Property purchasing and Estate Planning is a tricky business, so it needs to be done right. Sometimes it takes up all of our life savings, thus we need to ensure a safe investment. California Real Estate Attorney conveys that legal estate planning is a small price to protect the future of your kith and kin. Death is unpredictable and you don’t want your family to suffer in the aftermath of your demise. Proper estate planning keeps your assets in the right hands and guarantees transmission to the rightful heirs.
Here are the four basic aspects of Estate Planning:
- Living Trust
More and more people in the U.S. are adding a living trust to their estate plan, owing to its major advantages. The topmost reason for establishing a revocable living trust is the exemption of probate. When a person dies, the probate court will take over his/her assets. Probate is a time consuming process and costs a good deal of money. Inheritors may have to wait several years and bear heavy expenses in order to retrieve your legacy. A living trust speeds up the process by transferring direct power to a successor and avoiding any interference from court.
The successor of your living trust is eligible to manage all assets under the trust, in case you become ill or incapacitated. He/she may duly distribute the trust assets among nominated beneficiaries as per your instructions. The added benefit is that your asset information remains private and no third party can cause intrusions.
- Living Will and Healthcare Power of Attorney
If a time comes when you fall into a coma or vegetative state, your living will can assure that things are handled the way you would prefer. Normally, the immediate family is very troubled and tentative. Conflicts arise when part of the family is ready to let go, but the remaining are still hopeful for your recovery. Through a living will, you can help your loved ones make the right decision; you can opt for an artificial life support system to keep you alive or choose to pull the plug on life. An accident or old age may lead to a terminal illness or some kind of disability. The healthcare power of attorney lets you designate a person who shall be responsible to take medical decisions on your behalf.
- Financial Power of Attorney
Assigning the financial power of attorney to a person allows him/her to make financial decisions and transactions in your place; you may limit the authority on your terms. You can grant the power while you are entirely healthy and conscious or sanction it under particular conditions. The contender for financial power of attorney may come into effect after an occurrence that leaves you mentally or physically incompetent to fulfill duties.
- Last Will and Testament
The last will and testament has high emotional value and is equally significant in the eyes of law. It is the ultimatum to all your assets and can be used to convey a last message to the special people in your life. It determines what will happen to your property, business, and underage children while you are no longer available to look after them. Lack of a will leads to massive intervention by court and your family shall have a hard time recovering your possessions.
Guest Author Bio
John Adams is a paralegal who primarily writes about estate planning and corporate law. He helps readers overcome personal injuries and traumas, by encouraging them to raise their voice. He aims to reach out to individuals who are unaware of their legal rights, and make the world a better place.