Crafting Customized Wills And Trusts For Rochester Residents
It is commonly believed that estate planning is an activity reserved only for the wealthy and elderly. However, this misconception could not be further from the truth. To completely protect your assets and your family, building a will or a trust might be the best solution.
Attorney Dominique J. Navarro takes pride in preserving his clients’ financial security in the Rochester area. He regularly supports clients looking to draft a will, create a trust, and establish powers of attorney and health care directives. If you are hoping to secure your future and begin planning for tomorrow, row searching for estate planning support may be in your best interest.
What’s The Difference Between A Will And A Trust?
Understanding the difference between a will and a living trust is crucial to building a well-rounded and strong estate plan. Wills are a financial tool that allows individuals to inform a chosen loved one, known as an executor, about how they would like their assets to be divided after their passing. A trust gives people the ability to transfer their property to their beneficiaries at any time. Trusts are additionally managed by a chosen third party, known as a trustee.
Do I Need A Will And A Trust?
Establishing both a will and a trust are great ways to protect your legacy and finances, as each tool possesses unique characteristics that can benefit Minnesotans planning for the later stages of life. To fully protect an estate, it is advisable to utilize both of these legal instruments. Doing so will allow you to transfer your assets without issue, maintain privacy and avoid common estate planning issues.
How To Set Up A Will And Trust
Deciding to create a will and a trust is the best option for setting yourself up for success. To establish a will, you should:
- Make a list of your assets
- Grab important legal and financial documents
- Select an executor and beneficiaries
- Finalize your will
Taking each of these steps can help you build an estate plan that cements your legacy and helps you avoid the complicated probate process. To ensure your legacy is fully protected, though, be sure to revise your estate plan regularly and consider creating a trust. Starting a trust is simple and possible by doing the following:
- Determining which assets to put in the trust
- Choosing beneficiaries
- Establishing parameters for your trust
- Selecting a trustee
- Creating a trust document
After each of these tasks has been completed, your future will be more protected than ever. To make this process easier for you, it may be wise to find support from an estate planning lawyer.
Setting Up Minnesotans For Financial Success
Financial security is achievable with a little forethought and planning. To begin your estate planning journey, contact Navarro Law Firm PLLC by calling 507-923-2190 or by email today.