All adults need to put significant thought into their financial future, including what will happen to their valuable assets after they pass away. The simple fact of the matter is that no one can predict what will happen in the coming years, which makes it even more important to have a comprehensive plan in place. This helps you to live in comfort since you know that your estate and property are protected, ready for transfer to a beneficiary.
Creating one of these comprehensive plans can be challenging, especially when it comes to figuring out where to start. Thankfully, Huntington Beach estate planning lawyer could help you evaluate your needs and set realistic goals. An attorney from our team could assess the extent of your assets, listen to your goals, and draft documents that make sense for your plan and wishes. Whether you are aiming to start from scratch or update an existing estate plan, a Huntington Beach estate planning attorney could provide essential support.
Using an Estate Plan to Prepare and Plan for End of Life
Most people, when thinking about an estate plan, are imagining the transfer and allocation of assets when they pass away, which is absolutely a critical part of this subject area. Generally speaking, every comprehensive estate plan should completely account for an individual’s assets and transparently outline what the author wants to happen to them after their death.
Thinking about the future in this way might seem intimidating, but a dedicated representative knows how to do this best. A skilled attorney in Huntington beach could form a will that covers the entirety of a person’s estate, create a trust to protect a specific asset and avoid probate, or draft a business succession plan to prepare for the transfer of a valuable business.
Additionally, using an estate plan to prepare for one’s death could also help a family avoid probate, which is the process of determining an heir’s entitlement to property. Having a thorough and airtight estate plan can limit the impact of probate as well as avoid a distribution of assets through intestacy as described in California Probate Code § 6401 & 6402. A knowledgeable advocate from our team could help someone minimize the likelihood that probate affects their estate framework in the future.
The Immediate Benefits of Careful Estate Planning
While an estate plan can provide instructions for what happens after an individual’s death, it can also help people live more comfortable lives in the coming years. From a psychological standpoint, this can bring stability and peace of mind to an entire family.
Additionally, many documents associated with estate plans can bring more tangible advantages. For example, placing property into a trust can decrease a person’s tax burden or help them become eligible for government benefits. At the same time, establishing a business succession plan or an advanced medical directive could help individuals retain control over their assets and health if an illness or injury results in them becoming incapacitated. A seasoned estate planning lawyer in Huntington Beach could provide more information about how their services can bring stability and certainty in the face of the unforeseen.
Reach Out to a Huntington Beach Estate Planning Attorney Today
Forming a comprehensive estate plan comes with many advantages. After your death, it informs your heirs about your wishes for your assets and can nominate an executor to oversee the distribution of property. Creative plans can also reduce the value of an estate to mitigate taxation and keep your business intact.
In addition, estate plans can bring benefits in the short term, such as protection from sudden illness. There are many reasons to get started, as a Huntington Beach estate planning lawyer could explain during a consultation. Call today to schedule your initial appointment.