When someone in California dies without an estate plan, their property must be distributed according to the California Laws of Intestacy though a court-supervised process known as Probate. Unfortunately, these laws might be the last thing you would want for your loved ones. Probate takes time, costs money, is open to the public, and ultimately, your assets may go to individuals not of your choosing.
The good news is that proper estate planning can avoid Probate and spare your loved ones from the expense, delay, and frustration associated with managing your affairs and finances under court supervision.
A comprehensive estate plan will typically include:
1) Living Trust
2) Pour-Over Will
3) Power of Attorney for Asset Management
4) Power of Attorney for Health Care (Advanced Health Care Directive)
Along with avoiding probate an estate plan can also:
1) Prepare for your Incapacity
2) Provide for the care of Minor Children
3) Provide for the care of disabled loved ones through Special Needs Trusts
4) Plan for Long Term Care and Medi-Cal eligibility
5) Ensure tax-efficient charitable giving
6) Limit Estate Tax
Contact us for a free consultation and to learn more about how the attorneys at Nguonly & Veracruz can offer you and your family true piece of mind.