Planning For The Future Is Crucial
Borg Norris has a long track record of success resolving many estate problems.
We help clients create customized estate plans that reduce the chance of leaving their loved ones in a state of chaos with many unnecessary problems. We have the experience to help you at every turn to facilitate a reduced risk of serous problems. Borg Norris believes it is important to draft documents to fit your specific family needs.
Wills And Trusts: What You Need To Know
Having the proper legal documents in place can alleviate the stress your family members will face one day. Many people start off with a will. This is a way to make sure that your assets will be transferred to the appropriate people. It is completely up to you as to how you want to divide your belongings. A will can always be updated throughout your life for a number of reasons, such as a change in family structure.
It is true that a trust will avoid the court process of probate. In most cases, a trust is preferable to expedite the administration of your estate or provide for you if you become incapacitated. Trusts grant an individual or organization the power to manage property and assets on behalf of the grantor according to the terms set out in the trust document.
California recognizes both revocable and irrevocable trusts. In a revocable living trust, the grantor maintains control of the property in the trust until their death, allowing them to make changes to terms of the trusts to reflect the evolution of their estate. In an irrevocable trust, the grantor relinquishes ownership of their property to the trust once it has been executed, and modifications to the trust are limited to particular circumstances determined by California law. The trustee’s fiduciary duty begins upon execution of an irrevocable trust, whereas in a revocable living trust, the designated trustee’s duty begins after the grantor’s death.
Assets held in trusts are subject to taxation, but a grantor may make provisions that can reduce the impact of state and federal taxes on the estate.
Make Your Choices Known With Powers Of Attorney
Establishing a power of attorney for health care and another for your financial concerns provides your loved ones a legally-sanctioned plan of action in the event you are not able to speak for yourself. With a medical power of attorney put in place, your physician has a clear directive of your end-of-life choices.
A power of attorney may sound simple, but some complex considerations are appropriate to discuss during estate planning.
We Can Help; Call Today
It’s understandable that you do not want to think about life after death; however, it is important to protect both assets and your family. One forgotten feature of estate planning is making provisions for yourself if you live while impaired. To talk to a knowledgeable attorney, contact our office in the Village of Carlsbad today at 760-209-8862 or fill out our online contact form.