Estate Planning and Asset Protection
As people think about their loved ones, and their long-term care for them, invariably thoughts turn to Wills and Trusts, and even more sophisticated items like Estate Planning, Asset Protection, Tax Strategies, and even more. Life tends to change unexpectedly sometimes, even randomly. It is never too early to speak to an expert on issues of inheritance, healthcare, and succession planning. The best time to make estate planning decisions is now – when you can reflect on what you want and have meaningful conversations with family members. A comprehensive estate plan is one of the greatest gifts you can give yourself, your spouse, and your family.
The Victoria Law Group can work with you to help ensure that your financial goals are met.
For starters, Wills and Trusts are vital components of good estate planning. Although both share the ultimate goal of distributing your property after you pass on, each has its own unique advantages and disadvantages.
Important differences between a Will and a Trust are:
- Property subject to a Will goes through the Probate process while property that is owned in a Trust when a person passes away avoids Probate.
- A Will is more likely to be challenged than a Trust. Trusts rarely are challenged, partly because their details are generally not public.
- Also, the rules for challenging Wills are well-established, while there is less law concerning challenges to Trusts.
- In a Trust, the appointed Trustee is given the fiduciary right to control and hold the assets for the beneficiaries.
- A Will, on the other hand, contains a detailed description of how you want your assets to be distributed after you pass on and involves a Probate court proceeding.
Property, assets and legacies are not made easily. If you have worked hard enough to own it, you must work smart enough to protect it and to control the distribution of your assets. The Victoria Law Group is willing and able to help you ensure that your financial goals for your family survive.
Please contact us when you are ready to have this serious conversation.
