No matter how old you are, it’s never too early to start estate planning. One of the best ways to do this is with a trust. Sadly, less than 60% of Americans think it’s important to have a will or trust. If you’re interested in adding a trust to your existing estate plan, or if you’ve only just begun looking at your options, our team at the Heritage Law Group can help get your assets in order and ensure that your loved ones are looked after.
Our offices are in San Jose and Aliso Viejo, but we proudly serve clients throughout Northern and Southern California.
Setting up a trust is fairly straightforward. There are online services that can help you, but you should be cautious about these. A well-designed and written trust is essential to ensuring your assets are allocated according to your wishes and drastically reducing the chance of disputes. If an error is made or if the trust doesn’t include everything, it could end up causing more problems for your beneficiaries. Elements of creating a trust include:
If you name yourself as the trustee, you’ll also have to name a successor trustee to serve in the role after your death. This should be someone you trust to carry out your wishes as laid out in your estate plan. This is often a family member or trusted friend, but it can also be an attorney or financial advisor.
Depending on the size of your estate, you may have multiple beneficiaries. In some cases, you may need to name a primary beneficiary and a secondary beneficiary. When choosing a primary beneficiary, many people will choose a spouse, but it’s important to choose someone who will likely outlive you and someone who will be capable of executing your wishes, with the mental capacity and willingness to take on the responsibility.
The truth is, none of us knows when our time is up, which makes estate planning a top priority for anyone, regardless of their age. Reach out to our team at The Heritage Law Group in San Jose or Aliso Viejo, California today for sound legal advice and knowledgeable guidance in setting up a trust or other estate planning documents.