Your Estate Planning Done Properly
It’s important to stay in control of your finances and assets throughout your life, but have you given consideration as to what will happen to your estate once you have passed on? No one wants to think about it, yet estate planning is something we all will have to face. With the assistance of an experienced estate planning attorney, you can rest assured that your loved ones and heirs will be well-taken care of should anything unexpected happen.
At Alden Law firm of Los Angeles you will get the experience and legal care you deserve from an estate planning attorney that is dedicated to helping you understand your options, and ensure that your final wishes are carried out to the letter. From document drafting and preparation, to filing and expert legal counsel, you will get an experienced attorney that will ensure your estate is in proper order.
What is Estate Planning?
Your estate is comprised of all the assets you own. This includes your home, car, investments, bank accounts, life insurance, personal belongings, and more. Everyone has an estate, even if that estate only consists of personal possessions.
Estate planning is essentially determining who will get your assets once you pass on, or control your assets if you become incapacitated and are no longer capable of handling your affairs. It also involves selecting someone or institution to carry out your wishes.
Estate planning can also involve appointing someone to make medical decisions on your behalf if you become extremely ill or incapacitated in the unlikely event of an accident.
What You Should Consider When Planning for Your Estate
There are many issues to take into consideration when putting together your estate plan, including but not limited the following:
- How would you like to be cared for if you were to become ill or disabled?
- Who will act as a guardian for your children or minor dependents when you die?
- Do you want to set up a plan to pass on your values such as religious beliefs with your assets?
- How will you provide for family members with disabilities without disrupting state assistance?
- Who will make your medical and financial decisions if you become incapacitated?
- How do you minimize the tax burden your heirs will face after you’re gone?
- What forms of life insurance, long-term care insurance, and disability insurance should you choose?
- Who will take over your business if you were no longer able to run it?
- When would you like your assets to be divided amongst your trustees and beneficiaries?
At Alden Law Firm of Los Angeles the appropriate amount of time will be taken to get to know you, your needs, and your concerns surrounding your estate. An experienced attorney will then work with you to create solutions tailored to ensure that your unique and specific wishes are carried out in the future through a comprehensive estate plan.
Essential Estate Planning Documents
A comprehensive estate plan may be composed of multiple documents that the Alden Law Firm of Los Angeles can expertly draft and tailor to your unique requests.
Some of the essentials include:
Will: A will is a legal document that directs how your property will be divided when you pass on under the supervision of California’s probate process. Without a will, your assets would be divided amongst your heirs according to California’s rules of intestate succession. So your will can help you ensure that you leave behind your assets to any selected people or institutions.
Living Trust: Unlike a Will, a living trust can go into effect before you die thus allowing the trust to control your assets even while you are alive. Within the trust, you can name a successor trustee who will control the assets of the trust at a time of your choosing and distribute those assets to your designated beneficiaries. Unlike a Will, a living trust does not need to go through California’s probate process.
General Durable Power of Attorney: A general durable power of attorney allows you to name a party to take responsibility over your property and financial assets.
Advance Health Care Directive: This allows you to appoint someone to make medical decisions on your behalf if you are no longer able to do so yourself.
Joint Tenancy: Certain items ranging from bank accounts to real property can be held by multiple parties in such a way where when one party passes away the surviving party will inherit the deceased party’s interest.
Pay on Death Beneficiary: Assets usually involving financial accounts can often be set up in such a way where upon death you can transfer the account to a select beneficiary or multiple beneficiaries.
Selecting the Right Los Angeles Firm to Help You With Your Estate Plan
Estate planning in California is complex, and choosing an attorney well aware of all the ins and outs offers an extra level of certainty and security to ensure your final wishes are carried out as you intend.
Let the Alden Law Firm of Los Angeles work with you to ensure that your estate is in order and all of the necessary documents are prepared to reflect your last wishes. It is never too early to start thinking about you and your family’s future.
Call or message today for a free no obligation consultation and let the Alden Law Firm of Los Angeles help you get the legal assistance you can trust.