Estate Planning While it may be the last thing you want to think about, estate planning is an important step you can take to protect the interests of your family. A well prepared estate plan will help you ensure your wishes are carried out and your loved trust and estate planning attorney are taken care of once you’re gone.
If you pass away without a plan in place, your family members may be left to sort out the mess in court. A will can help make the transition after a loss as painless as possible for your loved ones. Your property will be transferred quickly and many tax burdens can be avoided. Wills typically describe the estate, name individuals who will receive specific property, and dictate any special instructions you may have. Depending on your wishes and the size of your estate, your will could be anywhere from a single page to a lengthy document.
While a will allows you to express your financial wishes once you’re gone, a living will expresses your health care preferences while you’re still alive. With a living will, you’ll be able to designate the medical treatment you wish to receive, should you become unable to communicate your wishes due to illness or incapacitation. A health care power of attorney, on the other hand, allows you to designate a person who can make medical or end-of-life decisions on your behalf. Trusts are another estate planning tool you can use to manage your property and avoid tax burdens.
A trust can either be created during a person’s lifetime, or after death, by a will. There are a number of different types of trusts serving a wide range of functions. An asset protection trust, for example, is designed to protect a person’s assets from future creditors. A charitable trust, on the other hand, is used to benefit a particular charity or cause. An estate planning attorney can help you in a number of different ways. If you’re interested in creating a will or setting up a trust, an estate planning attorney can draft the necessary documents and help lay the legal groundwork for your plan. That way, your loved ones will be able to avoid the costly and time-consuming probate process.
If a loved one dies without a will, on the other hand, probate could be necessary. Probate is the court-supervised process of sorting out a person’s affairs. If that’s the case, it may be important for you to find an experienced probate attorney. An estate planning attorney will be able to guide you through the probate process and represent your interests in court.
What Happens If You Die Without a Will? Next Steps Contact a qualified estate planning attorney to help you ensure that your loved ones are cared for and your wishes are honored. Counselor at Law, located in Temecula CA, is committed to providing comprehensive estate planning, probate and trust administration services. If you become incapacitated, who is supposed to make decisions for you about the management of your property or your health care? A durable power of attorney allows someone you designate to act on your behalf.
It is usually included as part of an estate plan. Tax Reform and Charitable Estate Planning: Glass Half Empty or Half Full? When Your Parents Remarry, Everyone Is Happy, Right? Our law firm represents estate planning clients from Riverside County, North County San Diego, Temecula, Murrieta, Lake Elsinore, Canyon Lake, Wildomar, De Luz, Fallbrook, Bonsall, Escondido, Valley Center, Rainbow, Hemet, Riverside, Menifee, Sun City, Canyon Heights, Canyon Lake, Quail Valley, Pechanga, and Pala. Complimentary Consultations provided for individuals or couples seeking to create or update their own estate plan and for those individuals seeking counsel regarding opening a new probate proceeding for a family member who has passed. We also offer a one hour complimentary consultation for the named successor upon the death of an estate planning client. Contact us today for a free, informative consultation!
This field is for validation purposes and should be left unchanged. This iframe contains the logic required to handle Ajax powered Gravity Forms. It’s not just one of the things we do here, it’s the only thing – meaning we make the process much easier than you’d expect, and more affordable than you might think. Which is the right Trust for you and your family?
One of the key goals of estate and Trust planning is to avoid federal estate taxes. Careful estate planning can eliminate a significant estate tax burden for surviving spouses and their beneficiaries. Search our Library New articles are posted regularly into our news and blog section. Search our website for your subject of interest. And if you do not find what you are looking for just contact us and we will be glad to help. The representative who delivered our Trust was very pleasant and professional.