Estate planning allows you to create a plan to pass on your real and personal property to your family after you pass away. Estate planning is not solely for individuals who have a large estate or substantial assets. Every person should consider arranging their estate into a form that will make it easy for their family to inherit. If you or a family member is interested in estate planning services, you should consult with an experienced Folsom estate planning lawyer today.
NewPoint Law Group understands how important it is to have a clear estate plan in place so that you can provide for your family. Our skilled attorneys will work with you to develop an estate plan that is tailored to your unique needs. To schedule a free consultation, call NewPoint Law Group at (800) 358-0305 or contact us online.
What is Estate Planning?
Estate planning is primarily used as a method for distributing your assets to members of your family, friends, and possibly your favorite organizations. Estate planning can also help you develop a plan for your personal and financial care if you ever become incapacitated.
As mentioned above, estate planning is not just for wealthy individuals. There is no set class of people who require estate planning; everyone should have an estate plan. The following list details issues that an estate plan could help you resolve:
- Discovering all the assets you have and the total value of your estate
- Determining who you want to inherit your estate
- Who can manage your estate in the event you become incapacitated
- Who can provide you with care if you become incapacitated
- Who may care for any minor children you leave behind if you and your spouse pass away
- How you wish for your remains to be treated
Estate planning could help you resolve these issues and many others. If you wish to know more about making an estate plan in California, speak with NewPoint Law Group today for assistance.
Types of Estate Planning Tools
One of the most useful estate planning tools available is a will. A will is a legal document that is used to distribute a deceased individual’s, or decedent’s, assets to the beneficiaries named in his or her will. When choosing a beneficiary, the will creator or testator is free to name their spouse, child, parent, domestic partner, or even a charitable organization. A will can also be used to name a guardian to manage the assets of a minor child, or to provide care to a child who may be left behind when the testator passes away.
The testator may also name an executor in their will. An executor is a personal representative that prepares a decedent’s estate to be submitted for probate. The executor must gather all of the decedent’s assets and pay off any debts or taxes that the decedent’s estate owes. Once that is complete, the executor can get the court’s approval to distribute the assets to the named beneficiaries. Serving as an executor is a demanding position, so it is important to choose an executor who can be trusted with the estate.
Alternatively, you can elect to create a revocable living trust instead of a will. A revocable living trust allows you to put your assets into a trust for your use and the use of any beneficiaries of the trust once you pass away. The creator of a revocable trust can also serve as its trustee. However, that does not relieve them from following all of the terms that govern the trust. Fortunately, a revocable trust allows the creator of the trust to revoke or alter any terms that govern the trust.
It is important to note that a revocable living trust may not necessarily eliminate the need for a will. The creator of the trust should consider drafting a will that will transfer the rest of their assets into the trust upon their death, which is also known as a pour-over will.
Several other estate planning tools may be available that are not listed above, such as a durable power of attorney or a living will. If you need to know more about what estate planning tools will benefit you and your loved ones, you should speak with an experienced Folsom estate administration attorney.
Work with Our Folsom Estate Planning Attorneys in California
Having an estate plan will allow you to be better prepared for various financial situations that may affect you and your family. If you or a family member needs help to create an estate plan in California, you should speak with an experienced Folsom estate planning attorney. At NewPoint Law Group, our attorneys are dedicated to helping you create an estate plan that meets all of your family’s unique needs. To schedule a free and confidential consultation concerning an estate plan, call us at (800) 358-0305 or contact us online.