No matter where you are, it’s important to have multiple documents to certify your estate planning. In Hollister, figuring out how to create an estate plan can be overwhelming. In order to ensure everything is well thought out and certifiable, it is almost always recommended to utilize an estate planning attorney throughout the process.
Estate planning is done to give direction to family members and those watching over an estate on how debts should be paid and where assets should go once a person passes away. An estate can be the home, belongings, and finances of someone. While it might seem uncomfortable when first starting to plan, having the proper arrangements in place ensures your family and property are all protected as you would like. Without a will or trust, your property will most likely be taken by the state of California to determine where it all should go (or who it should all go to). A will can also be a way for a parent to choose who will take over guardianship over their children after they pass. For intangible items like bank accounts and 401ks, appointing a beneficiary will enable your finances to be passed on to whoever you choose. Although estate planning sounds like it is something that should be decided later in life, the earlier it is decided, the better. Unfortunately, no one know when they will pass and being prepared is the best course of action when dealing with estates.
How Does Hollister Estate Planning Work
Death is something that effects everyone. With that being said, not planning for your death can lead to a lot of complications for your family when determining where your property and belongings should end up. Estate planning is supposed to designate who gets ownership of specific things once someone dies. In order to ensure nothing is left to probate court to decide, professional estate planning is crucial.
When an elder law attorney is hired, they first will spend time getting to know the client – what they own, how their family dynamic works, what they owe, if they want to donate to a charity, etc. Each of these characteristics help to form a unique plan, potentially including a will, living will, trust, durable power of attorney, medical directive, or some combination of these. Because every person is different, the documents fulfilling an estate plan might change from person to person. One thing that many people overlook when trying to create their own wills to take care of their belongings is end of life planning, an essential element to estate planning. Without knowing who can make medical and financial decisions once a person has become incapacitated, it can be tricky trying to figure out who should be in charge of the person’s life. While we can’t predict when we will become incapacitated, we can plan for the inevitable.
What is Estate Planning?
Commonly Asked Questions about Estate Planning:
- Are there alternatives to a will?
Yes. However, they can have their own drawbacks. One way to get around using a will and avoid probate altogether is by having all property in a joint tenancy. Within the rights of survivorship, the property would be given to the other partner in the property documents after one of them dies. Another way is by appointing a beneficiary onto every singular asset.
- What happens if someone dies without a will?
In Hollister, someone that passes away without some type of will can have their property and belongings turned over to probate. From there, the state of California will determine how debts will be paid off and how assets and financial gains will be passed on. For those without a will, the person that receives these items might not be someone the person wanted.
- What if I want to be an organ and tissue donor?
This is something that many people work into their estate planning. While it is important to include this in your planning documents, it is also important to alert your family, health care proxy, and your doctor about this decision so that they are aware when the time comes.
- What exactly is a beneficiary?
Beneficiaries are those people that are appointed to receive property after someone has passed. For many people their beneficiary on certain assets are their children or siblings, although it can be completely up to you who you choose to name.
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Why Using a Professional Holister Estate Planner is Important
For the most part, people don’t tend to know all the ins and outs of elder law and estate planning like an attorney would. With each person leading a completely different life than the next, it is important to be able to create an estate plan that is customizable to them – which is often only something an estate attorney can do. With the many regulations and laws that are involved when handling an estate, forming a plan on someone’s own often doesn’t legally cover them in all situations that might arise. By using a professional estate planner, they will be able to tell someone exactly what documents and preparations they need to make to ensure their belongings and assets are passed along in the way they want to happen. Whether it’s finding a new home for their pets, designating who gets the family inheritance, or determining how the land will be split and sold, an estate lawyer can help draw up unique documents to cover each situation.
One of the biggest reasons people start to become overwhelmed when planning is when Medicaid or children are involved. On the Medicaid side, the complex rules within this program can be extremely difficult to navigate and get through. With children, a lot of preparation needs to be set in motion for their care, financial well-being, and more. Using an estate planning attorney can help you protect your children, savings, and assets in the long run, along with help you think of situations you wouldn’t have thought of on your own