California Estate Planning Attorney Offers A Primer On Basic Estate Planning Tools
There a great number of estate planning tools available to California estate planning attorneys and their clients
. Much of the expertise of a certified estate planning specialist is in knowing which tool to use in an estate plan. An estate plan can be as easy as drafting a simple will, or as complex as setting up a trust with asset protection features. This article will offer a brief sketch of four of the most popular estate planning instruments - wills, living trusts, durable powers of attorney, and health care directives.A 2008 Harris Interactive poll found 55 percent of adults didn't have wills or any other estate planning documents. While no one wants to think about their own mortality, estate planning is a necessary exercise that can be greatly simplified with the assistance of a certified estate planning specialist who can help you decide who will manage your money and where children will go if you pass away.
A Will is the most basic estate planning tool. Anyone who has assets to pass on should have at least a will in their estate plan. In your estate plan, a will can be used to allocate assets, as well as establish guardianship of children. Upon your death, your estate plan will be reviewed in probate court where a court oversees the payment of any debts and distributes inheritances, a process that can last a year or more.
A Living trust may sound like an estate planning tool that only wealthy people need. In reality it is an estate planning tool if to use if you would like to set conditions on how and when your assets are distributed. A trust integrated into your estate plan also can help reduce the amount of taxes paid on the inheritance and doesn't have to go through probate, which gives you additional privacy. A trust is something that an estate planning attorney should create. It is not a tool for the do-it-yourselfer or for fill-in-the blank estate planning forms.
Your estate planning attorney can help you create a durable power of attorney which provides a way for your assets to be managed if you are alive, but unable to manage your finances. It is critically important to have your estate planning attorney involved in this process. Powers of attorney are very powerful, and they are easily abused.
Finally, you need a health care directive to communicate your desire for life-saving measures in the event that you are incapacitated. Your estate planning attorney can go through different treatment scenarios to help you draft a health care directive. Mistakes on a health care directive can lead to unwanted medical care that can render consume all of your assets and render your estate plan moot.
Keep in mind an estate plan needs to be revised every time you move, change marital status or are affected by major financial changes. A good rule of thumb is to consult your estate planning attorney every three to five years, even if there have been no major life changes. You can always count on there being changes in the law.
If you would like more information concerning your estate planning options, consult a certified estate planning specialist who can walk you through the various will, trust and durable power of attorney options Whether your estate planning goals are immediate or long-term, a qualified estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.
by: Kevin Von Tungeln California Estate Planning Attorney Explains Providing For Disabled Children In Your Estate Plan Retail Strategy in India – I Planning Holidays To Magaluf For The Family Planning Cheap Holidays In Magaluf Winning Back Your Ex - Are You Looking For Strategies For Definite Success? Here They Are! Physician Retention Strategies - You've Got 'em, Now, How Do You Keep 'em? Planning Your Blind Date Powerful Strategies on How to Get Your Ex Back Blankets - Retailers Carry Patchwork Heritage Collection To Help A Great Cause Retirement Planning - Tips For Proper Retirement Planning Secrets to Great Forex Strategies Fore Expert Advisor – A Must For Your Trading Enjoy Trading and Enjoy Life