Estate planning isn’t just about writing a will. In California, more people are involved in settling your estate after your death.
The executor is the lead supervisor of estate planning. The executor is chosen by the estate’s owner to take control of his or her assets after death. The main duty is to contact the beneficiaries, family members and creditors who will benefit from the deceased person’s estate. The executor has to acknowledge and pay off the taxes and debts that are owed first.
Estate planning attorney
Estate planning is a legal process that involves different contracts made between various parties. Most conflicts involving estate administration are settled legally in court or by using court-appointed methods.
Planning an estate involves extensive financial planning. A financial advisor helps you understand the value of your personal belongings, review your debts and determine if you have the money to pay creditors.
Primary care physician
A primary care physician provides a detailed overview of your health for now and in the future. A medical professional assists in drafting a power of attorney or medical directive to include in your estate plan.
An experienced accountant sorts out the complex finances of a business owner or the owner of multiple properties. An accountant provides financial statements and reports about your income, assets and liabilities.
The people involved in planning your end-of-life affairs include executors, creditors, estate planning lawyers, healthcare providers and other types of professionals. For years prior, they must be qualified and informed of their duties and responsibilities in planning an estate.