Creating Wills And Trusts Likely To Accomplish Their Stated Goals
Many people do not realize that creating a will is not a one-time event for most people. Over a lifetime, personal, family and financial changes often indicate a need for periodic reviews and updates. It is time for you to get a lawyer’s insights if:
- You have never created a legally signed will.
- You have gotten married or divorced or your spouse has died.
- You are about to get married and want your prenuptial agreement and your will to be in alignment.
- You have become a parent or your child or children have experienced significant changes in their families or finances.
- You have started one or more businesses, made complex investments or become heavily involved in philanthropy.
- You have moved from one state or country to another and intend to stay in the new location for the foreseeable future.
- You have created a trust or plan to create one and want your will to account for any assets not in the trust.
This is just a sample of some of the most common reasons for which people contact YK Law about their wills. Suffice it to say, if you have not spoken with a lawyer for ten years or more about your existing will, it is time to review your documents and discuss how to ensure that your will is set to honor your wishes and withstand potential challenges. Your will may state your preference for who should be a guardian for your minor children, if applicable. It should also name the executor (also known as the personal representative or administrator of your will).
Our large, well-qualified team of attorneys is spread out, with some of us in California, some in Texas, some in New York and others in Asia and Latin America. We can help ensure that your will has been signed in accordance with the laws where you live. During a review of your assets and hopes for wealth preservation, we will advise you on ways to structure or update your will. Our lawyers bring a vast store of knowledge and insights to the table. We are ready to help you get your estate plan in order and up to date.
Using One Or More Trusts For Greater Control Of Your Assets
People with assets in the U.S. often want to protect their future beneficiaries from having to pay excessive estate taxes. Our estate planning attorneys can help you understand, establish and maintain one or more trusts, including:
- A living trust that goes into effect while you are still living and may be terminated or continued after your death
- A testamentary trust to be incorporated into your will
- A special needs trust for the benefit of a disabled family member
- A revocable or irrevocable trust, depending on your goals
We will help you take all necessary steps to ensure that your trust will work as you intend it to. This may include notifying the trustee, titling assets to the trust and preparing written or spoken guidance for your trustee(s) in advance.
Our attorneys also guide executors and trustees as they carry out their duties, including correct and lawful distribution of assets to beneficiaries named in wills and trusts or to heirs when there is no will.