Estate planning typically answers the question of what to do with someone’s assets after they pass. There are many elements that go into proper estate planning. With all the dynamics that go in to estate planning, it is essential that a Morgan Hill professional is used. Because each situation is different, every person should have a completely unique plan built for them that covers everything in their life – their home, valuables, the care of any children, charity donations, etc.
A common myth is that estate planning is just for those that are wealthy. On the contrary, almost everyone should be planning for them after their death. Even if you don’t think there is much to worry about, you should be planning for your real estate, personal belongings, life insurance, and vehicles (just to name a few!).
What to Include in Morgan Hill Estate Planning?
Although most people believe that estate planning only covers the Will, it can be quite a bit more extensive. While a Will is often the center of a plan because it decides what happens to your property after you pass, the Living Trust is also important. This document gives responsibility to a trustee over the person’s assets for the eventual benefit of the named beneficiary. Another document that an estate planning attorney will recommend having is an Advance Health Care Directive. This allows someone to be appointed to make decisions about an individual’s medical care like life-sustaining treatments.
Planning with your family members is often encourages so that there are no misinterpretations or disputes once the Will is enacted. Keeping everyone on the same page is the best way to prevent surprises in the family and prepare everything as thoroughly as possible. While it can be hard to think of these decisions, doing so can help your family recuperate easier after your passing. To ensure you are including everything you should in your estate planning documents, consult one of our elder law attorneys here in Morgan Hill today!
What is Estate Planning?
Commonly Asked Questions about Estate Planning:
Is it possible to make my own Trust or Will?
The short answer here is yes. However, using an estate planning professional in Morgan Hill to draw up these documents will better cover everything that should be taken into account: your finances, your home, your vehicles, your personal belongings, etc. While it may be tempting to use a cheap online software, it is important to realize that that software is not customized to your specific situation like an experienced attorney would be able to do.
What is Probate?
Probate is the process of how a Will is proven. Possessions are properly assumed by the right people, debts and taxes are paid off, and properties are either sold off or inherited – all according to someone’s Will.
What does Durable Power of Attorney mean?
Power of Attorney refers to the authority someone is given to act on your behalf. Even if you were to become incapacitated, this person would still make any important decisions regarding your finances.
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We Respect the Needs of Our Clients
Questions that are easily answered by one couple may present such a huge obstacle to another couple that they cannot move forward until they’ve had a few days to think about it. There are cases where the client wants to consult with an adult child, and there are cases in which the parent does not want the adult child to know anything about their situation. There are also those cases where the parents have substantial wealth that they have accumulated, and they do not want their children to be aware of the extent of that wealth until after both parents pass. Every case is different.
This is an extremely personal area of the law. Each person and each family has their own story, issues, values, and wishes for their family and intended beneficiaries. Planning for financial management and health care during incapacity varies from person to person. We respect that and counsel people on how we can help them achieve their goals for themselves and for their heirs in the best possible manner.
Mr. Ward takes the time to know each client personally and develop an understanding of their wishes. Our office generally will not charge for initial consultations, and we can often provide basic guidance to clients with a simple phone call. We invite you to contact us to see if there is something we can help you with.