Do you have confidence that your family will have easy access to your assets and property after your death? An Orange County estate planning lawyer is a fantastic resource if you are ready to start developing your own estate plan to limit uncertainty and protect your family’s future. Taking appropriate time to handle these issues as soon as possible can save your loved ones a tremendous amount of time, money, and stress after your death.
What Is Estate Planning and Why Is it Important?
Estate planning refers to the development of formal, legally enforceable plans for your assets and property. There are many different options for configuring an estate plan, including the development of a revocable living trust, designating Power of Attorney, and creating a will. These steps are crucial if you want your family to avoid the probate process.
Probate is notorious for being tedious and time-consuming. The judge overseeing the probate process must carefully review each and every aspect of the proceedings, causing the family to pay expensive legal fees. This is especially difficult since the family is mourning the death of the loved one while being forced to endure these proceedings. Since the judge overseeing the process will likely adhere as strictly as possible to relevant legal statutes, their decisions may conflict with surviving family members’ beliefs about their rights to the deceased’s property, opening the door to heated conflicts.
What Are the Four Must-Have Documents?
If you want to create the most comprehensive estate plan possible, there are four basic elements you must include:
- Living trust. This document places your property into a trust account held by a designated trustee. Upon your death, the trustee retains ownership over the contents of the trust and will disburse those contents according to your wishes. Creating an irrevocable living trust will prevent you from having to pay taxes on the trust’s contents, but you are unable to change it all in the future. A revocable trust allows for the ability to change and add items to the trust, but you are still bound by the associated tax obligations.
- Advanced care directive. This document outlines your preferences for medical treatment if you become seriously ill or incapacitated. The document should clearly outline your wishes regarding life support, advanced disability, and palliative care.
- Financial power of attorney. Designating a spouse or other loved one as the holder of your financial power of attorney can eliminate a great deal of your family’s need to undergo probate proceedings.
- Will. A trust can handle your property disbursement after your death, and a Power of Attorney will ensure you have someone you trust making important decisions on your behalf when you are unable to do so. A will allows you to make more specific and personal decisions and legally enforce them after your death, such as who you would prefer to obtain custody of your children.
These four documents are the crucial cornerstones of any reliable estate plan. While many free tools are available to help you develop these documents on your own, it is best to work with an experienced Orange County estate planning lawyer. Our firm can help ensure your estate plan is as comprehensive as possible and legally enforceable.
What Are the Four Important Estate Planning Factors?
Your will, trust, power of attorney, and advanced care directive are the four most important factors of any estate plan. As long as you take time to work with a reliable Orange County estate planning lawyer to develop these documents, you can enjoy peace of mind that your relatives will not need to undergo extensive probate proceedings.
What Is the First Step in Estate Planning?
Your first step in creating an estate plan should be creating a detailed list of everything you own, including all of your bank accounts, digital assets, and investment accounts. It’s important to carefully review any accounts that already have joint ownership or designated beneficiaries. If you created them a long time ago, you may want to change your beneficiary designations or secure sole ownership. This will prevent your estate plan beneficiary designations from conflicting with any preexisting designations.
This preliminary research and preparation will be much easier with a reliable and experienced Orange County estate planning lawyer. At the Law Office of Christopher P. Walker, we understand how important your estate plan will be for your family’s future and want to do everything we can to guide you through the process swiftly and effectively. Contact us today for more information about the estate planning services we provide.