How Does Estate Planning Work?

Before you consult a Weiner Law estate attorney to help you prepare a plan, consider the basics of estate planning in California. Below we cover the documentation, fees, and savings considerations. Administrative Paperwork The required documents vary between specific circumstances, but there are standard protocols that you can expect to find when you consult a California attorney, including those at Weiner Law: A Will The last will and testament outlines how a decedent’s estate needs to distribute its possessions and assets. Without a will, family members may claim entitlement to certain items, and disagreements are common. A verbal expression of your wishes means very little without a written and signed will if the matter goes to court. An Advance Healthcare Directive Like a power of attorney document, the healthcare directive is the final word on your medical condition and treatments if you cannot express these wishes yourself due to incapacity. It permits medical professionals to share details about your health with your family and loved ones so that they understand the process that follows. A Trust A trust is not a requirement, but it is an excellent idea if you want to safeguard the management and distribution of your assets to heirs without the hassle of a regular will. Trusts are not subject to high taxes like other inheritance forms. It may also save beneficiaries the costs and headache of probate court. A person can create an irrevocable trust, or a revocable living trust. A person must create a revocable living trust while they are still alive, detailing how assets should transfer to your beneficiaries upon your death. A trust’s creators may alter or cancel the revocable trust without additional approval if necessary. Creating a trust requires a few different documents: Certificate of Trust: It serves as proof of ownership and protects personal information from financial institutions. Assignment of Personal Property: The signed document lists all property without a title and states that the original trust owner is transferring these items to the appointed trustee. Financial Power of Attorney: This is a document that appoints someone trusted to make financial decisions on your behalf if you are unable to do so yourself. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844 https://weinerlegacylaw.com/