Estate administration is a legal realm marked by a prominent irony, namely this: high numbers of people insisting that they cannot be benefited by a tailored estate plan who actually have a dire need to think about and execute relevant planning documents.
Lots of things contribute to would-be estate planners becoming actual doers, of course. Procrastination is often ultimately defeated by a replaced sense of urgency that increases as time goes by. Children grow up, with parents naturally thinking of ways to help them in future years. Select loved ones might have special needs, which mandates recognition of that fact and the employment of a legal plan to address it. Family legacy concerns might loom large.
There is likely a debate at the ready in response to an estate planning professional’s recent comment that “a lot of clients want to take advantage of this new law.”
If you’re a would-be estate planner who continually procrastinates while knowing that it’s important to put things in place, it might be useful for you to evoke a metaphor or image that can help you get started.
In today’s above-cited blog headline, the referenced “you” refers to the individual who establishes a trust. The legal designations for that person are actually several and liberally substituted. Trust creators are sometimes called trustors, grantors or settlors, with even other terms occasionally being used. We’ll just go with creator in today’s post entry.
Cryptocurrency these days is more than the mere concept of a few futurists that it was just a few short years ago. The realm of this alternative-to-cash universe is now solidly entrenched and growing, and at least a bit more understood in the general public than it used to be.
It is no surprise that individuals, couples and families in California and nationally find a compelling utility in trusts from an estate-planning perspective. They are impressively flexible legal tools that can be creatively tailored to promote diverse goals. We note on our website at the Law Offices of Connie Yi that, because of that, they "can be an integral piece of estate planning."
It is an optimal case for estate administrators and heirs, of course, when a wealth creator passes while leaving behind significant assets that are well protected and in a smartly crafted estate plan. That ideal scenario allows for inheritances and a related passage of property precisely in keeping with a drafter's wishes.
In response to today's above-posed headline query, the answers are many.
That above headline admonition is far from rocket science regarding just about anything important, right? You study before a test. You train before a physical competition. You try to save a bit of money beforehand rather than just sliding into debt to procure some new asset.