After a lifetime of working hard and saving your money, it would be a shame to see your assets not passed on to the appropriate parties. Consider safeguarding your property by drafting up a will or trust with Christian Van Pelt’s help. Equipped with a thorough understanding of all aspects of estate planning, Christian Van Pelt can help you choose the best arrangement for your financial situation.
At its base level, a will is a set of instructions that shows how your property should be distributed after you have passed on. Because it is revocable, a will is subject to change at any time. Thus, if you suspect that your circumstances may change before you pass away, a revocable will may be preferable to an irrevocable trust.
In addition to indicating the preferred distribution of your property, a will can be used to designate a guardian who will take responsibility for any children that are minors at the time of your death. Thus, regardless of your age or the amount of property you currently possess, drafting a will is a good idea.
Trusts are versatile fiduciary arrangements that allow third parties — known as trustees — to hold assets on your behalf. Many of Christian Van Pelt’s clients find the flexible nature of trusts appealing. The other big advantage of trusts over alternative arrangements is that they allow beneficiaries to avoid probate and enjoy relatively easy access to assets.
There are many types of trusts, each with their own advantages and disadvantages. Irrevocable trusts are popular among Christian Van Pelt’s estate planning clients, as they are generally not deemed part of taxable estates. Thus, an irrevocable trust may be ideal if you are looking to minimize estate taxes.
Choosing Between Wills and Trusts
Choosing how to distribute your assets can be difficult, as, ultimately, no one arrangement is ideal for all parties. Because of the long-term implications these arrangements can have, it is important to consult with a knowledgeable estate planning attorney. Christian Van Pelt can help you determine which approach best fits your current financial situation. His guidance through the estate planning process is invaluable, particularly if you find this process stressful or overwhelming.
Whether your preferred approach to estate planning involves wills or trusts, you can count on Christian Van Pelt, LLC., for excellent legal guidance. He will provide you with the feedback you need to make the best choice for your future and the future of your beneficiaries.