If you intend to create a good estate plan, the process does not have to be complicated in any way. As much as possible, you should make sure you have important documents that explicitly state your wishes. However, having an Estate Planning Attorney in Los Angeles can make this process much easier. It is indeed a smart move you should consider.
If you are ready to make an estate plan, reach out to us at the Law Offices of R. Grace Rodriguez to see how our attorney can help with your legal needs. Our attorneys are fully trained, educated and experienced, and will provide you with a comprehensive analysis of your specific situation. We work diligently to ensure that your rights are protected at every step — even rights you may not be aware of its existence.
There are some key documents that must be in your estate plan. Your plan is not complete when you miss any of them. This is why we have come up with this article to enlighten you on the must-have documents for an estate plan. Let’s explore more.
The Must-Haves For An Estate Plan
Revocable Living Trust
A revocable living trust is a document that serves as a holder to your assets and is managed by you or, after your passing, a trustee you appointed. Once you establish this, it is expected of you to retitle or assign any assets such as bank accounts, investments, real estate, and more into the trust.
You can make any changes to your trust at any time while you are living. And any income you earn in the trust goes to you but is also subject to personal income taxes. No assets will be transferred until your passing.
An advantage of having a living trust is that your assets belong to the trust. This means your children and loved ones would not have to go through the probate process after your demise.
Power Of Attorney
Having a power of attorney for property management requires that you entrust someone you have chosen to manage your property and make financial decisions that are not covered in your revocable living trust. With this decision, the person can make proper financial decisions such as retirement plans and deal with the IRS on your behalf.
When naming a power of attorney for property management, you can determine how soon you would like the chosen person to take control, whether effective immediately or if you become incapacitated. Your power of attorney agent is only able to make decisions on your behalf while you are alive. It stops functioning right the moment you die. This is why you should have a revocable living trust established by naming a trustee that will take over when you die.
An Advanced Health Care Directive
An advance health care directive is a document that requires you to name a person on your behalf to make decisions about your medical care, including life and death decisions. This document is used if you do not have the power to express your own wishes.
For example, if you are unconscious or incapacitated. This document allows your named person to speak with medical professionals and sign the necessary documents. When you go for a medical healthcare directive, the person selected will also be given access to your medical records. Hence, it is advisable that you choose someone you trust and comfortable with.
Pour-Over Will
Having a pour-over will allow for any property that you did not put in the trust to pass. It does so by naming the trust as its sole beneficiary, and it falls into the trust and non-trust property to avoid Probate. Since most of your assets should be included in your trust, having a pour-over Will will serve as a backup for any assets that may otherwise not already be owned by your trust.
It is advisable that you check the title of your property at least once a year. It will make you see any new asset that needs to go into your trust.
Estate Planning Made Easy With The Law Offices Of R. Grace Rodriguez
Having your estate plan set up as soon as possible is a smart decision. It is worth it. However, when you are ready to create your estate plan, you should work with an established attorney that understands what is to be done. By doing this, your family will be fully protected from creditors and the courts.
When you work with us at the Law Offices of R. Grace Rodriguez, we will devise an estate plan that protects you and your property when you are alive and even after your demise. We are a heart-centered practice. We are compassionate, patient, and understanding as we help you come up with a befitting estate plan that brings peace of mind.