Wills and trusts are two of the most important planning devices to create a complete estate plan. A will includes specific directions on how you wish your estate to be distributed after your death, including provisions for any tangible personal property that you may own. In addition, you use your will to name a personal representative to administer your estate, name guardians for your children and property, create trusts for your children or other young beneficiaries, forgive debts and more. A trust on the other hand, is a legal arrangement through which one person called a “trustee” holds legal title to property for another person, called a “beneficiary”. Unlike a will, property put into a trust can avoid the costs of probate and save time and money.
Bergen Parkinson, LLC uses wills and trusts as well as a variety of other techniques to ensure you preserve control of your assets and assure a smooth transition of wealth. These specialized instruments include:
- Lifetime Gifts
- Charitable Remainder Trusts
- Irrevocable Life Insurance Trusts
- Qualified Personal Residence Trusts
- Family Limited Partnerships
- Conversation Easements
- Special Needs Trusts
- Vacation Home Trusts
The importance of a will and/or trusts cannot be underestimated. With death comes many family emotions and proper estate planning can clearly explain your wishes and reduce conflict. The attorneys at Bergen & Parkinson, LLC are sensitive to these matters and can assist you in not only ensuring your estate is distributed according to your plan, but also making sure it meets all state and federal requirements.
“We make a living by what we get, but we make a life by what we give.”