Wills, Trusts, Estates, and Probates
Most people think of estate planning as their parents preparing their wills before they pass away. It is true that older adults do need to ensure their estates are in order. However, estate planning often is more important for younger adults, especially parents with children who are minors. Moreover, estate planning is not just about distributing property to a loved one. It is also about ensuring that your dependents, such as children or a spouse, are cared for properly after your death.
Generally, a will is simple to create and it is the backbone of the majority of estate plans in the United States. Wills are useful tools, but they are not always the best means of handling complex estates, including property, life insurance, and retirement assets, because of their simplicity. This demonstrates the benefit of the estate plan as a means to avoid a lengthy and costly probate of your estate, as well as a way to avoid higher estate taxes.
A trust is an estate planning tool that helps shield your estate from estate taxes and the probate process, which is public. The creator of the trust, known as a granter, can reallocate property so that it’s legally owned by the trust instead of an individual. Because the property is part of the trust, it’s not part of an individual’s estate and passes directly to the designated beneficiary without going through probate.
Occasionally, disputes arise over even the most carefully planned estates. Family members could question a loved one’s capacity to make a will, or a provision that originally was clear may now be ambiguous. Hence, it is important to seek assistance with estate planning before disputes occur.
If you need assistance with the drafting of a will or an estate plan, or guidance through the probate process, Cade Law Group is here to help you. Contact our office today with any of your estate planning needs.
Generally, a will is simple to create and it is the backbone of the majority of estate plans in the United States. Wills are useful tools, but they are not always the best means of handling complex estates, including property, life insurance, and retirement assets, because of their simplicity. This demonstrates the benefit of the estate plan as a means to avoid a lengthy and costly probate of your estate, as well as a way to avoid higher estate taxes.
A trust is an estate planning tool that helps shield your estate from estate taxes and the probate process, which is public. The creator of the trust, known as a granter, can reallocate property so that it’s legally owned by the trust instead of an individual. Because the property is part of the trust, it’s not part of an individual’s estate and passes directly to the designated beneficiary without going through probate.
Occasionally, disputes arise over even the most carefully planned estates. Family members could question a loved one’s capacity to make a will, or a provision that originally was clear may now be ambiguous. Hence, it is important to seek assistance with estate planning before disputes occur.
If you need assistance with the drafting of a will or an estate plan, or guidance through the probate process, Cade Law Group is here to help you. Contact our office today with any of your estate planning needs.