Estate Planning Overview
Why should you plan your estate?
No one likes to think about their own death, however leaving your
estate unattended, no matter how large or small it may be, can be
disastrous. You most likely have an idea of where you want your
assets to go, but if you don’t properly plan for your estate’s
distribution, your intended beneficiaries may not get what you
wanted them to receive. In addition, your heirs may be subject to
unnecessary taxes, extra administration costs, and contests from
squabbling siblings.
An Estate Plan will allow you to ensure your property goes to the
intended heirs with the least amount of tax liability possible. It
should also name who you wish to be the guardian of any minor
children you may have, as well as whom you would like to manage your
estate in the event you become incapacitated and/or in the event of
your death. Without a proper Durable Power of Attorney, if you
suffer a tragic event as a result of illness or injury, leaving you
unable to manage your finances, your family will be forced to
establish a Conservatorship though the court in order to assist you
with your finances. This proceeding is expensive and very stressful
for your loved ones. Unfortunately, you don’t know if or when
tragedy will strike. As a nurse who worked in critical care units of
local hospitals for many years, Attorney Julie Fiedler has seen
countless cases where illness or injury have left people unable to
care for themselves. It can happen whether you are young or old. We,
at Horizon Elder Law & Estate Planning, Inc. cannot stress enough the value of setting up
an appropriate plan in advance.
Your Estate Plan should at least include a Will, Durable Power of
Attorney, and an Advanced Health Care Directive. However,
Californians should also consider setting up a Living Trust for any
property they may own valued over $100,000, or for any real estate
to avoid costly and time-consuming probate proceedings.
The creation of an Estate Plan should be done with care in order to
prevent the possibility of your wishes not being followed. Wills
that are not complete can be contested by other heirs in a court of
law resulting in your wishes not being followed. While you can set
up your own Estate Plan, it can be a risky proposition. It is best
to seek the advice of an attorney experienced in Estate Planning to
ensure your wishes are followed. Your attorney can advise you as to
whether a Will alone is enough to secure your property or whether it
would be best to set up further protection of your assets. Horizon Elder Law & Estate Planning, Inc. is an experienced Estate Planning Law Firm
providing individually tailored plans to fit our clients’ needs.
After a careful review of the details and fees involved in the
process, we begin to structure an estate plan based on our clients’
concerns and goals. Our Law Offices are located throughout the state and
serves California in Elder Law and Estate Planning. Contact
our office today to schedule a consultation.
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