Recently on the blog we discussed spendthrift trusts and how they can fit into your estate plan. This type of trust isn’t right for everyone, though.
Yet, those seeking to create an estate plan shouldn’t write off trusts altogether just because a spendthrift trust doesn’t meet their needs. Instead, these individuals should carefully consider whether other trusts can help further the goals they have for their estate and their loved ones.
There is a wide variety of trust options available to you as an estate planner. Revocable and irrevocable trusts can allow you to leave assets to loved ones while bypassing probate while still controlling the terms of asset distribution. A charitable trust can ensure that your philanthropic endeavors are pursued. A pet trust can safeguard your pet’s safety and well-being long after your gone. Other types of assets can help protect assets from creditors, limit tax liabilities, and provide for care for children with special needs.
As helpful as these trusts can be, they are only as effective as their wording. This is why the trust creation process needs to be handled with care. All estate planning documents, not just those that create a trust, need to be thorough and clear. Even a seemingly minor mistakes can have very real and tragic ramifications, which is why the drafting of these documents is usually best left to skilled legal professionals like those at our firm.
At Michael A Sawamura Attorney at law, our legal team understands how delicate these matters can be. We know how uncomfortable it can be to think of your own mortality and your family living a life without you.
However, we also know that most Californians want to ensure that they provide for their loved ones as much as possible upon their passing, which is why we give each of our clients the individualized attention they need and deserve.
