A conversation with an estate planning lawyer will help illuminate the most important components of your guiding estate plan. However, many people use some combination of the following six documents.
First, a will, which is your foundational document for naming a guardian for your minor children and determining who will be responsible for handling the administration of your estate and receiving those assets when you pass away. By taking this into your own hands with the help of a dedicated estate planning lawyer in Pasadena, you can determine what belongs inside your individual will.
Second are trusts, which can include things such as irrevocable trust, special needs trust, living trust, charitable trust, or even more complex trust to help minimize your estate tax liability and remove the transfer of your assets from the public record that is associated with probate in California. Third, are transfer documents such as assignments of interest, quit claim deeds, and any affidavits that can help avoid probate.
Fourth are durable powers of attorney for healthcare or advanced health care directives that help ensure that your medical wishes regarding your end of life are followed. Fifth are durable powers of attorney for financial management, which can help to avoid the need and expense of conservatorship proceedings in California.
Finally, you may also use community property agreements, which help make transfer of title easier and provide better support for income tax planning by using a step-up in basis upon death strategy. For more assistance with these strategies and plans, set aside time to talk to our attorneys.
