In California, estate owners follow steps to protect their assets from creditors and the probate process. Through estate planning, they gain access to asset protection that enables the owner to ensure their families receive their inheritances. The following are strategies used to prepare for the future with a Wills And Trusts Lawyer in Chico CA.
Defining Rights Through a Will
The estate owner has the right to create a will that defines their exact wishes. These terms identify what family members acquire properties and assets. The will also define any provisions required for these assignments. This could include limitations for how they use the property and whether or not they can sell it in the future. It may also require certain family members to live in a property if they become the legal guardian of the estate owner’s minor children.
Setting Up a Trust Fund for College
A trust fund is an excellent option for accumulating money for college expenses. The estate owner can contribute to these funds throughout their lives. They can also impose provisions for the beneficiary. For example, they can prevent the beneficiary from receiving any funds until they reach a certain age. They can also limit the total value of funds disbursed each year. This could prevent the beneficiary from wasting the money and not using it for the purpose for which it was created.
Trust for Financial Support
The estate owner can also set up a trust for financial support. They can set up a fund into which a certain portion of their income is deposited. This allows them to set aside money for minor children if they were to die before their children become adults. They can apply restrictions to these funds as well.
In California, estate owners follow the steps of estate planning to protect their assets and properties. These options allow them to reduce the potential for issues with creditors in the future. They can transfer items out of their estate as well. Estate owners who need the help of a Wills And Trusts Lawyer in Chico CA can contact Law Office Of Raoul J LeClerc today.