Estate planning ranks among the kindest things you can do for loved ones. You are taking the time to consider how they might be impacted after you pass. By working with an experienced Lancaster estate planning attorney, you’ll be able control of how assets will be managed and resolve disagreements about your wishes in advance. At the Jason A. Price Law Group, we help people work through the complex laws governing estates to create a plan that properly benefits you and your loved ones.
Importance of Having a Will
Creating a Last Will and Testament is something many people kick down the road. It rarely seems urgent. But if you pass away without one, a county probate court will decide how those assets are distributed. The court will assign a paid executor to handle resolving any outstanding debts and distributing the remaining wealth. The estate will then be split among the surviving spouse and children. If there are none, it may go to parents or other family members. Unfortunately, an impartial executor will not understand the nuances of family relations or seek to meet the needs of more vulnerable loved ones. It’s a cold cash transaction that may not reflect your wishes.
Setting Up a Trust
Trusts are flexible types of estate plans designed to meet the unique needs of wealth distribution. They can help protect the most vulnerable family members in your absence and set parameters for doling out monies over time. There are several options that include:
- Revocable Living Trusts: This plan allows you to consolidate your assets and name yourself as trustee to maintain control. A named successor would follow your instructions in the event you are incapacitated or die. You can dissolve or amend a revocable trust at any time.
- Testamentary Trusts:This type directs specific assets to benefit a named heir in accordance with a defined plan of distribution. These are less used than revocable trusts but may suit your unique circumstances for a limited number of assets.
- Irrevocable Trusts: The advantage to this type is that it provides heightened protection from creditors and improved tax benefits. The disadvantage is that you cannot remove the assets.
There are also special needs trusts that may help a disabled person and retirement trusts that protect wealth into your golden years. Estate planning can be complicated, but an experienced Lancaster estate planning attorney can create a plan that achieves your individual goals. If you are ready to create a financial plan that benefits you and your loved ones, call the Jason A. Price Law Group for a consultation.