Many individuals don’t like to think about the circumstances that necessitate estate planning. The process is a needed aspect of life and putting it off or avoiding it altogether could spell disaster for the future of your family. Establishing a proper trust and estate plan, by utilizing an experienced attorney, can help to prioritize your family and ensure that your final wishes will be granted in the case of your passing.
Trust and Estate Planning
Trust and estate planning involves deciding how your assets and estate will be managed in the event of your death or disability. Estate planning includes various documents. These include wills, trust agreements, beneficiary designations, IRAs, powers of attorney, and living wills.
There are different estate planning issues you may want to consider when determining estate planning documents. These include:
- Who should have access to my property and assets when I pass away?
- If I am alive, but unable to make decisions for myself, who will make those decisions for me?
- Who should have control over handling my estate in the event of my passing?
- How should ownership be transferred of my business?
- How should I manage and administer my child’s inheritance?
A will is one of the most important documents an individual can obtain. However, it is often overlooked, as many individuals think that only the elderly need to have a will. In fact, any age group over the age of 18 can benefit from having a will written up. At Galanti & Copenhaver, we do our due diligence to ensure that a person’s will helps to control the disposition of their property appropriately.
Once an individual has passed away, the written will is brought into court and put into effect. This means that what is written down in the will can then be fulfilled. Changing a will is also possibly at any point during an individual’s lifetime, as long as that person is competent.
When someone passes away and they owned property, that property may need to be probated. This is when the court supervises the process of transferring this property to those that are named in the will. If the decedent has a will written, they may have named the person that is going to manage the estate. This person is referred to as an executor. Issues may come up in court during this time, especially if a will is not completed. An attorney can help to mitigate any issues, as well as help settle any familial dealings. A probate may be necessary if someone passes away without a will or any testamentary documents in place. If a decedent has a gross estate over a certain amount of money, that estate may need to go through a court-supervised probate proceeding.
A trust is when an individual has an agreement with one or more trustees and manages property. The person who has created the trust is referred to as the grantor. If you have created a trust while you were living, it is referred to as a living trust. In order to set up a living trust, you will want the help of an experienced trust and estate planning attorney. They will assist you in naming the trustees, as well as the beneficiaries.
Powers of Attorney
Power of attorney encompasses two areas, which are property and healthcare. A power of attorney for a person’s property grants another person power to manage the named property. While some powers of attorney can be beneficial, some individuals may find that living trusts work better for their unique situation. A trust and estate planning attorney can help to determine which avenue would be beneficial for your circumstances.
The Importance of Estate Planning
Having an estate plan in place ensures that you are preparing for the future of your loved ones, allowing you to determine where your property and assets will go. Without a trust and estate plan, it would be up to state laws to determine where your assets will go. This could be distressing and complicated for your loved ones. Instead, speaking with a trust and estate planning attorney in California can help you navigate this process.
Protecting Your Family
An estate plan allows you to build up financial security for your family and loved ones, knowing that you are thinking of and planning for them in case of your passing. Although sometimes difficult to think about, it is important to know that estate planning is helping you to put your life’s work back with the people you care about most.
Safeguarding Your Assets
You have worked your whole life for your property, assets, and benefits. So, it’s only fitting that you have the final say in where those aspects of your life will go once you have passed on. Employing an estate plan helps to ensure that your affairs will not only be taken care of but they will be done so in the manner that you wish. Potential issues surrounding conflict over your assets can be defused and you can rest easy knowing that your property is going where you’d prefer it to go.
Estate Planning Services
Complex issues surrounding California trust and estate planning require experienced advice on the matter. By planning for your future you can help save your family members and close friends frustration, as well as uncertainty. Proper estate planning can ensure that you have the last say on how your wishes will be granted and how they will affect your family in the case of your passing. An estate plan should be created by an estate planning attorney. At Galanti & Copenhaver, we help our clients with:
- Wills and Trusts.
- Powers of Attorney.
- Advanced Healthcare Directives.
- Contested Wills.
- Representing Trustees, Executors, and Personal Representatives
Schedule a Consultation with California Trust and Estate Planning Attorneys Today
Estate planning can be a complicated process, which may be overwhelming and confusing. As you navigate this process, you may encounter unfamiliar terminology and necessary documentation. At Galanti & Copenhaver, we understand the sensitive nature of the trust and estate planning process, treating each and every client as an individual. Each client deserves an individualized professional approach, as each client will encounter unique obstacles specific to their circumstances. Our experienced team is dedicated to helping you navigate the estate planning process. Call today to schedule an initial consultation with a member of our team.