Estate planning service
PLANNING YOUR FUTURE
As you plan your future, one of the most important tools to ensure your plan is implemented is estate planning. Implementing the correct estate plan can not only provide you with the security you need today, but also in the future.
If you are going through life without an estate plan, your lack of planning means the government will make decisions related to not only how your assets will be distributed, but also to whom they will be distributed to. To make matters worse, a portion of your estate will be liquidated in order to pay the government for the cost of making decisions.
When a person dies without an estate plan, it also means the family will have to go to court in order to fight for what they think you wanted.
Until the decisions are made by a probate judge, the court will take control of your entire estate, determining what will be sold and how your home, stocks, bonds, bank accounts, and other assets will be distributed. Unfortunately, the probate judge will also determine who inherits your assets after your death.
Probate is an expensive and inefficient court process, that is required if you do not develop an estate plan.In many cases, because of inadequate resources, the court is unable to protect the assets estate until a final decision is made as to how the assets will be distributed to.
To ensure your estate is administered in the manner you desire, speak with The Estate Planning Law Firm today. We will help you with:
A Living Trust is a legal document, created during an individual’s lifetime, giving a designated person (typically you) the responsibility of managing your assets for the benefit of the eventual beneficiary (the person or people you decide) of your assets when you die.
If you desire, a living trust can allow you to retain control over your assets,just as you did before you put your assets in a trust, and when you die or become incapacitated,the person you predesignate can take over without having to waste time and resources in probate court.
In the unfortunate situation where you become incapacitated, your designated trustee will manage your assets strictly for your benefit.Upon your death,your predesignated trustee will manage and disburse the assets in the trust to your named beneficiaries. For people that are married, the spouse is generally the trustee of the estate upon death or incapacity.
These kinds of trusts are generally referred to as “living trusts” because they are created while you are alive, can save you and your beneficiaries significant amounts of money and time by not having to navigate through probate court.
Another beneficial component of a living trust is the ability to modify is as to who will receive your assets, and how they are distributed.
Once in a trust, your assets can be protected from your beneficiary’s creditors, and from most claims from a spouse seeking a divorce.
POWERS OF ATTORNEY
A power of attorney can be an important component in any estate plan.
If you are ever physically or mentally incapacitated, without a power of attorney, your loved ones will be required to spend a significant amount time and money in superior court, trying to convince a judge to grant authority to make decisions regarding your bills and other financial decisions.
Unfortunately,for people that do not have a power of attorney,by the time the Court addresses the issue, there is often irreparable financial harm as a result of delays paying bills and making other financial decisions.
Speak with The Estate Planning Law Firm today to learn how to include a Power of Attorney in your estate plan.
ADVANCE HEALTH CARE DIRECTIVES
Advance Health Care Directives allows you to detail your healthcare preferences, for disclosure to physicians and family members in case decisions need to be made.
After completing the Advance Health Care Directive, if you are in a situation where you are no longer able to articulate your desires related to medical procedures, your Advanced Health Care Directive will serve as your voice.
A Will, also referred to as a last will and testament, is a written document detailing what a person wants done with their property upon their death. It can determine how property should be distributed, and the name of a person that will be charged with the task of making sure the assets are distributed in accordance with your wishes.
In situations where a child is to receive assets through a Will, a guardian can also be identified to protect the interests of the child.
After The Estate Planning Law Firm creates this component of your estate plan with you, it should be stored in a safe place, where it will be easily accessible when needed.
Simply put, a legacy plan is a component of an estate plan that can allow a person to ensure his/her legacy continues after death.
For example, a person could incorporate a legacy plan into his/her estate plan that would:
- Develop a non-profit organization that promotes a specific cause
- Create a foundation for a specific purpose
- Provide scholarship opportunities
- Ensure a local park remains clean and open
A legacy plan is generally molded around the work you have focused on during your life. Regardless of whether your passion has been education, sports, business entrepreneurship, religion, aviation, or another area, a legacy plan can ensure your support for what you are passionate about does not end upon your death.
PLAN FOR THE BEST INTERESTS OF YOUR FAMILY
A proper estate plan can eliminate unnecessary delays and expenses associated with probate court. Without a proper estate plan, upon your death, the government will make decisions related to your estate. Contact The Estate Planning Law Firm at (714) 805-9229 for your Estate Plan needs.