It is never too early to think of estate planning in San Diego. Estate planning is the best asset planning technique for everyone. You need not own a lot but you need to be able to determine who will take care of that asset in the event of incapacitation or demise. Your peace of mind is further guaranteed with proper asset management.
If you aren’t convinced of estate planning yet, here are the most important reasons for estate planning facilitated by the best estate planning lawyers:
- Wills and trusts
A will gives you the ability to declare your intentions in regard to your estate. For instance, the will has information on who the assets go to when you are incapacitated or deceased. A will also designate guardians to minors.
The trust is important in estate planning too. It accompanies the will. Trusts highlight who the assets are transferred to; that is, the trustee to your estate. The trustee manages your estate on behalf of the beneficiaries listed in the will.
- Prevents your assets from ending up in the wrong hands
You do not have to be super-rich to own many assets. Your stocks and real estate investments may not be much but you must state who takes control of them when you are unable to. Without an estate planning strategy, the court will be forced to determine the rightful heir to your estate. The court battles are lengthy, expensive, and ugly.
- Stops heirs from overpaying taxes
When assets are transferred to your heirs, the tax burden is automatically transferred to them. An estate planning strategy minimizes the tax burden transferred to your kin. Statistics show that the tax burden on inheritance and transferred estate is significantly reduced or totally avoided with estate planning.
- Protects your family, especially when you have younger children
Unfortunately, death is inevitable and you should protect your kids from any uncertainties. Your children will be well taken care of if you put in place measures to protect them. You should make plans for their financial state and how they will be cared for. With the help of an experienced Orange County lawyer, you will determine your children’s guardian and put that in writing.
With a living trust in place, you can have the no-contest clause or a spendthrift clause to govern provisions. Enforcement preserves the distribution of your provisions. As a result, issues like disgruntled beneficiaries are eliminated.
- Appoint the power of attorney
Estate planning involves determining who holds the power of attorney in all matters pertaining to your estate. The power of attorney will determine how assets are shared, managed or invested in the event of your death. On the other hand, it can be drafted to determine a nominee to perform specific functions for sometime when you are incapacitated or dead. The power of attorney can be enduring. The individual who holds the power of attorney becomes you when the time comes.
In conclusion, you have the power to prevent battles and contentions in the event of your death or incapacitation. Get the best estate planning lawyer to facilitate these processes, keeping your property and your heirs safe.
David Wicks is a renowned Orange County lawyer with decades of experience in this area of the law. Check out her profile for more insights and free consultation.