What you should know about Estate Planning
No one can predict the future, but estate planning allows you to anticipate the possibilities and be prepared. Through estate planning probate, you can draft an arrangement for how your wealth and assets will be managed and distributed – even after your death.
Our law group are state bar certified specialist in sacramento estate planning probate cases, power of attorney, and elder law.
The two most well known estate planning documents are the Will and Trust.
What you need to understand about Wills
A will is a legal document that covers your final wishes and distributes your funds, real estate, and personal property assets after your death. Wills are usually fairly simple to produce, only requiring your signature as well as those of two witnesses. Our sacramento estate planning lawyer can help with a free consultation if you need help.
This estate distribution document typically includes:
- Instructions on how you want your assets to be distributed
- Instruction on how you want your remaining debts and taxes paid
- Names of guardians for underage family members under the legal age
- Name of a property manager for children’s assets (testamentary trusts can be established for your children, with trustees overseeing the distribution)
- Name of the will’s executor (the executor is the person responsible for managing your estate, paying any debts, and distributing what’s left)
Trusts are just as important
Unlike wills, trusts allow the passing of your property outside of probate court.
After your passing, if you die without any estate planning documents (in the eyes of the law this is called intestate) or with just a Will, the probate court is often necessary to carry out the Will’s instructions, or far worse distribute your assets according to the state’s laws.
Do not leave it up to the government to decide who will receive your assets, and set up a revocable living trust to bypass probate entirely. With a trust, your property can go directly and immediately to your beneficiaries, so it’s important you contact our law office.
Other benefits of this estate plan include protection from court challenges, maintaining your privacy after death, and avoiding a conservatorship. Our estate planning and probate lawyer are serving Sacramento can help you set up an estate planning trust.