Thinking about creating an estate plan isn’t something restricted to wealthy individuals, and it doesn’t just include your home. Here’s some information about estate planning in California and why you should consider speaking with a reputable law firm like Keyes Law Group about putting a plan in place.
Why Is Estate Planning Important?
An estate planning California strategy is crucial to have for many reasons.
No one ever knows when their last day on earth will be. By launching an estate plan, you will make life easier for your loved ones and those around you.
However, estate plans are not just a good idea in the case of death. They can also provide guidelines and delegations if you somehow become incapacitated and cannot make decisions for yourself.
Your estate planning California document can specify which person needs to assume responsibility for your home, business, financial assets, etc. It is wise to create one of these documents to outline how you want life to proceed if you can’t make decisions on your own.
How To Create an Estate Plan
The first step is to outline your desires and decide how you want your finances, medical decisions, and home distribution to operate once you are deceased or incapacitated.
You will also need to consider each of your will’s elements and how you want to assign them to the document.
Take as much time as you need to decide on all those matters before you reach out to an estate planning attorney Bay area expert. Outlining and planning ahead will cut down on the time you have to spend consulting with the attorney.
Elements Included in an Estate Plan
These are some of the main areas covered in an estate plan:
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Revocable Living Trust
You may also want to institute a revocable trust if you have a home. The home will belong to the trust during your lifetime and will hold it until your passing. After your passing, your trust assets will pass to your chosen beneficiaries after an administration is completed. This part of the document may include your desires for your home, car, pets, children. Most importantly, a Trust can avoid probate, an uncomfortably long and expensive legal process to transfer assets at death.
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Pour Over Will
Your last will and testament explains you would like to have your assets to be distributed to your Trust. The will is necessary to support the Trust, which is the main document directing the inheritance of your estate.
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Advance Health care Directive
Your health care directive contains authorizations and wishes regarding medical emergencies and advanced treatment. It will specify that certain individuals can gain access to your medical records and make decisions based on your care and end-of-life wishes.
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Power of Attorney
Your estate planning documents will also assign a power of attorney who will take care of your financial responsibilities. That person will handle issues such as debt repayment, business management, and other financial matters. You will not have to skip a beat if you can assign someone to manage your finances beforehand.
An estate plan lawyer in California can assist you with creating professional estate planning binders that match your situation and needs.
How Much Does an Estate Plan Cost?
The cost of putting together an estate plan will vary depending on the law firm you choose and their rates. A lawyer in estate planning CA fields will likely charge a flat fee rather than an hourly fee for those services. However, you can discuss the financial aspects when you contact the law firm for help.
Have Your Estate Planning Lawyer in California
There’s no getting around the fact that you need a reliable estate planning lawyer in California to help. Legal specialists can ensure that every line of your estate plan is legible and comprehendible and that the court executes all the desires you state within the document.
Keyes Law Group employs an estate planning lawyer in California who can assist you from the beginning to the end of your estate planning journey. The firm has been active for almost 15 years and is a well-trusted California Specialist in Estate Planning.
Call us for a consultation and educational information about estate planning and everything it entails. Avoid getting stuck with nothing set up to help your grieving family manage. Start planning your future and theirs by developing an estate plan document today.