Estate Planning
What Is A Comprehensive Estate Plan?
In any endeavor, planning ahead pays off. Estate planning is no different. At The Walker Law Firm, our Orange County, California, lawyers can create a personalized estate plan for you. A comprehensive estate plan ensures that your wishes are made clear at the time of your death and that your heirs avoid the difficulties of probate through use of a living trust.
Each of our clients is different. You need a customized plan to deal with your estate. Our estate planning attorneys can advise you regarding:
- Living Trusts
- Wills
- Health Care Directives
- Powers of Attorney for Asset Management
- Funding Your Revocable Trust
What Are The Benefits Provided By A Living Trust?
A living trust is an invaluable tool to avoid probate and possibly minimize estate taxes for married couples. Probate is the process whereby the court administers your estate either pursuant to your will or pursuant to the laws of intestacy. If you die without a will probate costs can run approximately 5% of your estate.With a living trust, however, you transfer your assets while you are alive to the trust so that when you pass away, there are no assets for the state to administer. As such, your heirs avoid the expense and headache of probate. In addition, for a married couple, a living trust can result in estate tax savings on the second spouse’s death. Also, through the use of a trust, the first spouse to pass away can ensure that his or her property will ultimately pass to his or her children and/or heirs.
What Do You Need To Know About Wills?
Although it will not avoid probate when used by itself, a will ensures that property will pass to whomever you choose rather than through the laws of intestacy. The laws of intestacy are laws made by the state which determine who should inherit your property. Further, if utilized with a living trust, a will can ensure that property that is inadvertently left out of your trust is ultimately passes to your loved ones pursuant to the terms of your trust.
Why Do You Need A Health Care Directive?
Health Care Directives are important tools whereby you instruct loved ones about the type of medical care you want at the end of your life. Use of a Health Care Directive can avoid tragic family disagreements regarding major health care decisions.
How Can A Power Of Attorney Help Manage Your Assets?
A power of attorney for asset management allows you to appoint a trusted person to handle your financial affairs should you become incapacitated. Do you know who would be able to sign your name if you are incapacitate? Having a Power of Attorney makes you choice clear.
How Can An Estate Plan Protect Your Family Business?
Succession planning ensures that your business can potentially continue to prosper and sustain your family after you pass. Through use of a succession plan, you can anticipate who will take over after your death. In addition, good planning can ensure that your heirs will not have to sell the business to pay estate taxes.
Contact an Orange County estate planning attorney to discuss your estate and health care plans.
