 |
||||||||
|
 |
|
|
|
|
|
LEGAL NOTIONS A Will or a Trust? If you do not have a will or a trust you will be letting state law determine who your beneficiaries will be and how your estate will be distributed. Now, if you are determined to have your say as to who will inherit your property and assets, because it's the right thing to do for yourself and your loved ones, then your choices are to have a will or a trust. Just as an important part of this process is considering whom to hire to help you decide which is best for you, and to help you draw up your will or trust. How to choose which one suits your needs best? The short answer is that it depends on what your objectives are and your particular circumstances (like size of your estate, etc.). Comparing the advantages and disadvantages of wills versus trusts is too big of a topic to address in this column. Instead, let me share with some motivating factors that I have experienced in my practice. For example, a goal for many of my clients is to avoid formal probate under all circumstances because they want to avoid the delays that are so often associated with court probate proceedings and do not want their estate's overseer to be burdened by having to report to the court on their activities. Others want to reduce or eliminate death taxes (i.e., estate and generation-skipping transfer taxes) so that there is more left to pass on to designated beneficiaries. For those whose estates are not large enough to have any concern about death taxes, an often expressed goal is to ensure that commissions and fees earned by the estate's overseer and lawyer will eat up as small a portion as possible of their inheritable estate. Still, others do not care about any of the foregoing considerations, and may make their decision based solely upon the cost of setting up their estate plan. When done correctly, wills and trusts have and do serve their purpose as estate planning vehicles. Therefore, you should consult with a competent attorney to find out which is one is better for you. Cutting corners by hiring a non-lawyer to take care of the very important task of drawing up your will or trust is very risky. Having a poorly written will or trust can be worse than not having one at all. << back to columns >> The information provided in this column is not intended to be legal advice but merely conveys general information related to the topic. © 2005-2007 Scott J. Preble, A Prof. Law Corp., Antioch, (925) 756-7111. www.PrebleLawFirm.com.
|
|
[INTRO] [SERVICES] [FEES] [PROFILES] [FAQ's] [DIRECTIONS] [COLUMNS] |
|
|
|
The Preble Law Firm 3700 Delta Fair Blvd., Suite 210 Antioch, California, 94509-4074 Copyright © 2005-2007 The Preble Law Firm. All Rights Reserved. |
|
|