Planning For The Future: Wills And Trusts
Taking steps to secure your family’s future involves comprehensive estate planning. A will is a foundational document that outlines how you wish your assets to be distributed after your passing. Without a will, the state determines how your assets are distributed through probate, a potentially lengthy and costly legal process.
At Boehmer Law, our experienced attorneys can support you with will planning, trusts and estate matters. We understand the importance of a comprehensive estate plan encompassing wills and trusts. Our team is dedicated to providing personalized legal guidance, ensuring that your wishes are documented clearly and comprehensively.
The Importance Of Wills
Drafting a will lets you decide who inherits your assets, whether it’s property, investments, sentimental possessions or financial accounts. It provides clear instructions to ease the burden on your loved ones during a difficult time. With a will in place, you can control your legacy and ensure that your family members receive the resources they need without unnecessary delays or complications.
Navigating Estate Planning With Trusts
In addition to wills, trusts offer a valuable strategy in estate planning. A trust enables the efficient transfer of assets to beneficiaries outside of probate. By creating a trust, you designate a trustee to manage and distribute assets according to your instructions, allowing for more immediate access to resources by your chosen beneficiaries.
How Often Should You Be Updating Your Will Or Trust?
If you do experience any major changes in your life, you should update your will or trust right away. Significant life events that warrant changes to estate plans include:
- Marriage or divorce: You need to review your entire estate plan, including beneficiary designations, to reflect the new dynamic in your personal life.
- Birth or adoption of a child: Adding a new family member may necessitate new plans for the future.
- Death of a beneficiary or executor: If someone named in your will or trust passes away, you may need to update those documents to reflect the changes.
- Changes in the laws: Tax laws and the rules surrounding estate plans are subject to occasional changes, and updating your will or trust can save your estate money.
- Moving to a new location: Different states and countries have different rules about wills and trusts, so moving should always prompt a review.
- Relationship changes: Sometimes things happen between people that change their feelings toward one another, and you may need to account for that kind of situation in your estate plan.
- Special bequests: Something or someone may move you to make a special bequest – and those need to be documented if you want them to be carried through.
Even if your life is fairly settled and you experience no significant changes in your circumstances, you should review your will or trust every three to five years to make certain that it still reflects your wishes.
Do You Need An Attorney To Create A Will Or Trust?
Only a lawyer can create a will or a trust that you can rely on to be correct, clear and legal. While you can create a will or a trust without the assistance of a lawyer, you open your estate up to complications and delays that can end up hurting your beneficiaries, devaluing your assets and circumventing your wishes.
Secure Your Family’s Future
Prepare for the unexpected and protect your family’s future by consulting with our team at Boehmer Law. Our office is located in St. Charles, Missouri, and we assist clients throughout the St. Louis metro area with their needs.
Whether you’re considering a will, a trust or both, our attorneys are here to assist you in navigating the complexities of estate planning and safeguarding your family’s interests for generations to come. Call 636-549-8300 or fill out this form to make an appointment in our St. Charles office.