In the rush and routine of daily life, estate planning is easy to postpone. The end of the year offers a great time to pause and consider the importance of ensuring your loved ones carry out your wishes when you die. In this blog post, we discuss the importance of creating an updated estate plan for the coming year.
An Updated Estate Can Help Guide Loved Ones
Although a trust offers valuable estate planning assistance, it provides much more than that. A trust memorializes values and aspirations. You can incorporate provisions to incentivize beneficiaries. For example, encourage them to pursue an education, hone a new craft, contribute to the community through volunteering, or even embark on entrepreneurial ventures. You can craft a legacy of encouragement, motivation, and support. Your trust can become a continuation of your presence, guiding your beneficiaries in ways that align with your wishes and vision for their future.
An Updated Estate Plan Marks Memorable Experiences
For those who cherish experiences and the creation of lasting memories, it can be invaluable to incorporate clauses within your trust that allocate money specifically for ventures like traveling, exploring new places, or even family reunions and celebrations of important events. These provisions not only facilitate experiences but also foster a deeper connection, ensuring that your family bonds remain strong even in your absence.
An Updated Estate Plan Trust Can Provide Monetary Support
Your estate plan is a powerful tool that can reflect your dedication and commitment to the well-being and success of your loved ones. If you have financially supported others in your lifetime, your estate plan offers you an opportunity to define and detail the nature and extent of your continued monetary support. Through meticulous planning, you can be remembered not just for the wealth you have accumulated but also for the love, care, and foresight indicated by your plans.
Make Your Beneficiaries Earn Their Inheritance
You may want to avoid the perception that your children or loved ones have it easy and should therefore consider building in provisions that will require them to “earn” portions of their trust. This structure can incentivize your children or loved ones to achieve more by reaching certain milestones such as completing postsecondary education, finishing trade school, serving in the military, or starting a business. You can elect to have the trustee purchase certain assets, such as a home, in the name of the trust to ensure that the assets are provided to your children or loved ones, while the trustee is responsible for ensuring that they are properly maintained and not sold on a whim.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
