LA Probate Law on Estate Planning Considerations
Estate planning is providing for the desired personal, economic, and legal consequences in the accumulation, conservation, and distribution of your property. It is the process of arranging for the well-being of your family and the use of your property to accomplish your objectives while you are living and after your death explains LA Probate Law. It is choosing from among the many alternatives that are available to secure your financial future, especially during retirement, and perhaps preserve an estate for your heirs after payment of debts, taxes, and other settlement costs. Take care of your family by making a will, power of attorney, living will, funeral arrangements, and more.
Everybody Needs a Will
A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will — also known as dying “intestate” — can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die. Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration (“living will”) and a power of attorney for health care, which gives someone you choose the power to make decisions if you can’t says LA Probate Law.
Inventory of Assets
Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. LA Probate Law wants you to ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you’re ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself? If you own a business with others, you should have a buyout agreement. Naming a beneficiary for bank accounts and retirement plans makes the account automatically “payable on death” to your beneficiary and allows the funds to skip the probate process. Likewise, in almost all states, you can register your stocks, bonds, or brokerage accounts to transfer to your beneficiary upon your death.
Cannot find documents
Not having or not being able to locate estate planning documents is not usual. It is important to determine whether your loved one never created an estate plan, or whether the estate plan is lost or has been destroyed. If your loved one never created an estate plan, then the probate assets will pass to survivors according to the laws of California. Generally, a surviving spouse will be entitled to all of the community property. LA Probate Law says between one-third to one-half of the separate property depending on the number of children, if any, with the balance being divided equally into as many shares as there are members of the nearest living generation. If there is a will, but it has been lost or destroyed, under certain circumstances the heirs can still apply ask the probate court to admit the will. Otherwise, the estate will be administered with the assumption that that there is no will.
LA Probate Law on Estate Planning Considerations
- Is It Time to Update Your Beneficiaries? - May 18, 2022
- Why Should I Use a Living Trust to Distribute My Estate? - May 17, 2022
- The Importance of Liquidity in Your Estate Plan - May 11, 2022
