There is a misconception that a person must be very rich to establish an estate. If an individual owns any real estate, has a 401K, or any type of assets, they should establish an estate. Even if the assets equal a minimal amount of money, they can still determine who will speak for them in the event they cannot speak for themselves. Giving someone the power to make decisions about health or payment of bills in the event a person cannot is very important. An Estate Planning Lawyer in Irvine CA can walk an individual through the process and design the best estate possible.
In addition to planning for the future, a person can protect their assets. An estate is everything an individual owns. This includes bank accounts, investments, houses, real estate, cars or other vehicles, life insurance, and personal belongings.
What Is Estate Planning?
An estate plan contains several types of documents. This can include a will, power of attorney for medical, and much more. Each document serves a different purpose. An individual might establish a trust fund for their minor children and sometimes their adult children. A trust can protect assets for family members in the event of an individual’s death or incapacitation.
Establishing A Will
When an individual visits an Estate Planning Lawyer in Irvine CA, they can establish a will. The will can outline what will happen to their assets in the event of their death. An individual can designate who will be the beneficiaries and who is chosen to be the personal representative. Outlining these things will eliminate questions and family arguments after death. A living will can be established. This type of will determines who will make decisions about healthcare in case a person cannot. A living will erases a lot of questions the family will have if their loved one can’t speak for themselves.
Living Trust
Another thing an individual might want to consider when establishing an estate is setting up a living trust. This trust protects assets while an individual is alive and saves going to probate court. It can protect assets from legal fees and taxes in the event of the person’s death.
