As you get older, it’s important to start thinking about your legacy. What do you want to leave behind for your loved ones?
A good way to protect your assets and ensure that your wishes are carried out is to create a will, trust, or estate plan. So which one is right for you?
A will is a legal document that indicates how you would like your assets to be distributed after you die with the help of a will and estate planning lawyer. You can also use a will to appoint a guardian for your minor children. A will becomes effective only after your death, so it cannot be used to direct the distribution of assets during your lifetime.
A trust, on the other hand, can be used to manage assets during your lifetime and after your death. There are several different types of trusts, but they all have one common goal: to provide financial security for yourself and your loved ones.
With a trust, you can specify exactly how and when assets will be distributed. Trusts can also help minimize taxation and the probate process.
An estate plan is simply a comprehensive plan that takes into account all of your assets and how they should be managed in the event of your disability or death. An estate plan can (and should) include a will, trusts, advance directives, and durable power of attorney.
A will and estate lawyer in Osprey can guide you in creating any one of these documents as a good step in protecting your legacy. For maximum protection, it’s best to consult with our Osprey attorney, who specializes in elder law, to create a comprehensive estate plan that meets all of your unique needs.
No matter how big or small your assets may be, it’s important to have some sort of plan in place for what will happen to them after you die. Creating a will, trust, or estate plan is a great way to protect your loved ones and ensure that your wishes are carried out. If you’re not sure where to start, contact Cuturic Law today. We can help you create a comprehensive estate plan tailored specifically for you and your family.
