assets and property upon your death. This means that your property may not be divided in the manner you wished. For example, if you wanted to donate property or assets to a charity of your choice, your family may contest this unless you have a will to dictate this. Even if you explicitly tell your family members and friends that you wish to give money to a certain friend, family member, or charity, you run the risk of losing this ability after your death if you do not have a legal will in place.
Wills also serve an important function by providing guardians for any children under age 18. Nominating a guardian in your will is important because it serves as reliable evidence of your intention for guardians. Wills can also act as “living trusts” and serve to contribute assets into an existing trust if these assets were not previously transferred.
Drafting your will is a relatively easy process if you choose an experienced attorney. There are many factors that need to be taken into consideration in drafting a will. You need to make sure that you provide for all children or your will may be contested. If you have a falling out with one child, you need make sure that your will is ironclad if you leave one child out of the will. An attorney can help ensure that your will can stand up in any court.
Setting Up Trusts
Trusts operate differently from wills in that they can take effect during your lifetime, while property disposed of in a will is typically only dispersed after your death. These “living trusts” can also reduce some of the tax burdens your loved ones may have to contend with upon your death. A living trust allows for assets to be transferred over prior to probate of a will, which can often be expensive.
Trusts additionally allow for conservatorships, which are often appointed when a person becomes incapacitated. This allows a person to nominate someone else to have financial control over their affairs.
Trusts are relatively easy to set up with the assistance of an experienced Orange County trust and estate attorney, as long as you give the attorney the name of the trustor and the trustees, as well as the intent of the trust. Trusts are frequently turned to as alternatives to a will because a trust largely cuts down on the expenses of probating a will, in both court costs and taxes.
Boyd Law | Orange County, California Trusts & Estates Attorneys
If you are contemplating drafting wills or trusts, do not hesitate to contact the experienced attorneys of Boyd Law. Wills and trusts are not documents you should do on your own and often require specific provisions to be witnessed by multiple people. Contact our Orange County office today for your initial free consultation and we will address any questions you may have concerning the disposition of your estate.