Why Do I Need a Good Estate Plan?
Future planning is important yet frequently disregarded regardless of maturity. You never know what the future holds, so a strategy to safeguard your loved ones and valuables is essential.
Whilst you’re beginning your adulthood, there are matters you may plan for, such as selecting a decision-maker if you cannot. Real estate planning becomes essential if you acquire assets like a home, car, or savings account. It gets much more important when you have children who depend on you financially.
We at Century Trusts & Estate Planning can assist you in creating a thorough future plan. To find out why it is crucial to have a working estate plan, continue reading.
Legal Probate Can Be Dangerous
Without a Will, the California court will use the Probate Code to distribute your assets after your death. You must state your preferences in a documented Will if you want certain people to inherit your property after your passing. Unfortunately, the court won’t know whom you were closest to without something in writing.
Defending Your Loved Ones
Your loved ones might not receive the necessary protection due to the state’s probate procedure. Proceeding with the estate planning process with a lawyer will ensure that the beneficiaries of your legacy are the people you have chosen.
Safeguard your family members by using the strategies described below
- Writing a Will. In California, all you need to be older than 18 and mentally competent to create a will. Because oral wills are not recognized in California, everything must be recorded in writing and signed. A minimum of two witnesses must also attest to your signature of the Will
- Trusts. You establish Trust if you have children or other people you financially support. You can establish various trusts in California, giving you authority over every particular need you may have for every fund. People frequently create trust on behalf of people who are either too young or unable to manage their finances responsibly. Another approach to transferring your possessions without creating a will or passing through the probate process is through a trust.
- Restrictions on Inheritance. You must decide who will inherit your assets after you pass away. One of your list of inheritors may be a careless one. Fortunately, you can impose conditions on the bequest they get, such as the need to enroll in college, to make sure they make good use of what you leave them.
Defense of Yourself
Estate planning involves thinking about what will happen when you pass away, but it’s also important to consider what you would like to transpire if you become disabled. You can prepare instruments to maintain your intentions if you are asleep or otherwise unable to make healthcare choices for yourself.
- Advanced Directive or Living Will. If you cannot express your wishes, a living will be used to specify the kind of medical care, such as life support, that you prefer. You should be over 18 years old and mentally sound in order to create a living will. It won’t take effect until at least two doctors rule you incapable. If you become incapacitated, an Advanced Directive designates a Healthcare Power of Attorney or representative who can make medical arrangements on your behalf.
- Durable Power of Attorney. Using a Durable Power of Attorney, you can choose a reliable person as your agent with authority to make financial and legal choices on your behalf.
Contact Our Oceanside Estate Planning Law Firm Now!
Everyone worries about death occasionally, even though nobody wants to think about it. The greatest method to support the people you care about in case of an emergency is through estate planning. It is a strategy to guarantee that your loved ones and estate will be taken care of in accordance with your preferences. You can prepare for every scenario and keep your family members from experiencing additional stress. You can develop such a plan with the assistance of an estate planning lawyer, which will alleviate your mind.
At Century Trusts & Estate Planning, we care about your future as well as the safety of your loved ones. We know that worrying about the worst-case scenarios can be draining, but we can assist in the creation of an estate plan that’s prepared for every possibility. Call us today or visit our Oceanside estate planning law office to speak with out experienced estate planning attorney.