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Facts about estate planning in California

On Behalf of | Sep 30, 2022 | Estate Planning And Litigation |

Whether you have a small estate or a large one, you need to plan for what will happen to your assets when you die. You wouldn’t want your family to have to go through the hassle of dealing with your estate without any guidance. However, there are several things you need to think about when estate planning.

Having a comprehensive will

A will is a legally binding estate planning document that outlines how you want your assets to get distributed after you die. You can also use your will to appoint a guardian for your minor children and to express any other wishes you have regarding your estate. If you die without a will, your state’s laws of intestacy may determine how your assets get distributed. This means that your estate could end up going to people you didn’t intend it to go to, or it could get tied up in probate for years.

Planning for incapacity

If you become incapacitated, you may not be able to make decisions about your medical treatment or your finances. To avoid this, you can set up a durable power of attorney for healthcare and a financial power of attorney. With a durable power of attorney for healthcare, you can appoint someone to make medical decisions on your behalf if you’re unable to do so. A financial power of attorney allows you to appoint someone to handle your finances if you’re incapacitated.

Setting up a trust

A trust is a legal entity that can hold assets on your behalf. There are many different types of trusts, but they all allow you to control how and when your assets get distributed after you die. Trusts can be used to avoid probate, to protect your assets from creditors and for tax planning purposes.

Estate planning is an important process that ensures your assets get distributed according to your wishes. There are many different estate planning tools available, so, depending on your needs, you can choose the ones that are right for you.

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