It’s never too early to start planning for your future and the future of your family. Estate planning ensures that your property and assets are protected and arranged legally for proper distribution in the event of your death or disability. If you, like many adults, have questions about estate planning, this is the page for you. Below, Adam Diran Attorney at Law has composed a list of frequently asked estate planning questions. Read on to learn more, and contact our firm at 669-244-3686 today!
Estate planning refers to a host of documents prepared and actions taken: creating wills and trusts, medical and financial powers of attorney, and, in some cases, irrevocable trusts to meet particular needs. In some instances, it also requires actions taken by the clients in funding these trusts.
Estate planning can dramatically reduce the time and costs of dealing with the passage of family members and even more significantly in dealing with the effects of age or incapacity. A tiny investment in time and money can save your family lots of time and money in these situations.
An estate plan is highly customizable. It typically includes a combination of trusts, wills, powers of attorney and other documents necessary for their implementation. But everyone is different. Whether it’s a disabled child, a parent who has become senile, a child born outside of a marriage, an unmarried partner or any of the other scenarios unique to the modern family, an estate plan can deal with these situations. Estate plans typically include:
A revocable trust: A revocable trust is set up during your lifetime and provides for the management and distribution of your assets after your death without court interference.
A will: In your will, a guardian for your children an well as the executor of your trust are named.
A living will: Your living will informs others of your preferred method of treatment should you become unable to make or communicate decisions regarding such treatment.
Financial power of attorney: Financial power of attorney allows a specified individual to carry on your financial affairs if you become disabled.
Health care power of attorney: A health care power of attorney enables you to appoint a trusted individual to make medical treatment decisions for you if you lose the ability to decide for yourself.
Beneficiary designations: The beneficiaries of your retirement fund, 401(k), life insurance and other such policies are stipulated by beneficiary designations filed directly with the plan administrators, rather than by your revocable trust or will.
By working with a lawyer to build your estate plan, you will ensure not only that your plan is drawn up exactly to your liking, but also that you or your family members are not unfairly taxed for some portion of your estate. Here at Adam Diran Attorney at Law, our legal team has decades of experience building comprehensive estate plans for individuals and families in Silicon Valley and the larger Bay Area. We will work with you to build a secure plan for your lifetime and for future generations.
Call our trusted estate planning lawyer today for a free consultation, including weekend appointments.