Estate planning offers you the tools to proactively plan for the future. A well-drafted and comprehensive estate plan protects both you and your family in the event of unanticipated circumstances.
Many people can benefit from an estate plan no matter the size of their estate or what stage of life they may be in. An estate plan allows you to specify how your assets are distributed after you pass away, streamlines the distribution process, and ensures that your wishes are carried out. It allows continuity in management of your financial affairs in the event that you become incapacitated. It also provides for control in your healthcare decisions in the event of incapacity.
A comprehensive estate plan generally includes:
- A revocable living trust;
- Pour-over wills;
- Durable powers of attorney; and
- Advanced health care directives.
A revocable trust is a powerful estate planning device that allows you to maintain control of your assets during your lifetime and specify distribution upon your passing. The revocable trust has certain advantages such as: avoiding probate, flexibility (it can be amended or revoked during your lifetime), and allowing continuous financial management in the event of incapacity or death.
A pour-over will is a simple will that is drafted in conjunction with your revocable trust. The pour-over will specifies that any assets inadvertently left outside of the trust “pour over” into the trust at the time of your death. If you have minor children, you may wish to nominate a guardian for your children in your pour-over will.
A durable power of attorney allows you to nominate someone to make financial decisions on your behalf. A durable power of attorney can be made effective upon your future incapacity or immediately upon signing the document.
An advanced health care directive allows you to nominate someone to make healthcare decisions on your behalf in the event that you become incapacitated. You may also include detailed instructions on end-of-life care such as whether you would like or decline certain medical procedures.
Our goal is to create a customized and comprehensive plan that is specifically tailored to you and your family's needs. We educate and guide you through the entire process with a focus on ensuring that you fully understand each element of your plan. At the end of the day, we are looking to provide our clients with peace of mind that they and their loved ones will be looked after in accordance with their wishes.
* Please note: our practice does not include Medi-Cal planning.