Estate planning may seem like a long and daunting task, with much work and legal requirements. Actually, an estate plan basically is several legal documents which are there to ensure your wishes and goals are carried out in regards to your health and property. Everyone should have an estate plan created. An experienced estate lawyer in Orange County, CA has the knowledge and skills needed to help create an estate plan that fits all your needs.
Last Will
A Last Will is one of the most basic documents included in an estate plan. This document is to determine who receives your property in case of death. This document can also set Trust accounts up, name a guardian for any minor children you may have, and name the executor of your Will. The Last Will generally has at least two witnesses and must be in writing. However, each state requirements may differ slightly.
Living Trusts
Another part of estate planning is creating a Living Trust. With a Revocable Living Trust, during your life, most of your assets are allowed to be placed into a trust. The Trust owns your assets but you continue to spend and use them. Your assets are then passed to your beneficiaries without the need for probate upon your death. A Living Trust gives you the ability to control when the inheritance is passed to your beneficiaries. For example, you might choose a specific age before your beneficiaries’ take control of their inheritance.
Effective Estate Plans
An effective estate plan includes legal documents such as the ones stated but is comprehensive and thoughtful. Planning ahead with an estate plan ensures your property is well managed and protected. All wishes and goals must be specified using clear appropriate legal language. To ensure no surprises, discuss your estate plan with the family. Take note, when no estate plan is created, the state makes all the decisions on your medical treatment and how to distribute your assets upon your death or when incapacitated.
In addition to these legal documents, a qualified estate lawyer in Orange County, CA can discuss all legal options with you. Plan for your future by being protected with an estate plan. Like us on facebook.
An estate plan is an important part of planning for the future. For more information, contact Tompkins Law, or call 714-385-0044.
