As people today live longer than ever before, it has become important to make estate planning a vital part of one’s life. Though planning for the loss of capacity and control is something that many people prefer not to deal with until they absolutely have to, that is not the best moment to start this process. Creating a will or a trust in an urgent situation is not ideal and could lead to improperly or inadequately funded trusts, inadvertent exclusion of assets or beneficiaries or a challenge to the validity of an instrument created so near in time to death or disability. Rather than let this happen, Consult with a California estate lawyer who handles wills and trusts. The Law Office of Patrick D. O’Neil can help you plan in advance so that your desires are honored.

Last Will and Testament
A powerful document in any estate plan, a will lets you do many things. These can include naming which assets will go to specific individuals or entities, designating guardians for young children, and ensuring the courts do not have control over dispersing assets to default beneficiaries as designated by the state.

Trusts
If you want to avoid the lengthy, public and sometimes contentious process of probate, creating and funding a trust can be an effective method of avoiding probate court. By placing your assets in a trust and naming someone to handle the distribution of these assets upon your passing, you and your family can avoid unnecessary stress and frustration during a very difficult time. In addition, a trust can be set up with a stipulation that beneficiaries may not receive the assets until they reach a certain age or meet other requirements. For example, a child may not be able to access money from a trust until they turn 21, which will give them time to grow up and become more responsible.

Whether a will or trust may be best for your situation, always rely on an experienced attorney for guidance. To ensure you work with an experienced and knowledgeable attorney in these matters, schedule a consultation with the Law Office of Patrick D. O’Neil.