A recent post here discussed the generation-skipping trust and how it may be beneficial to those engaging in the estate planning process. This is just one of the many trust types available to those who create estate plans. Each trust type has its own benefit, and one or a combination of a number of trusts can help bring a vision for an estate plan into reality.
With that being said, trusts and other estate planning documents need to be crafted with attention to detail and an eye for clarity. Estate planning vehicles that are ambiguous, vague or fail to address all assets can leave the matters open for interpretation. This is the death knell for an estate plan. It can cause familial strife and, in some instances, litigation. It can be costly and lead to outcomes that are counter to an estate planner's wishes.
This is why it is best to get the right information about all available options when seeking to create an estate plan. Knowing the ins and outs of the estate planning process can help avoid mistakes that are commonly made. It is important to investigate which estate planning tools may be best suited to meet your needs.
At our law firm, we do our best to guide our clients through the estate planning process in a way that ensures that their assets will be distributed in accordance with their wishes. Those who would like to learn more about the estate planning options available to them and how an attorney can assist them in this process can visit our law firm's website for more information.