When it is time to start planning for your future and the future of your family, the advice of a Los Angeles estate planning attorney can be of great benefit. Estate planning attorneys a great resources when it comes to making a choice as to which estate planning tools will best suit your needs and the needs of your family.
The type of work your Los Angeles estate planning attorney can do
Estate planning attorneys specialize in assisting clients with preparations for death and incapacity, among other relevant legal issues. One of the great benefits of an estate planning attorney is that they can provide customized services depending on their client’s goals for the future. Your Los Angeles estate planning attorney will explain all of your choices and help you decide the steps you need to take to accomplish your goals. With your attorney’s expertise, you can be sure your plan will be valid and meet state guidelines.
Important skills your estate planning attorney should have
It is important to understand that estate planning is never one-size-fits-all. For that reason, it is crucial for clients to work with their Los Angeles estate planning attorney who has the experience and knowledge necessary to give you the best advice. In order for your estate planning to be most effective, your attorney needs to know the applicable state laws regarding probate, wills, and trusts. Without the proper knowledge and advice, your estate plan many not work the way you intend.
It is also important to be as detailed about your goals and your family dynamic as you can so that your estate planning attorney can create an appropriate plan. Otherwise, your estate plan may not meet your expectations or your personal goals.
How estate planning basically works
If your aim is to make sure you and your family are prepared for what happens after your death, you need an estate plan. Estate planning can also prepare you for potential incapacity that results in you not being able to manage your own affairs. There are many different estate planning tools that experienced estate planning attorneys use depending on each client’s needs. With a comprehensive estate plan, you can basically prepare for both incapacity and death.
Why it is so wise to plan ahead
Planning for the future is always a good idea. When it comes to your estate, planning ahead gives you an invaluable opportunity to determine who should inherit your property at your death. Estate planning can also be a great way to reduce your estate taxes. In the event that you become incapacitated for any reason, regardless of whether it is temporary or permanent, your estate plan will provide your family with the authority it needs to manage your affairs if you are unable to make financial and medical decisions for yourself.
Creating an estate plan that addresses what happens at your death
Your Los Angeles estate planning attorney can help you create a plan that deals with what needs to happen with your estate after you death. The first issue you need to be sure to address is paying off your debts and then determining who should receive the assets that remain. The estate planning tool that is typically used to accomplish this part of your estate plan is the last will and testament. A will, as it is more commonly known, is basically written instructions about how your estate should be handled at your death. Most people identify the person they want to serve as executor in their will, as well.
Your Los Angeles estate planning attorney can help with incapacity planning
Very much like planning for death, planning for the possibility of incapacity is also necessary and it typically requires two components. In the event you suffer an injury or medical condition that makes you incapable of handling your own affairs, you will need someone to make the important decisions for you. The first part of a typical incapacity plan deals with your personal and health care needs, while the second part deals with your financial affairs.
On the other hand, if you become incapacitated without an incapacity plan in place, it will be more likely that you will need a court-appointed, court-supervised guardian to care for you and handle your affairs. Guardianships are often very expensive and require that you relinquish control of your affairs entirely. For these reasons, planning ahead is critical.
Join us for a free seminar! If you have questions regarding hiring an attorney, or any other estate planning needs, please contact the Schomer Law Group for a consultation, either online or by calling us at (310) 337-7696.