What You Need to Know About Estate Planning
Estate Planning for Everyone
Thinking about your last will and testament may seem morbid. But as the pandemic has shown us, families have reconsidered the importance of preparing for the worst. In the early stages of the pandemic, there was a surge of people rushing to draft their last will. As we have previously written, these people include “parents of young kids, medical professionals in the frontlines, and the most vulnerable among us.” Estate planning is something everyone should consider even for those who do not have a lot of assets.
Prepare for All Outcomes
Estate planning is not just getting your affairs in order in the event you die. In case you get incapacitated, having a plan in place will help your loved ones with decision making. Even the most careful drivers get into accidents and even the healthiest of people still fall ill. Here are options you need to know to account for all outcomes.
These take effect after your death and provide a road map for how you wish to dispose of your property and assets. Wills can be subject to probate, which is a publicly-recorded process to verify the validity and authenticity of a will.
These are also known living trusts. These are not subject to the public probate and can be revocable or irrevocable. One big difference between the two is that with irrevocable trusts, you waive the rights to control your assets and assign a third party as the legal owner of your estate. Both types have their pros and cons as you consider tax implications and other factors.
With this option, you name someone to make medical decisions for you on your behalf, including the type of medical treatment you receive or refuse. This is also otherwise known as the medical power of attorney.
The financial power of attorney or FPOA is similar to healthcare proxies but it applies to financial decisions including purchase of property, paying bills and taxes, managing financial accounts, and others.
Business Succession Planning
This helps family-owned businesses protect their assets in case of death or incapacitation. With many logistical and financial decisions to consider, make sure your business is prepared and included in your estate plan.
Your Southern California Estate Planning Attorneys
Don’t let the courts decide the fate of your children in the event of your death or incapacitation. Distribute your assets the way you would want by specifying it in your last will. Don’t wait until you are ill or incapacitated to prepare your loved ones for the future. Factor in all outcomes and consider legal counsel as you plan for your estate. Our experienced Southern California estate planning attorneys at Hoffman & Forde are here to help.
As a boutique law firm, we have experts across disciplines and relevant industries. With our creative solutions, your estate plan will be tailored to you and your goals. Invest in legal advice and set up your family for the future for peace of mind. Contact us today for a consultation.