Lower face fat. Buccal fat removal or Facelift? (Photo)

At age 27, you are too young to undergo a facelift, and I don't believe this would address what bothers you in any event.  Removal of some of the fat from the buccal fat pad will reduce the volume of your lower cheeks somewhat, but it will not remove the folds of which you complain. Liposuction of the subcutaneous fat may also reduce the size of the upper portion of your cheeks. Part of the issue is that what bothers you is not merely excess fat of your cheeks, but the way the skin of your face drapes and folds when you smile. The depth of your nasolabial folds can be softened with the injection of filler, but this will not make them go away completely, nor would you look natural if they did. You could also try subcision of the folds that are present beneath the oral commissure, where I suspect the deeper layers of the skin are adherent to the muscle fascia, followed by fat transfer to the site of the subcision, in an effort to prevent reattachment of the skin to the fascia.  This may help somewhat, even if it is not definitive. In any event, you should try to address your problem with smaller procedures first before moving onto more invasive approaches.

Patients interested in buccal fat removal  should make a consultation with a Board Certified Plastic Surgeon specialized in plastic surgery procedures of the face

I think a buccal fat reduction will help achieve your goals.  By reducing your lower cheek volume, the laugh lines you complain of may diminish, and you will have a more slim face.  Please ensure that you're seen by a board certified plastic surgeon.