Contrary to popular belief, estate planning in Ventura is not just for the rich. You may do it at any time in your life, not just when you become elderly or sick. Estate planning is a method of demonstrating that you care for your family by making sure they are adequately cared for after you are gone.
If you have any questions on your mind about how to plan your estate in Ventura, then you’ve come to the right place. Keep on reading to learn how to secure your Ventura estate.
What is Estate Planning?
Dividing up your assets and naming the correct beneficiaries is part of estate planning. It covers everything in its scope, including furnishings, clothing, jewelry, and automobiles.
When you pass away, your estate lawyer will ensure your will is carried out according to your specifications through the probate process. Probate is the legal term used to describe enacting your will to ensure that your estate gets managed accordingly. According to the probate law in Ventura, the will must be proven in front of a court to be valid before it can be carried out. This can be time-consuming and may also cost you a small fortune. This is why some people choose to avoid it.
How to Avoid Probate in Ventura
One way your loved ones can avoid probate upon your passing is to gift them with your assets from your estate. This can be somewhat of a risky move (e.g., you could have a falling out with the person you gifted it to, etc.).
A good strategy to go about this is to give it instead upon your passing. This is called a transfer-on-death (TOD) clause. As the name implies, the asset in question only gets turned over once you have died.
2. Payable-on-Death Accounts
A payable-on-death (POD) account is similar to a transfer upon death clause except that it applies to bank accounts. Typically, when a person dies, the bank freezes the assets until the probate process has been completed. With a POD clause, your bank account immediately goes to whoever is named on it.
3. Joint Ownership
Another way your loved ones can avoid the probate process is by making your Ventura assets joint assets. This involves including your loved one’s name on the estate titles and deeds, giving them equal rights to the asset. When you die, your loved one no longer has to change ownership of the titles. Instead, they legally become the sole owner of the asset.
4. Living Trust
Finally, you can look into writing a living trust in Ventura. This is the most straightforward way to avoid probate. A living trust is basically an alternative to a will. With a living trust, you put your assets “in trust” which is then managed by a trustee on behalf of your estate beneficiaries. Unlike a will, however, your trustee does not need to present it to the court before distributing the assets upon your death.
Hire An Estate Planning Lawyer in Ventura
Estate planning is essential in life. You’ll want to make sure all your affairs are in order so your loved ones will be cared for even when you’re gone. You’ll need an estate planning attorney in Los Angeles to help you maneuver through the complex paperwork correctly.
Remember to do your research beforehand so you can partner with a real estate planning lawyer in Los Angeles proven to help you get the results you want. Whoever you decide to go with, be sure to set a meeting so you can evaluate their experience and performance, ensuring that they can actually help with your situation.
If you’re in need of a real estate lawyer in Los Angeles, you can also reach out to the Law Offices of R. Grace Rodriguez. We can help protect your property with full-service real estate representation, specializing in property title challenges, foreclosures, eminent domain, and a variety of claims. Call us now at (818) 734 – 7223 to strategize with an attorney today!