Estate plans are not just for the rich! Careful estate planning can help identify your wishes when faced with a terminal illness, specify who will care for your children, preserve assets for your family and avoid lengthy and costly probate proceeding. A typical California estate plan includes:

-Revocable Trust

-Will

-Durable Power of Attorney

-Advance Healthcare Directive

-Nomination of Guardian for (minors)

Revocable Living Trust

Revocable living trusts have become the go-to estate planning tool for most Americans in recent years.  And one of the biggest advantages to a properly drafted revocable living trust is the ability to avoid probate.

For more information about probate click here.

A trust is created when an owner of real estate or personal property transfers title to a Trustee (which can be you) to hold property for the benefit of one or more beneficiaries (which can also be you).  The trust document details what is to be done with your property under certain circumstances. The trust is considered to be the owner of the property and it is therefore no longer a part of the owner’s estate when he/she dies. This allows the owner’s estate to avoid probate. The best part is, you can amend the trust at any time while you are still alive. When you die the trust becomes irrevocable and your wishes regarding trust property must be carried out by a new Trustee of your choosing.

Will

Some of the main purposes of having a will is to identify what a person wishes to be done with their property upon death, and to designate who will take care of minor children and/ or handle their final affairs.

Although a properly drafted will can identify your wishes to be carried out after death, the will must be probated in the Superior Courts at significant time and expense. And unlike trusts which are private, court proceedings to probate a person’s will are public record for the whole world to see. 

Call us today to discover how we can customize your will to work alongside your revocable living trust.

Durable Power of Attorney

A Durable Power of Attorney is a document where you designate an agent (someone you trust) to handle your financial affairs should you become incapacitated or unable to deal with your finances.  The durable power of attorney can be limited to certain small tasks or give specific full authority to make decisions regarding large assets like real estate or a business. This can be important for assets that are not already included in a trust. The durable power of attorney is only valid while you are alive.

Advance Health Care Directive

An Advance Health Care Directive is used to explain to family and medical professionals what your wishes are regarding your health. This includes sensitive end-of-life decisions should you become terminally ill. The advance care directive also allows you to select someone to make decisions regarding your health if you become incapacitated or unable to make your own health care decisions. Most people are reluctant to talk about this sensitive topic. But these discussions are important in order to draft a complete estate plan that protects you and your family.

Guardianship

If you have small children, it is important that your estate plan include instructions for their care if the unthinkable were to happen. If both parents are deceased it is important for family, friends and the court to know your wishes. A complete estate plan should include guardianship provisions for the care of your children if they are still minors.  

Call us today to discover how we can customize a California estate plan to protect you and your family.