Frequently Asked Questions
An Estate Plan is you taking control of your life, life's decisions, and assets. As well as avoiding a court process called Probate. An Estate Plan also allows loved ones to avoid Conservatorship proceedings in the event you are incapacitated.
An Estate Plan consists of documents stating what happens to your assets after you pass (Trust), what happens to any assets that may have been left out of your Trust (Will), appoints Guardians for any minor children (Will), nominates Agents to handle your financial matters in the event you are incapacitated (Financial Power of Attorney), and nominates Agents to execute your health care decisions and end of life decisions in the event you are unable to communicate them yourself (Advanced Health Care Directive).
Probate is the court process of transferring assets of an individual that has passed, to his or her legal heirs.
Probate is a time and money consuming process that can leave loved ones very confused. Since Probate is a public proceeding, your private matters become available to the public. Further, the court ends up deciding personal matters that should be decided within a family or by the individual.
Other than avoiding Probate and taking control of your assets and life decisions, there are also tax benefits. Establishing an Estate Plan allows individuals to potentially reduce or even eliminate estate taxes.
If you own a home in California, have minor children, or own a business, a Will alone is not enough to protect you and your family. It’s best to speak to a Legal Professional to help assess your and your family’s needs.
A Successor Trustee replaces the initial Trustee (i.e. you, the creator of the Trust) and assumes control over the Trust’s assets. The Successor Trustee is responsible for making sure that the terms of the Trust are followed and ensure that your estate is distributed to its beneficiaries as expressed in the Trust.
An Executor is a nominated in your Will and is responsible for making sure the terms of the Will are followed and ensure that any property in the Will is distributed to its beneficiaries as expressed in the Will.
A Guardian is a person to care for someone who is unable to look after his or her own because of age or disability. Guardians are usually named for minor children in the event that both parents are incapacitated or no longer.
An Attorney-in-Fact is a person that looks after financial matters for you in the event that you are incapacitated. The Attorney-in-Fact usually has broad powers to allow them to step into your shoes and make any and all necessary financial decisions on your behalf.
A Healthcare Agent is a person that makes healthcare decisions on your behalf in the event that you are incapacitated. The agent also follows any end-of-life decisions made by you in your Healthcare Power of Attorney.
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