Set Up a Living Trust and/or a Will today!
During uncertain times, it’s natural for people to start thinking about whether they have their affairs in order and if their loved ones and assets are protected should something happen to them. While we think estate planning should always be top-of-mind, it’s especially pertinent during these unprecedented times. A lot of our clients have been impacted by the COVID-19 outbreak and we want to assure everyone that we are here to help prepare for all eventualities. While we all hope for the best possible scenario, many of our clients want to ensure that their assets are properly distributed in all eventualities – whether it is from grandparents, parents, or even friends who have not considered their wealth management.
Why do I need a Will?
If you want certain individuals to receive certain belongings, then definitely look into creating a will. Without a will, disagreements over who should get your assets when you pass can delay probate and the time it takes for your beneficiaries to receive their inheritance. Probate – the process through which a court helps distribute your assets can be time-consuming and very expensive for your beneficiaries if they seek legal advice or an attorney to help settle the estate.
Why do I need a Trust?
Ultimately, a trust is just a way to better control how your assets are passed on after you die. You can also include instructions in the trust agreement for when and how beneficiaries receive the assets. This can be especially useful in providing for any minor beneficiaries after you pass away. Since a trust is its own legal entity, the rules for distribution of its assets are essentially set in stone and probate will not affect the trust’s assets.
Our mission has always been to help protect every American family by making estate planning simple, affordable, and accessible. We want to ensure our clients that we are continuing to properly create and record wills and trusts – please note that there are a few delays due to limited hours with the County Recorder offices and in-person recording in San Diego with some office closures. Traveling notaries are taking precautions, as should all our clients.
Finally, whether you are looking to update your will and/or trust, or if you are creating your first will and/or trust – the SMS Law Team is ready to help walk you through the process. Please give us a call at (619) 342 – 7887 or email us at info@smslawfirm.us for additional information.
Thank you and stay safe.
Sincerely,
SMS Law Firm