In the meantime, you will have spoken to them to see if they agree to fill the role. Power of Attorney (POA)Ībove, we looked at the thought that goes into choosing your powers of attorney. Your specialized estate planning lawyer in Orange County will help you determine which suits you. There are two types of trusts revocable living trusts and irrevocable trusts. It's there immediately to use according to the terms you established.įor example, all assets are to be held in the trust and only the interest shared equally between your children for 15 years, after which they will receive an equal share of the principal. Your beneficiaries don't have to wait years before they receive their share of your state. Their primary benefit is that they don't go through probate. They're also available for the trustor (you) to use while still alive. Living trusts store assets that will one day go to specific beneficiaries, such as stepchildren. A living trust lies at the heart of your estate plan. These days, a living trust isn't an optional addition to a will. It also names your executor, who will be responsible for administering the will and seeing it through probate, if necessary. It also, very importantly, declares your children's legal guardians. For example, Suzi gets the vintage motorbike and Natalie gets the vintage book collection. Your will clearly state how you want your assets to be distributed. With all this information in hand, you and your Orange County estate planning lawyer will start taking steps to complete the process. An experienced estate planning attorney in Orange County knows how tax laws affect proper estate planning, so you'll get excellent advice about your options. All of them have implications for your beneficiaries. TaxĪ variety of estate taxes come into play when you die. It's a great responsibility because they might have to make manage your taxes and mortgage, so choose wisely.Īs with your healthcare POA, you need a list of choices in case your first choice opts out. You need a financial agent or a Durable Power of Attorney who will manage your finances while you're incapacitated. Make a list of people you think fit the bill. You need a healthcare agent or Medical Power of Attorney (Advance Health Care Directive) you can trust to make the difficult decisions and fulfill your wishes. Must they do everything possible, including human trials? Would you rather have a Do Not Resuscitate order? Keep going until you think you've covered all the basic scenarios. Imagine the worst-case scenario and then think about what would you like your family to do. Your first choice might become incapacitated and you need someone who can step up and fill the role. Pick at least one backup estate executor (successor executor) because you never know what the future holds. You must trust the person implicitly and be confident that they are responsible enough to manage all the duties. The executor manages your estate and ensures that, as far as possible, all your wishes in your last will and testament are carried out. If you're married and have children, you can leave the bulk of your estate to your spouse and a portion to your friends. If you're unmarried without children, you can leave your entire estate to the best friends you've had since you were 12. It's entirely up to you how many people you put on the list. These are the people you want to leave your estate assets to. Your inventory list should include tangible and intangible assets, like your house, household contents, current vehicles, the available balance of bank accounts, retirement accounts, life insurance policies, and investment accounts.ĭon't worry if you've left anything out, your Orange County estate planning lawyer will go through the list with you to see if there's more to add. Inventoryīefore you can distribute your assets you need to know what assets you own. The question is what information is necessary? We've compiled a list to remind you of the elements you need to consider. This means that before you get down to the finer points of estate planning, you should gather all the information that you're likely to need throughout the process. When you fail to prepare, you prepare to fail. A Quick Checklist – Things to Consider Before You Do Your Estate Planning Consulting an Orange County estate planning attorney is the best way to work through every element in compliance with regulations. A lot goes into creating a comprehensive estate plan and the process can get complicated. It's also more than just your last will and testament and appointing a guardian for your minor children. Estate planning is like paying tax it's not nice to contemplate but it is necessary.
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