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Probate & Business – Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Trust Administration – Tax Planning
Creating wills and trusts involves complex legal procedures and requirements. For this reason, hiring an attorney specializing in wills and trusts is crucial to ensure that they are structured correctly, appropriately drafted, and executed following applicable regulations and laws. Hiring one of Law Stein Anderson’s OC wills and trust attorneys will help protect you, your family, and your assets.
What Is a Will?
A last will and testament, often called simply a will, is a legal document specifying a person’s wishes and important decisions regarding their estate and other matters after death. A will allows the testator, the person creating the will, to declare how assets, such as finances, property, and personal belongings, should be distributed after their death. A will can even go as far as appointing guardians to minor children and addressing how the executor should settle debt obligations. The testator’s signature and the witnesses’ signatures observing the testator’s signing validate the will. The court will make these decisions if a decedent has no valid will.
Benefits of a Will
There are many benefits of having a valid last will and testament. First, a clear and properly executed will minimizes the risk of family conflicts over the estate. During a sad and challenging time, a will provides clarity for your loved ones. It is one less challenge for them to deal with through their grieving process. Secondly, it provides you with the authority to ensure that your wishes are carried out after death. Without a will, the distribution follows the laws of intestacy, which may not align with your wishes. Furthermore, they allow you to minimize the tax burden on your estate, designate a guardian for minor children, and appoint the executor, who will be responsible for administering the estate.
What Is a Trust?
A trust is a legal arrangement where a person, called the grantor or trustor, transfers assets such as money or property to another party, called the trustee. The trustee manages these assets on behalf of the beneficiaries. The trust document outlines the terms and conditions under which the assets are to be managed, distributed, and used for the benefit of the beneficiaries.
Benefits of a Trust
Trusts serve various purposes in the estate planning process. For example, trusts provide asset protection, charitable giving, and financial support to individuals such as minors. They offer a flexible and efficient way to manage and distribute assets. Moreover, trusts come with advantages, such as potential tax benefits, privacy, and continuity of asset management after the trustor passes on.
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SOUTHERN CALIFORNIA ATTORNEYS
We are an industry-leading estate, trust, and probate attorney serving clients in Irvine, CA and surrounding communities within Orange County, including Irvine and Laguna Beach.
We are an industry-leading estate, trust, and probate attorney serving clients within Orange County, including Dana Point and Newport Beach.