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What’s the difference between wills and trusts?

A will comes into play after you’ve passed on and serves as a set of instructions for distributing your assets among beneficiaries. It undergoes probate, a court-supervised process that validates the will and oversees the transfer of assets to heirs. A will lets you dictate who gets what when you’re gone. It’s your chance to call the shots from beyond the grave, whether it’s divvying up your prized vinyl collection or leaving the family mansion to your favorite niece.

Trusts, on the other hand, kick into action as soon as they’re established, allowing you to transfer ownership of your assets to a trustee during your lifetime. This trustee manages the assets according to your instructions, which can include distributing them to beneficiaries immediately or at specified intervals. Unlike a will, a trust typically bypasses probate, offering privacy, efficiency, and often cost savings in the distribution of your estate.

Why do I need to establish wills and trusts?

You’ve spent a lifetime amassing your wealth, whether it’s a modest nest egg or a vast empire of assets. Without a will or trust in place, you’re leaving the fate of your hard-earned treasures up to chance. Do you really want your possessions to end up in the hands of distant relatives you barely knew existed? Probably not. With an estate plan, you can dictate exactly how you want your assets distributed and spare your family the headache of squabbling over your estate.

Strategies we use to draft wills and trusts

Conducting a thorough assessment

Before drafting your estate plan, our attorneys conduct a thorough assessment of your assets, liabilities, and familial dynamics. We delve into your circumstances to ensure that every aspect of your estate plan aligns with your wishes and goals. By understanding your concerns, we tailor our approach to draft wills and trusts that serve your best interests.

Crafting personalized wills and trusts

When it comes to estate planning, one size does not fit all. Our team at Goff Legal crafts personalized wills and trusts tailored to your specific needs. Whether you want to minimize tax obligations, provide for loved ones with special needs, or support charitable causes, we design strategies that reflect your individual priorities and preferences.

Protecting your estate from tax liabilities

Protecting your estate from taxes requires foresight and strategic planning. Our attorneys use proactive tax planning techniques to minimize tax liabilities and maximize the value of your estate for future generations. Through trusts, gifting strategies, and other methods, we help you preserve your wealth and minimize the burden of taxes on your beneficiaries.

Conducting periodic reviews and adjustments

Estate planning is not a one-and-done endeavor; it requires periodic review and adjustments to accommodate life changes, such as marriage, divorce, or the birth of a child, and evolving laws. Our team provides ongoing support to ensure your wills and trusts remain up-to-date and reflective of your current circumstances.

Common reasons to draft wills and trusts:

  • Ensure your family members are provided for after you’re gone
  • Sidestep the lengthy and often costly probate process by establishing a trust
  • Allow for a smoother transfer of assets to your beneficiaries
  • Plan your estate to minimize tax liabilities and preserve your wealth for your heirs
  • Keep your affairs out of the public record by utilizing trusts
  • Establish trusts tailored to the unique needs of beneficiaries with disabilities
  • Specify detailed instructions for asset distribution to prevent disputes among heirs
  • Leave a lasting legacy by including provisions for charitable donations in your estate plan
  • Shield your assets from creditors or lawsuits by placing them in certain types of trusts
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Do I Need a Will or a Trust?

Schedule your consultation with our attorneys

Goff Legal, PC is here to guide you through comprehensive estate planning. We essentially help dead people and future dead people secure their legacies and safeguard their families from beyond the grave. Our female-owned firm operates with a commitment to responsiveness and personalized service, ensuring you never feel lost or unheard. Schedule a consultation today, and let us craft a customized plan that reflects your goals and priorities.

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Contact Us 916-625-6556