People work hard for what they have and it is reasonable to expect that the individual wants to have a say over what happens to his or her estate upon your death. You don’t have to be a multi-millionaire to have an estate, even people of modest means have an estate. Regardless of one’s financial position there are several strategies that can be employed to ensure that the assets are distributed in accordance with your wishes. This is where the assistance of an estate planning lawyer / attorney in Orange comes in. An attorney can help you develop the proper strategy based expressly on your particular circumstances. For some people a living trust is practical, for others a will is preferred.
* What is a will? A will is a document, committed to paper, signed by the testator and duly witnessed. The will specifies in detail how the person wishes their property to be distributed when they die. A will can be revoked as well as amended should circumstances change while the testator is alive.
* What is a living trust? A living trust provides management of assets while living as well as after death. For those that elect to act as their own trustee, the instrument provides for a successor upon death, there is no need for intervention by the court. In the event the individual managing the trust is incapacitated, the successor will take over management of the trust property. A living trust has certain attractions for some people; it allows them to eliminate the need for probate and it keeps the estate details from becoming a matter of public record amongst other things.
In a sense a will and a living trust accomplish very similar objectives. It is always a good idea to discuss the approach that is best suited to your particular circumstances with an estate planning lawyer / attorney in Orange.
Ensuring that your loved ones benefit from your estate in complete accordance with your wishes you should discuss the many options with an experienced estate planning lawyer / attorney in Orange. You are invited to contact the Law Offices of Norman J. Homen.