Milpitas, CA estates & probate attorney Elijah Keyes discusses strategies that can be employed to provide for the financial security of your family and loved ones after your passing. He explains that there are many different strategies to consider when planning for financial security, but the most important principle is recognizing that the law itself does not create financial security—it only provides for the transfer of money. True financial security depends on identifying the specific needs of the individuals involved, which may include not only financial needs but also control needs.

For example, he has seen cases where a beneficiary should not directly receive money because they are likely to spend it irresponsibly. In such situations, financial security may mean appointing a fiduciary or trustee to manage the funds on behalf of that individual. In other cases, financial security might involve providing a temporary benefit to one person while ensuring the assets ultimately go to someone else. A common example is a second marriage, where a husband may want his wife to live in their home for the rest of her life, but for the property to pass to his children upon her death.

He emphasizes that the key is to understand what needs are being addressed and then determine the right legal tools to meet those needs. His firm uses as many as 18 different types of trusts, each serving as a tool to control assets in the future when the individual is no longer able to make decisions. By carefully tailoring the mechanisms within the trust, the desired outcomes can be achieved, ensuring that the right tool is used in each unique situation.