If you live in Glendale and have begun planning your final wishes and addressing your estate planning options, you are a step ahead of most of your neighbors. We do not know precisely why, but people avoid or put off estate planning — sometimes until it is too late. By now, you may have started work on your will, but are you sure you have taken the right approach?
When planning your estate, you have several options from which to choose. For example, you may want to add trusts and powers of attorney to your plan. You even have options for making the most common estate planning document — your final will. Sometimes, a will can be relatively simple. Other times, your will should be more complex to fully address your needs.
How do you choose between the two?
It depends upon your life, your family and your estate planning goals. For example, if you are young, with few assets and liabilities, you may only need a simple will. However, other life circumstances may require a complex will. Below are three situations for which a complex will is likely the best choice.
- You have a child or a dependent family member with special needs, and you want to ensure they remain cared for upon your death.
- You wish to maintain control over your estate after you die and want to include one or more trusts in your plan.
- You know there will be significant tax burdens associated with your estate, so you want to minimize them as much as possible.
If you have additional questions or concerns about making a will, we encourage you to continue reviewing our estate planning pages. Learning more about wills, trusts and other tools can help you approach your golden years with confidence and peace of mind.