What is an estate plan?
An estate plan is a set of documents created by the settlor, which provides the trustee with a set of instructions for managing the settlor’s assets in the event of incapacitation or death. These assets can include your house, cars, jewelry, cash, the contents of your bank account, and household possessions. Estate planning typically involves creating a living trust and designating a trustee and beneficiaries, but it can also provide for a durable power of attorney, advanced healthcare directive, and even funeral arrangements. Typically, most estate plans are organized with the assistance of an attorney experienced in trusts & estate planning.
Why do I need one?
Reason #1: Staying out of probate court saves you money.
In California, if you die without a properly prepared and executed estate plan, the costs of transferring everything to your heirs will cost thousands of dollars and take months if not years as it goes through a public process called probate.
Reason #2: Staying out of conflict keeps your family together.
By choosing who your assets go to ahead of time, you can forego the human element that arises when money is involved, which can irreparably damage relationships – especially between family members.
Reason #3: You decide what happens to your assets.
When you don’t make an estate plan before you die or become incapacitated, your assets pass by intestate succession. In order to make sure your assets go to whom you intend, it is important to have an estate plan in place. By working with an attorney to create your estate plan, you can ensure that your assets are going to the right people and that your decision is protected.
Estate plans are extremely beneficial to pretty much everyone. Contact your local attorney today to learn more about how you can get started on your own. Learn more on hectorcperez.com.
Commentaires