For the most part, people tend to think that estate planning should start near the end of someone’s life. While this is often unfortunately the case, it is much better to start planning earlier in life. By doing so, people are better able to account for unexpected events like nursing home costs or extra end of life care. Estate planning decides where someone’s debts, assets, and belongings will end up when they pass away. Even though estate planning might sound like it is only needed for those with a lot of money, people of every status should have a plan in place. In Campbell, finding an experienced estate planner is crucial to creating a unique set of plans for an individual’s custom needs.
Estate planning is no simple task. When creating the documents, a lot of things need to be taken into account: Does the person have any children? What happens to any pets? Where do vehicles go? Who gets the belongings? Because a lot of these decisions will impact the rest of the family, we tend to advise that they are included during the planning phases so that they are not surprised once a Will or Trust is enacted. Having the family alongside can also make some decisions easier than others, like figuring out who is comfortable being the Advance Health Care Directive, and who needs to be given General Durable Power of Attorney authority. Within these roles, many decisions will be made during the end of someone’s life – which is why choosing the people to fill them can be hard to do.
How Does Holister Estate Planning Work
Estate planning differs from person to person. While one person might need a will and trust, another might be interested in only a will. Although an attorney will be able to help you determine just what documents you might need to cover all of your belongings, the ultimate decision is up to you. A will is used to appoint guardians for your children, determine what your funeral should include, and specify what happens to any specific belongings (or who they should go to).
A trust, on the other hand, is typically used to cover your larger assets like a home. While you are alive you retain the ownership of the home, but once you become incapacitated ownership is moved to your appointed successor. Alternatively, without these terms spelled out, it is likely that assets would need to go through a California state court process to determine who should receive which asset. The best way to avoid putting your family members through this lengthy process is to have a professional trust written up for you. For the most part, having a combination of will and trust is the best way to go in order to cover most any situation that might occur.
What is Campbell Estate Planning?
Commonly Asked Questions about Campbell Estate Planning:
- Why should I get a Will and a Trust?
While each case is different, it is often recommended to have both estate planning documents to ensure everything you own is planned for after you die. A trust, on one hand, typically includes big-ticket items and spells out what happens to them once you become incapacitated. On the other hand, a will determines your funeral, appointed guardianship of your children, and how you might pass on your finances to them. A Will and Trust often work alongside each other to specify exactly how you want things to happen after you pass.
- At what point do I need to start estate planning?
The earlier you start, the better. When you can start planning before you are unable to make your own decisions, you will be better prepared for emergencies and bad surprises down the road. Not to mention, you will feel much more relaxed knowing your family will not have much to worry about if you pass – everything will have already been taken care of.
- Does estate planning include end of life care?
Yes. Choosing an Advance Health Care Directive and Durable Power of Attorney are just some of the ways that people often prepare for their end of life care inside of their estate planning. These people are chosen to make the healthcare and financial decisions in the place of someone once they become incapacitated and can’t make them on their own. People often spell out their end of life wishes and their choice on whether to donate their organs in their documents as well.
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Why Using a Professional Campbell Estate Planner is Important
When it comes to using an estate attorney, many people believe that they can save money by creating the documents they need themselves. In reality, most people don’t know the first thing about what should really go into an estate plan. Many of those that do create their own documents often end up having to place their belongings in probate to sort out because their will wasn’t specific, it didn’t cover everything that a person had, or the documents were easily misconstrued.
A good estate planner attorney will take the time to get to know their clients personally. This is something that Mr. Ward prioritizes in order to get a true understanding of exactly what a client wishes to happen to their assets after death. As each person leads a different type of life, their finances, vehicles, home, and other belongings often reflect that. Because every case is different, we focus on creating a custom estate plan for each person. With a professional to guide you through the process, estate planning can be much easier to create. When making Wills, Trusts, Powers of Attorney and other documents, it can be confusing to those without a trained eye on all the legalities that go into them. An estate attorney will better prepare you for situations that might occur as well as explain which documents would be best for your situation. When you are ready to start estate planning, call an experienced Campbell attorney today!