Impacts of Wills and Trusts in Estate Planning

If you die without a will, trust, or other provision for the distribution of your money and property, that money and property will be distributed according to California law. This process is a complicated one. This is because the state will decide who gets the property based on their relationship with you.

However, the beneficiary you designated will be given things such as: joint bank accounts, insurance proceeds, 401ks, and other financial investments. If it is a joint account, the person you share the account with will get the balance when you die. Also, things you own, such as a house that is registered as community property will go to your spouse after your death.

If there is a particular way you want your property to be shared after your death, you should have an estate plan in place. To actualize this, you have to work with a reliable lawyer. For the best results we recommend that you work with the Law Office of R. Grace Rodriguez. Our lawyers offer comprehensive services and work diligently with you to make your estate planning an easy one.

That said, this article will enlighten you on the best ways to achieve estate planning in California. We will also be discussing the impacts of wills and trusts in estate planning. Let’s explore more.

Wills and Trusts in Estate Planning

The Will

One of the ways you can control how your properties should be distributed after your death is by having a will in place. Even though your will can give information on how to distribute your assets, your named executors or beneficiaries will still need to go through a court process called ‘probate’ to distribute your property. The probate process is always a long one, and many Californians tend to avoid it at all costs. They prefer to combine the will with another document called the living trust.

The Living Trust

You can also organize the distribution of your property through a living trust. A living trust is a legal arrangement where a trustee will be in possession of the property for a particular time on behalf of the beneficiaries. There are many books and guides available that can teach you how to do this yourself. However, you need to scrutinize these books to make sure that they comply with the Californian state law.

The best step, in this case, is to seek legal advice from a lawyer. When you work with us at the Law Office of R. Grace Rodriguez, we will provide you the best legal services and a solution to any legal problem you might be facing. We are a heart-centered practice. This means we are compassionate, understanding, and patient as we guide you through the estate planning process.

Contact the Law Office Of R. Grace Rodriguez for An Effective Estate Planning

With good estate planning, your direct beneficiaries will be safe at all times. However, you don’t need to be extremely rich before you can do it. Although the reason why a lot of people hardly work with estate plans is that they often have no idea of how to handle it. Thankfully, The Law Offices of R.Grace Rodriguez is here to help you. We are dedicated to providing you with the best legal services you deserve.

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